The company had previously assessed the overall potential contribution to the company's performance, looking at project financing, joint venture and disposal opportunities, and decided that the disposal was the best option for shareholders.

It only started commercial production at Choco in mid-August last year.

"Bezant will now pursue a strategy focussed on building value from its copper-gold assets comprised of the Mankayan project, Philippines and the Eureka project, Argentina," it said.

The proceeds of the sale will be used to progress the cpmpany's copper-gold strategy and for general working purposes.

Bezant noted that, with the sale, it would save an estimated ongoing cost related to non-mining activities at Choco of $400,000 per annum.

The loss attributable to the 100%-owned subsidiary owner of the Choco project was expected to be £1.5 million (US$2.1 million) for the year ended December 31, 2017.

Bezant CEO Laurence Read said the Mankayan project was an advanced, major copper asset which already had an option by an unnamed industry major, while the Eureka project was in a prospective copper district with historic mining present at surface.

"The $500,000 disposal of Choco to Auvert, a company specialising in alluvial mining, allows Bezant to focus on a series of assets in two commodities likely to be subject to significant supply shortfalls," he said.