The South African miner could sell up to a a 30% interest in its Salares Norte gold project.

Appointment of a third party would allow the London-based miner to focus on complementary activities.

Caldas Gold, the new miner’s name, will initially have the same executive team as the parent company, but the project team will be different.

Production in the fourth quarter at TMAC Resources’ struggling Hope Bay mine in Nunavut were at the low end of expectations and the company has begun a strategic review process.