Kagara Limited has confirmed that it is in talks to sell its Lounge Lizard nickel mine in Western Australia. In September 2011, the mineral explorer said it will offload the non core asset as part of 5 year plan to address its disappointing performance. The company has not as yet disclosed any potential suitors and Kagara's mining partner, Western Areas, has indicated that it is not interested. The target price tag for the Lounge Lizard tenements is also yet to been disclosed but Kagara is understood to have invested up to USD 60 million in acquiring and developing the asset. Kagara says it expects to finalize the sale process during the first quarter of 2012. In the 2011 financial year Kagara booked a net loss of USD 32.98 million.

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