"EDC and HRL have under the potential offer terms entered a period of exclusivity with a view to negotiating the final terms of a sale agreement in the near term, acceptable to both parties and consistent with the LOO," an HRL press release said.
In current market conditions HRL has found it "extremely difficult" to raise capital or attract JV partners to develop its projects, prompting a strategic self review.
Any potential sale would be subject to due diligence by EDC and possibly HRL shareholder approval, the Australian firm said.