Canada's Chariot says looks to sell self in crisis

AREQUIPA, Peru, Sep 15 (Reuters) - Canadian junior miner Chariot Resources (CHD.TO: Quote, Profile, Research, Stock Buzz) is looking to sell itself as the global crisis has left it without options to finance its project in Peru, the firm said on Tuesday.

Chief Executive Ulrich Rath said the company's Mina Justa copper project in the Peruvian region of Ica needed investment of around $744 million.

"The decision has been made that we want to sell the company Chariot Resources ... because at this moment the global sitution makes it difficult for a junior company to obtain financing," Rath told the 29th biannual Perumin mining conference.

"Without the possibility of financing, the best alternative is to sell the company."

Mina Justa has probable reserves of 163.4 million tonnes with a copper grade of 0.8 percent and a mine life of 12 years, according to the company.

Rath said Mina Justa could produce about 120,000 tonnes of fine copper a year.

"According to the program, construction of the project could start in the second half of next year, to start producing in 2012," he said.

He said production costs would be $0.90 per pound of copper, one of the lowest rates in the world.

Peru is one of the world's top copper producers and mining is the traditional engine of its economy. (Reporting by Teresa Cespedes; Editing by Clarence Fernandez)