STEEL and mining firm Iscor said on Wednesday that it has sold its international exploration activities to Australia’s Africawest Gold. Iscor’s gold exploration licences in Tanzania, Uganda, Kazakhstan and South Pacific will be exchanged for over 50% of the issued share capital of Africawest. In return, Iscor will receive right of first refusal on participation in any major discovery made by Africawest. Africawest is a Perth-based company with two exploration licences in West Africa and a cash position of over R15,9-million. Africawest’s major shareholder is Norwegian gold company Kenor ASA.