Zijin shelves bid on long delay for nod
Source: Agencies |
June 26, 2010, Saturday
|
Print Edition
Print Edition
CHINA'S biggest gold producer Zijin Mining Group has abandoned a US$470 million takeover bid for Australia's Indophil Resources Ltd because of a long delay in getting Chinese local government approval for the deal.
Because Zijin is not a Chinese state-owned enterprise, approval for the takeover, which was announced last November, was required from the Chinese county in which the company is based. So far, that approval has not been given, Indophil said yesterday.
"Given the lengthy delay of some months ... and no clear time frame forthcoming, both parties agreed to terminate the agreement," Indophil CEO Richard Laufmann said in a statement.
Indophil is now free to consider selling its 37.5 percent stake in Tampakan Copper-Gold Project in the southern Philippines, and Indophil welcomes interested parties.
Because Zijin is not a Chinese state-owned enterprise, approval for the takeover, which was announced last November, was required from the Chinese county in which the company is based. So far, that approval has not been given, Indophil said yesterday.
"Given the lengthy delay of some months ... and no clear time frame forthcoming, both parties agreed to terminate the agreement," Indophil CEO Richard Laufmann said in a statement.
Indophil is now free to consider selling its 37.5 percent stake in Tampakan Copper-Gold Project in the southern Philippines, and Indophil welcomes interested parties.
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