7 Sep 2010 07:31

Zijin Mining drops African acquisition plan

Shanghai. September 7. INTERFAX-CHINA - Zijing Mining Group Co. Ltd. announced Sept. 7 that it will no longer proceed with its plan to purchase a 60 percent stake in African copper miner Platmin Congo Ltd.

According to the announcement, the purchase agreement was due on Aug. 31. A number of criteria were not met, however, prompting Zijin Mining to walk away from the deal.

Zijin Mining originally announced plans to acquire the stake, worth approximately RMB 1.16 billion ($169.92 million), on May 8, 2010. The purchase would have given Zijin Mining the rights to resources from two African copper/cobalt mines.

- KY