Zijin, Australia miner call off takeover agreement
June 28th, 2010
Filed under: Mineral - Gold, Operator - Indophil Resources NL
ADELAIDE, Australia — China’s biggest gold producer Zijin Mining Group has abandoned a $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, approvals for the 545 million Australian dollar ($470 million) takeover, which was announced last November, were required from the Chinese county in which the company is based. So far, that approval has not been given, Indophil said Friday.
Leave a Reply
Please note that your comments will be subject to moderation by the PMEA Blog Administrator.