Zijin Decides Against Platmin Acquisition

8 September 2010 (Last Updated September 8th, 2010 18:30)

Chinese gold miner Zijin Mining Group has terminated its plans to acquire Congolese copper miner Platmin Congo. An agreement was entered by Zijin, it's wholly-owned subsidiary Golden Champion, China-Africa Development Fund and Copperbelt on 7 May 2010 that was due to expire on 30 July 201

Chinese gold miner Zijin Mining Group has terminated its plans to acquire Congolese copper miner Platmin Congo.

An agreement was entered by Zijin, it's wholly-owned subsidiary Golden Champion, China-Africa Development Fund and Copperbelt on 7 May 2010 that was due to expire on 30 July 2010.

The parties entered into a deed of extension on 30 July agreeing to extend the effective period of the agreement to 31 August for a transaction worth $284m.

Zijin said in a statement to the stock exchanges that as all the conditions precedent to the agreement not being met by 31 August and no agreement being reached to extend the agreement, it has decided not to proceed with the transaction.