China’s Meijin Energy Group has terminated its offer for DMC Mining.

Meijin was offering the same price Cape Lambert had put forward conditional on securing a controlling interest of 48.7 million shares in DMC.

Meijin withdrew its offer after DMC said it would consider Cape Lambert’s unconditional bid of A$.53 ($.46).

Cape Lambert raised its offer three times from the initial $.41 bid in what became a takeover race for the West African iron ore explorer.

DMC’s key asset is an 80% interest in the Mayoko iron ore project in the Republic of Congo, which has an exploration target of 0.9 billion-1.3 billion million tons.

Cape Lambert holds a 35.45% interest in DMC Mining.