Chifeng Jilong Calls Off Deal to Buy Bibiani Gold MineCanyon
Resolute and Chifeng entered into the agreement in December for total cash consideration of $105 million.
Chifeng told Resolute it terminated the agreement on the grounds that the mining lease was revoked or terminated or the validity or legality of the mining lease has been materially impacted. Also that Resolute must refund the deposit of $5 million to Chifeng within fi ve business days of the termination and that Chifeng has reserved all of its rights.
Resolute said it will continue to consider all options for the successful development or sale of Bibiani.