September 7, 2010 / 5:41 AM / 9 years ago

Zijin Mining drops Platmin Congo acquisition plan

A general view of the Gecamines copper mine in the Democratic Republic of Congo's southern mining town of Lubumbashi, August 19, 2005. REUTERS/David Lewis

SHANGHAI (Reuters) - China’s Zijin Mining said on Tuesday it had terminated a plan to acquire Congolese copper miner Platmin Congo Limited after the agreement expires.

The agreement on the deal expired on August 30, but the conditions for the acquisition had not yet been met, and the involved parties failed to reach an agreement on further extension of the agreement, the company said in a statement posted on the Shanghai Stock Exchange.

Zijin said in April that it planned to partner up with China-Africa Development Fund to acquire Platmin Congo Limited. The two parties planned to invest a total of $284 million.

This is the second time Zijin has withdrawn its overseas investment plan this year. In June, Zijin dropped its A$545 million takeover offer for Australia’s Indophil Resources.

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