Investor pulls out Boseto Mine deal

Thursday, February 05, 2015

Cupric Canyon Capital has pulled out of negotiations with Discovery Metals Limited (DML) to buy the troubled Boseto Copper Mine, after failing to meet the end of January deadline.

This is the third time talks to find a buyer for the cash strapped mine have collapsed after Singaporean firm Blumont, Chinese company, Cathay, pulled out of acquisition talks in 2013 and 2014 respectively.

According to the company statement, DML has announced that that they have started to re-engage with a number of parties who are interested in funding the Boseto Copper Mine, as the exclusive period they had entered into with Cupric has expired.

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