PERTH (miningweekly.com) – ASX-listed Venturex Resources’ A$14-million transaction to divest of its Pilbara copper/zinc mine has been cancelled.
Under an agreement reached in May, Venturex would have sold its three wholly-owned subsidiaries that hold the Pilbara mine to Orion Mine Finance Group.
The transaction had been subject to the completion of a due diligence and the execution of a definitive sales agreement by June 15, as well as shareholder and regulatory approval.
However, Venturex told shareholders on Monday that it had received an email from Orion stating that the company was unable to complete a due diligence on the Pilbara mine, and would not proceed with the transaction.
No reasons were given for Orion’s inability to complete the due diligence.
The Venturex share price tumbled by nearly 17% on news of the failed transaction, to trade at a low of 0.5c a share.