7th Jul 2021 07:00
Altona Rare Earths PLC - mining exploration company - Says on Tuesday that it will not purchase Uganda's Nankoma Mine owner Leadway Group, after it was unable to complete its due diligence process. Altona had a June 30 option to acquire 51% of Leadway.
Nankoma was considered a low-interest acquisition target by Altona due to there being no historical exploration data available. Due diligence was unable to be completed due to the owner of the exploration licence not being able to gain an export permit for soil samples collected in January.
"Without the results of the analysis of the soil samples, the company feels it prudent not to proceed with this low-interest asset and instead focus on its recently acquired Monte Muambe Rare Earths Project in Mozambique and its new asset targeting programme," Altona comments.
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By Will Paige; [email protected]
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