Altona sinks Sichuan deal

July 24, 2017

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ASX-listed Altona Mining has abandoned joint venture (JV) agreement with Sichuan Railway Investment Group (SRIG) over the Cloncurry project, in north-west Queensland, after the Chinese group failed to secure regulatory approval for the transaction.

Altona already granting SRIG an extension to July 21 to obtain the necessary Chinese regulatory approvals to execute a subscription deed, and said on Monday that it would not give a further extension. Instead, the company would look for alternative transactions with a third party.

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