AXG Mining (ASX: AXC) has made the decision not to proceed with its acquisition of Pinto Minerals due to a delay in the granting of three licences to Pinto.
Pinto has a number of applications for exploration licences located in Zambia, and one of the conditions precedent for the transaction proceeding was the granting of three licences.
AXG said it had become clear that the final granting of the leases by the Department of Mines in Zambia could take some considerable time.
The company has therefore advised Pinto that it will not be proceeding with the acquisition.
AXG Mining has proposed that Pinto could re-submit its proposition to AXG following the granting of the licences by the Zambian Department of Mines.
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