[miningmx.com] – TORONTO- and Johannesburg-listed Giyani Gold Corp. said timing constraints and market conditions prevented it from concluding a deal to buy Horizon Enerji and Sumo Coal.
The proposed deal would have given the company control of Horizon’s Ceyhan project, a fully permitted crude oil storage and dry bulk cargo port development in Turkey, and a 100% stake in Sumo which has coal production in South Africa’s Mpumalanga province.
A letter of intent signed in August was had to be fulfilled by December 31, but Duane Parnham, Giyani Gold executive chairman, said concluding the deal “remains a possibility” as the company was “… committed to the strategy of strengthening the company by means of concluding a strategic acquisition”.
