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MMG, Dundas Mining agree to extend Avebury mine sale

MMG Ltd. said Jan. 20 that it has agreed with Dundas Mining Pty. Ltd. to extend the deadline for Dundas to complete the payment for the acquisition of MMG's Avebury nickel project in Tasmania, Australia, to March 31 after Dundas failed to pay the A$23.5 million balance by the initial deadline in December 2016.

The companies signed the share sale agreement for Avebury in September 2016, under which Dundas agreed to acquire the project for A$25 million.

According to MMG, both companies remain committed to completing the transaction.