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Pan African ends talks for ASA Resource assets

Pan African Resources Plc said Feb. 7 that it terminated talks to acquire certain assets and liabilities of Asa Resource Group Plc, which is under administration.

In late January, Pan African reported exclusive talks with the company's joint administrators while warning that there was no certainty the acquisition would be completed.

In November 2017, Asa Resource administrators also received a nonbinding offer from Rich Pro Investments Ltd. to acquire its 100% shareholding in ASA Headco Ltd., which owns all of the company's material assets.

Asa Resource has various gold, diamond and copper properties including the Freda Rebecca gold mine in Zimbabwe.