Almonty Industries Inc. said Sept. 22 that it will not proceed with its off-market takeover offer for ATC Alloys Ltd., citing clauses in the agreement pertaining to "materially adverse changes" and "prescribed occurrences."

"We are hopeful that ATC will be able to resolve the current issues they are facing at their 60% joint venture that owns the Vinh Bao ferrotungsten plant in Vietnam and wish them luck in achieving their objectives as soon as possible," Almonty's Chairman, President and CEO Lewis Black said in a statement.

In late July, the ATC Alloys board unanimously recommended a new takeover offer from Almonty after a previous offer was abandoned due to lack of ASX approval.