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Titan cancels deal for copper-gold processing plant, mineral concessions in Peru

Titan Minerals Ltd. said Sept. 11 that it canceled plans to buy the Mirador copper-gold processing plant in Chimbote, Peru, and six mineral concessions.

The parties failed to reach an agreement on the key commercial terms of the transaction following recent developments that resulted in a revision of Titan's technical team's assessment of the properties, the Australia-listed explorer said. Titan subsequently requested a six-month extension for the option, but the request was declined.

Part of the A$11 million raised for the proposed acquisition will instead be used to acquire additional projects with the potential to supply ore to Titan's Vista gold processing facility and/or projects that possess a significant exploration upside.