Toronto-MagIndustries Corp. said Aug. 30 that a deal in which China National Complete Plant Import & Export Co. Ltd. (COMPLANT) would acquire a majority stake in Mag’s Mengo Potash Project in the Republic of the Congo did not close at the end of August as earlier envisioned (GM Feb. 8, 2010). COMPLANT, a Chinese company, sought approval from its controlling shareholder, the State Development and Investment Commission, a government-owned enterprise, but this was not achieved. Mag says it continues to have dialogue with COMPLANT; however, it is now on a non-exclusive basis, and it is reassessing other options in light of the recent PotashCorp-BHP Billiton news.
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