C@ terminates $100m acquisition

West Perth-based company C@ says it will pursue other investment opportunities after a planned $100 million acquisition of Core Mining was terminated.

The former optical products and services company today said that both parties agreed to terminate the heads of agreement.

The decision was made after due commercial consideration, C@ said.

Last year, C@ announced it would acquire Core Mining through an all-scrip deal worth $100 million.

Core Mining held rights to two highly prospective iron ore projects in the Republic of Congo and Gabon.

Former Fortescue Metals Group chairman Gordon Toll was due to head up the new C@, after the Core Mining acquisition, which was due to be settled at the end of this month.