Cambior nixes plan to buy 55.3% stake in Poderosa mine in Peru

Nov 11, 2004 | 09:36 AM | Julie Bresnick

Cambior Inc., Longueuil, Quebec, has terminated its agreement to buy a 55.3-percent stake in Peruvian gold producer Cia. Minera Poderosa SA after the seller declined to extend the due-diligence period.

"It's a legal issue," a Cambior spokesman said.

Cambior signed an agreement in early September to buy the stake in the Peruvian mine from a group of private investors, subject to a 30-day due diligence. In October, after a third party claimed ownership to some of the mining rights,....

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