Zijin Mining Group Ends Offer To Buy Australia's Indophil

SHANGHAI, Jun 24, 2010 (Dow Jones Commodities News via Comtex) -- China's biggest gold producer, Zijin Mining Group Co. (2899.HK), said Friday it has ended its offer to buy Australia's Indophil Resources NL (IRN.AU) due to uncertainties over the acquisition.

In December, Zijin made a A$545 million takeover bid for Indophil, to gain access to the Tampakan copper-gold mine in the Philippines, which has an estimated mineral resource of 2.4 billion metric tons of ore containing 13.5 million tons of copper and 15.8 million ounces of gold.

Zijin had previously extended the deadline for its offer to July 9 from the original April 16 deadline.