The Aussie miner also noted it was discontent with the technical due diligence completed by the company’s former management.
QPM, which will continue to seek a buyer for its projects, said Vital’s decision came after not being able to agree on terms to extend the due diligence period to enable the Sydney-based company to further reduce risk.
“We believe that significant value can be realized for our shareholders through the monetization of the Kipawa and Zeus projects,” QPM’s CEO Normand Champigny said in the statement. “With the current market conditions for rare earth projects, we expect that we will receive further expressions of interest for these projects”.
Vital also felt that proceeding with the acquisition of Kipawa and Zeus would have diverted funds from its current high-priority Nechalacho rare earths mine, in Canada’s Northwest Territories, and that the development of the QPM projects would not…
