China Minmetals' unit cancels $300 million investment in Australian potash miner Highfield

Reuters08-18

China Minmetals' unit cancels $300 million investment in Australian potash miner Highfield

Aug 18 (Reuters) - Australia's Highfield Resources HFR.AX said on Monday that a unit of state-owned China Minmetals has dropped plans to invest $300 million to take control of the potash miner, but did not provide any reasons for the termination of the investment.

Minmetals-owned Qinghai Salt Lake Industry 000792.SZ in May announced an investment of $300 million in Highfield, signing a letter of intent that provided Qinghai the exclusive right to conduct due diligence.

Qinghai, however, decided not to proceed with the investment, the parties said on Monday.

The strategic investment would have provided Qinghai with access to coal miner Yankuang Energy's 600188.SS Southey potash project in Canada, which is set to be transferred to Highfield as part of a separate equity transaction.

Yankuang Energy, alongside other strategic investors, took part in Highfield's $220 million equity raising announced last September, under which Highfield would buy an entity owning the Southey potash project.

The agreements with Yankuang Energy and other investors for equity raising have not been terminated, Highfield said.

(Reporting by Sameer Manekar in Bengaluru; Editing by Sherry Jacob-Phillips)

((Sameer.Manekar@thomsonreuters.com;))

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