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Lifebrandz ends Papua New Guinea buy, eyes firm with Mongolia business
LIFEBRANDZ, an entertainment group, said on Thursday it will not proceed with a proposed acquisition of a company based in Papua New Guinea, and will instead try to buy a company with business in Mongolia.
It said that it will no longer acquire all the shares of Tolukuma Gold Mines, a company incorporated in Papua New Guinea, for US$212 million.
The company owns a non-operational gold mine there. Tolukuma also holds five exploration licences, and has one exploration licence under application.
Lifebrandz said that the term sheets have lapsed, and both parties have not been able to finalise the agreement.
In a separate announcement, it said that it would try to buy Three Crystals Hong Kong Limited for S$70 million.
Three Crystals is the sole shareholder of Inner Mongolia Three Crystals Trading Co Ltd, which partly owns a company that explores industrial grade garnet on a 0.95 square kilometre area in Inner Mongolia. That's about a third of the size of the City of London.