Vital Metals decides not to acquire Quebec rare earth projects
Quebec Precious Metals announced yesterday that it will continue to look fora buyer of its heavy rare earth projects in Quebec, Canada.
Vital Metals told QPM that it will not proceed with the acquisition, QPM's 68% interest in the Kipawa and 100% interest in the Zeus projects. "Vital’s new management informed QPM that it has not been satisfied with the results of its due diligence on the Projects, in particular the ability to progress its understanding of the Kipawa First Nation’s position on the Projects and that is also not satisfied with the technical due diligence completed by former management," wrote QPM in a news release.
Quebec Precious Metals is focused on the Eeyou Istchee James Bay territory, Quebec, near Newmont Corporation’s Éléonore gold mine. QPM’s flagship project is the Sakami project. The company expects to"...receive further expressions of interest for these projects."
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