(Ecofin Agency) - ASX-listed Manas Resources announced last May 25, it has repealed its bid to acquire Victoria gold project in Tanzania. The company says in a statement that this decision results from the lack of progress in the license transfer process coupled with the hard conditions facing mining companies in the country.

Under the previously agreed terms, the company was required to pay $1.8 million in cash and $2 million in shares, subject to license transfer, to acquire the project.  But the company will now be entitled to a refund of the amount invested so far, if the sellers sell the assets to a third party within the next 12 months.

“While it is disappointing that the Victoria gold project acquisition is not proceeding given the significant efforts made by all parties to advance the transaction ,we can now be fully focused on our activities in Cote d’Ivoire” said CEO Philip Reese (photo).

Let’s recall that the company which operates the Gonsan and Bouaké Nord projects in Côte d'Ivoire, recently acquired the Mbengué project.

Louis-Nino Kansoun