Gran Colombia walks away from Guyana Goldfields, terminates Gold X deal

Canadian miners Gran Colombia and Gold X Mining’s plans for a new Latin American gold champion fell through on Monday, as Gran Colombia announced that it had walked away from the acquisition of Guyana Goldfields.

Guyana Goldfields has rejected Gran Colombia’s acquisition proposal and instead entered into an amended agreement with Silvercorp Metals after that company upped its offer to C$1.30 a share.

Gran Colombia had offered to buy Guyana Goldfields, which owns the Aurora mine, at an exchange ratio of 0.142 of its shares for each Guyana share held, implying a value of C$0.90 a share.