A private purchaser has failed to meet the terms to buy the Andacollo gold mine in northern Chile from Pacific Rim Mining (PMU-T).
Pacific Rim has been trying to turn Andacollo into cash since inheriting it in its 2002 merger with Dayton Mining. Dayton’s Chilean operating subsidiary Minera Dayton sought creditor protection in Chile in 2000 with a plan to sell off the company’s assets.
The deal would have seen the purchaser pay US$5 million for DMC Cayman, the offshore Pacific Rim subsidiary that holds the Andacollo property. The purchaser had put down US$2 million, of which US$100,000 is non-refundable.
Pacific Rim’s April 2004 deal with MCK Mining (MMC-V) fell through last December after a long due-diligence investigation.
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