Oryx Global Partners and Michael Carvill will not be proceeding with an offer for Kenmare Resources (LSE:KMR), after a lengthy and detailed due diligence process.
As such, all engagement with Kenmare regarding a potential transaction has been terminated.
Following due diligence and after accounting for its findings, the consortium was unable to reach alignment with Kenmare on its updated valuation and as a result the has ceased proceeding further and engagement.
Oryx Global Partners says it remains committed to its strategy of investing in high-quality assets that support the global energy transition and secure critical mineral supply chains and will continue with its measured and disciplined approach to investment selection.
“The consortium wishes Kenmare and its stakeholders every success in delivering the Wet Concentrator Plant A upgrade project and extension of the implementation agreement,” it says in an announcement.
Write to Adam Orlando at Mining.com.au
Images: Kenmare
