World Titanium Resources (ASX:WTR) has advised that China's Sichuan Lomon Titanium has decided not to proceed with the revised Memorandum of Understanding for funding of the Tier 1 Ranobe mineral sands mine in Madagascar.
Lomon cited the company's recent $3.25 million capital raising and management change as the reasons not to proceed.
"While Lomon's decision is disappointing, it has indicated its continued interest in the Madagascar projects," interim chief executive officer Wayne Malouf said.
"WTR has informed Lomon that the Company is prepared to hold discussions to address any outstanding issues between the parties, including the commercial arrangements of the transaction, with the goal of attempting to complete a joint venture.
"At the same time, the Company has a world-class asset that it fully intends to develop, and it continues to make progress toward that goal.
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