US Resistance Killed Chinese Mine Deal: Firstgold

Law360, New York (December 23, 2009, 5:14 PM EST) -- Firstgold Corp. has announced that a Chinese firm has given up plans to buy a majority stake in the Nevada mining company for $26.5 million because the U.S. Treasury's Committee on Foreign Investment in the U.S. opposed the deal for national security reasons.

Firstgold said Monday that the Chinese company, Northwest Non Ferrous International Investment Co. Ltd., withdrew from the deal after learning that the CFIUS planned to refer the deal to the president with a recommendation that it be blocked.

The committee was particularly concerned...
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