Chinese miner ditches US deal

A Chinese mining company has withdrawn from a deal with Nevada mining company Firstgold after the Obama administration objected on national security grounds, Firstgold’s chief executive said yesterday. “They basically let me know it was a tough call, but they felt they would not have success with the appeal and didn’t feel it was in their best interest to push forward,” said Firstgold chief executive Terry Lynch. China’s Northwest Nonferrous International Investment had struck a $26.5m (£16.5m) deal with Firstgold to buy 51 per cent of the company and help develop the Relief Canyon mine in Nevada.