Summit Minerals (ASX:SUM) has terminated its binding letter of intent to acquire the Mundo Novo niobium, rare earth elements, and phosphate carbonatite project in Brazil, according to a Wednesday filing with the Australian bourse.

The acquisition was canceled due to recent management changes and tight project timelines and was made following a mutual agreement with counterparties Neofertil and E2 Minerals, the filing said.

Summit has decided to focus its resources on advancing its 100% owned Equador niobium and rare earth project in Brazil, the filing added.