CZR Resources (ASX:CZR) terminated a sale agreement with Miracle Iron Resources for the divestment of the Robe Mesa iron ore project in Western Australia, according to a Tuesday Australian bourse filing.
CZR decided that it was no longer in the best interest of its shareholders to continue with the proposed deal, due to ongoing uncertainty associated with the Foreign Investment Review Board approval, which remains outstanding.
The deal has been delayed over 12 months since it was announced and CZR considers that it is no longer in the best interests of shareholders to continue.
The firm's shares jumped 8% on market close on Tuesday.
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