The agreement required partner Bati Toroslar to pay US$30,000 within seven days, with the balance contingent upon the commencement of mine construction at either Hasançelebi or Doğala.
Oriole added Bati Toroslar has failed to make the initial payment, which has given it the right to cancel the sale agreement.
Bob Smeeton, Orioles CFO, said: "As part of our asset realisation strategy, we received an offer from a third party that triggered Bati Toroslar's right of first refusal.
“Unfortunately, despite exercising this right, Bati Toroslar has failed to make payment under the terms of the Sale Agreement and the Board now has the right to cancel the sale. Cancellation of the SalRead More – Source