Africa-focused Cradle Resources has pulled the plug on a $55 million takeover by joint venture partner Tremont Investments, on the back of proposed changes to certain Tanzanian laws. Perth-based Cradle, which owns the Panda Hill niobium project in Tanzania, said it terminated the proposed scheme of arrangement with Tremont as a result of newly proposed changes in Tanzanian law, which involve the imposition of a 1 per cent inspection fee on the value of mineral exports by the Tanzanian government.
