Brazil court blocks Equinox Gold mineral rights transfer to CMOC
BRASILIA, March 3 (Reuters) - A Brazilian court on Tuesday blocked Canadian firm Equinox Gold EQX.TO from transferring mineral rights for gold mines it sold in the Latin American country to Chinese metals miner and processor CMOC Group 603993.SS, according to a court decision.
Equinox Gold concluded the sale of gold assets in Brazil to CMOC in a $1 billion deal, earlier this year.
The judge blocked the transfer of rights for assets located in the northeastern Bahia state. The decision came following complaints from local state-run firm CBPM, which leases these mineral assets and said the deal breaks the leasing contract.
The press office of CMOC Group in Brazil and Equinox Gold did not immediately respond to a request for comment.
CBPM's president Henrique Carballal said in a statement the decision underscores "the irregularity in the negotiation of a mineral asset belonging to the people of Bahia state."
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