Ross (1)

Mining mogul Ross Beaty has decided not to move forward with a $5 million exploration joint venture with Magellan Minerals and a private company to explore areas of Brazil’s Pocone gold belt.

Tuesday evening Magellan announced that the March 3, 2014 agreement with Mr. Beaty, a successful and closely followed natural resource investor, had been terminated.

Commenting on the termination of the agreement, Alan Carter, President and CEO of Magellan said “We are disappointed that we were not able to finalize the venture with Ross Beaty, however, we continue to believe in the world class potential of the Pocone assets and will endeavour to restart discussions previously held with other investors concerning the properties, as well as extending such discussions to other parties.”

We reached out to Mr. Beaty for comment on the failed transaction Tuesday evening and he responded graciously. “Re Pocone, just a bunch of small things that added up to too much risk. Better to deal with that early than later on. I wish those guys all the best and am sorry we aren’t going to do the deal.”

Mr. Beaty is the founder, major shareholder, and executive chairman of Alterra Power Corp., a renewable energy company. He is the founder and largest shareholder of Lumina Copper Corp., which owns the Taca Taca copper-gold-molybdenum deposit in Argentina. He is also the founder and chairman of Pan American Silver, one of the world’s largest primary silver producers.

Here is Magellan’s news release: Termination of Letter of Intent on Pocone Project, Brazil