A Chinese firm that was to buy a controlling stake in the Kwale titanium mining plan, has failed to meet the payment deadline, dealing yet another blow to the project that has been pending for nearly 10 years.

Jinchuan Group failed to hand in Sh1.8 billion ($25 million) for the share by the November 1 deadline and did not indicate when it could pay up, according to Canadian firm, Tiomin Resources, which wholly owns Tiomin Kenya and holds a mining licence for Kwale’s titanium deposits.

Tiomin said it would consider terminating the deal on grounds of unreasonable delay — a move that may further hold up the long-awaited project and set the firm on a hunt for a shareholder to inject funds into the operation.

Tiomin has for the last 10 years been unable to start mining for reasons ranging from lack of funds to squabbles over land. – Business Daily Africa