Israel Land Development Company (TASE: ILDC), controlled by chairman Ofer Nimrodi, has cancelled a tin exploration agreement in Nigeria. In a notice to the TASE, the company said that the terms for a contract to purchase a license had not been met.
Israel Land has set up a new subsidiary Israel Land Development Natural Resources Ltd., a sister company of natural gas exploration company Israel Land Development Company Energy Ltd. (TASE: IE), to handle its minerals exploration and production operations.
Israel Land's share price fell 1.1% by mid-afternoon on the TASE today to NIS 26.95, giving a market cap of NIS 757 million.
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