News: Caledon says acquisition on track but delay

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Caledon Resources Ltd (ASX:CCD) says its acquisition by China's investment group Guangdong Rising Assets Management Co (GRAM) is still on track but has been delayed as the approval process was taking longer than expected.

Last month, Caledon agreed to be bought by GRAM for around $390 million and says the proposed acquisition will not be completed before February 28 due to a delay in approval from Chinese authorities for outbound investment.

For the half year ended 30 June 2010, Caledon reported a net loss of $7.1 million.