Sprott Inc. announced in a press release on July 4 that the previously announced joint venture for an offshore global resource fund with CITICPE Hongkong Mgt. Co. Limited would not proceed. However, the reasons for the cancellation of the joint venture were not discussed in the press release.

To recap, the fund would have focused primarily on opportunities of investing in debt instrument and equities of global resource company, and would have been co-managed by Sprott and CITICPE HK affiliates. The only condition to the fund's launch was if Sprott and CITICPE HK would receive the necessary regulatory go signals from their respective countries' authorities.

CITICPE HK's management team founded mainland China's first ever US dollar-denominated fund. The company was managed by fund management professionals coming from the CITIC Group, which is included in the Fortune Global 500 and one of the largest financial institutions in China.

Sprott, a leader in alternative asset management, was dedicated to giving clients superior returns over the long-term. The company currently has four business units through which it operates, namely Sprott U.S. Holdings Inc., Sprott Asset Management LP, Sprott Consulting LP, and Sprott Private Wealth LP.