Plans have fallen through by an Australian company to reopen a zinc and copper mine at Parys Mountain on Anglesey.
Perth-based Western Metals had been planning on bringing the mine back into production after more than 100 years.
But Anglesey Mining has said talks with the company had come to an end.
In April, it was reported that Western Metals had agreed to pay about £14m for the Parys Mountain project, pending a feasibility review.
In a statement, Anglesey Mining said: "Following extensive discussions, no agreement has been reached with Western Metals Limited of Perth, Western Australia, in respect of the sale of the company's Parys Mountain copper-zinc-lead project in north Wales and that negotiations on this matter have now ceased."
The statement said the firm would concentrate on its iron ore project in eastern Labrador, Canada, which has its first production anticipated in 2009.
Before mining ended at Parys Mountain in the early 1900s, it yielded more than 300,000 tonnes of metal.
Mining at the site is said to go back to the Bronze Age.
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