PMI Gold and Keegan Resources scrap merger PMI Gold and Keegan Resources have terminated merger plans announced in early December after deciding PMI's shareholders wouldn't approve a deal that would have created Asanko Gold, a company with a market value of about 700 million Canadian dollars ($675m). PMI chairman Peter Buck said several big shareholders objected to the transaction. They felt too much value was being ascribed to the Keegan assets, that PMI should fund the development of its Obotan project in Ghana with debt rather than using Keegan's cash reserves and they had concerns around the deal's structure, including its removal from the Australian Securities Exchange and the composition of a combined board.