Zijin Mining Group, China's largest gold producer, announced Thursday that it has abandoned its bid on the acquisition of the listed Australian miner Indophil Resources NL, due to uncertainties over the deal.

Zijin made an A$545 million takeover bid for Indophil to gain access to the Tampakan copper-gold mine in the Philippines at the end of last year. Tampakan contains 13.5 million tons of copper and 15.8 million ounces of gold.

According to Zijin Mining, the acquisition was hindered when the local government of South Cotabato Province in the Philippines passed a law which banned open-pit mining.

Zijin had previously prolonged its offer to July 9 from the original April 16 deadline. The offer had got the approval from the Foreign Investment Review Board (FIRB) in Australia .