The move follows investigations by the Lands and Natural Resources Ministry over controversy surrounding the deal.
Exton cubic has been in the spot light for some weeks following agitations by the youth of Nynahini over a bauxite concession leased to the company by the previous government.
The Environmental Protection Agency subsequently revoked permits granted to the company.
The ministry of Lands and Natural resources has, however, cancelled the lease agreement pointing to several irregularities in the award of the contract.
John Peter Amewu, Minister of Lands and Natural Resources announcing the revocation of the contract, said the mining company failed to officially accept the offer given them in writing.
“Section 13, subsection 6 indicates an approved application shall lapse if the applicant fails to accept the offer in a form stated in subsection 4.
“There is no record of an acceptance of the offer of the mining lease in writing by the company as mandatorily prescribed by section 13, subsection 4 of the act.”