Teck Resources buys Goldcorp’s stake in Mexican copper-zinc project to become sole owner

Teck Resources, Canada’s largest diversified miner, is buying Goldcorp’s 21 per cent minority interest in the San Nicolás copper-zinc project located in Zacatecas, Mexico for $50 million. Once the deal is completed, expected to be in Q3 2017, Teck will be the sole owner of the San Nicolás project. Teck plans to make San Nicolás ...

Australia’s fickle foreign investment regime could impact Yancoal acquisition

On 29 June, Rio Tinto’s shareholders met to give their final approval to the sale of the Australian Coal & Allied assets to Yancoal, a Chinese government owned coal company. However, despite Yancoal’s apparent confidence, it has yet to demonstrate how it is going to fund the planned acquisition, and has previously been criticised for ...

Japan’s Sumitomo Metal becomes IAMGOLD partner in Canadian project

Japan’s Sumitomo Metal Mining Co. has become the official joint-venture partner of IAMGOLD Corp. The Canadian bullion producer has finished the sale of 30% of its interest in the Côté Gold Project, located in the Abitibi gold belt in Ontario. With the completion of the $195-million deal, IAMGOLD’s liquidity now exceeds $1 billion. The deal, ...

SNC-Lavalin takeover approved WS Atkins shareholders

WS Atkins shareholders have approved the company’s £2.1bn takeover by Canadian group SNC-Lavalin. It was announced in April that the two were in talks over a deal worth £20.80 per share. The offer, which is representative of a 35 per cent premium to Atkins’ undisturbed stock price was commended by the board of the FTSE ...

Brazil’s Vale embarks on major corporate governance reform plan

Shareholders of Brazil’s Vale SA, the world’s biggest iron ore producer, have just agreed to a major corporate governance reform plan, in a move which is widely expected to boost the company’s market capitalisation. The plan, which will see Vale’s preferred shares converted into common stock, is designed to improve transparency, limit government interference, and ...

South Korean consortium outbids Liberty House on Arrium deal

After a nine-month sales process, a South Korean private equity consortium, led by Newlake Alliance and JB Asset Management, has been named as the preferred bidder for steelmaker Arrium. The Australian steelmaker is currently in administration and is being managed by KordaMentha, who also considered a rival bid for the asset from Liberty House, the ...

Merger and acquisition on First Cobalt’s agenda

Toronto-based First Cobalt wants “to create one of the largest cobalt exploration companies in the world,” in Ontario, Canada.

Gemfields stock falls following Pallinghurst’s move to lower approval threshold for its bid

Gemfields’ shares fell over 2% after its largest investor Pallinghurst lowered the minimum number of acceptances from the company’s shareholders on its takeover offer. South Africa-listed Pallinghurst requires just 60% of Gemfields’ shareholders to back the deal, which it claims it has already received. However, China’s Fosun Gold — which has offered an 18% premium ...

Goldcorp offloads Camino Rojo gold-silver project in Mexico

The world’s fourth biggest gold miner, Goldcorp, is selling its Camino Rojo gold ad silver project in Mexico to Orla Mining. Camino Rojo, in Zacatecas state, is located about 50 kilometers from Goldcorp’s flagship Peñasquito mine. As part of the deal, the Canadian gold producer will receive 19.9% of Orla’s outstanding common shares, as well ...

‘Auspicious’ time for M&A, yet difficult to secure capital – mining survey

Original article by Henry Lazenby on Mining Weekly There is a clear indication that mergers and acquisitions (M&A) activity among smaller players in the mining sector will increase this year, while the majors will increase divestitures to focus on core commodities. This will, in turn, benefit some of the midtiers that are able to make ...

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