M&As this week: Yahua Australia, Cornerstone Capital, China Nonferrous Metal Industry
Sichuan Yahua Industrial Group's Australian subsidiary has announced its intention to acquire an 80% stake in drilling and blasting services providing company, Sequel Drill & Blast.
Sequel Drill is also an Australian company, while Sichuan Yahua is a Chinese organisation involved in the manufacturing and sale of civil explosive material.
Mineral exploration company Cornerstone Capital Resources plans to acquire 78,212,500 ordinary shares in SolGold from multiple parties, including funds managed by Rosseau Asset Management, in exchange for its 120,821,675 common shares.
Based in Australia, SolGold is a gold and copper mining company, while Cornerstone and Rosseau are headquartered in Canada.
China Nonferrous Metal Industry’s Foreign Engineering and Construction (NFC) has entered an agreement with Bumi Resources Minerals (BRM) to acquire a 51% stake in Dairi Prima Mineral (DPM) for $198.9m.
DPM operates an underground zinc mining project, with BRM a mining exploration company.
DPM and BRM are both based in Indonesia, while NFC is a Chinese firm focused on trading and development of non-ferrous metal resources.