Deals this week: Golding Contractors, Rio Tinto, Great Bear Resources

23 November 2018 (Last Updated November 23rd, 2018 09:33)

NRW Holdings subsidiary Golding Contractors has reached an agreement with Stanmore Coal to extend the existing mining services contract at Isaac Plains East for a period of five years.

NRW Holdings subsidiary Golding Contractors has reached an agreement with Stanmore Coal to extend the existing mining services contract at Isaac Plains East for a period of five years.

The $500m extension contract is valid until June 2024. Golding Contractors has agreed to arrange new equipment worth $40m, as part of the agreement.

Golding Contractors is engaged in providing civil construction and contract mining services, while Stanmore Coal is a mining company focused on the production and exploration of thermal coal. Both the companies involved in the transaction are based in Australia.

Rio Tinto is planning to acquire a minority stake in the Quebrada Blanca copper mine expansion project owned by Teck Resources.

Rio Tinto intends to strengthen its copper asset portfolio by adding the project in Chile.

Teck Resources proposes to raise $2bn for the mine expansion by divesting between 30% and 40% in the copper project. Companies such as Mitsubishi, Sumitomo, Aluminum Corp of China (Chinalco), and Lundin Mining are believed to be interested in acquiring an interest in the project.

“Rio Tinto intends to strengthen its copper asset portfolio by adding the project in Chile.”

Based in Canada, Teck Resources is a diversified resources company, while Rio Tinto is a UK-based mining company.

Great Bear Resources has gained a 100% ownership of the Dixie gold project in the Red Lake district of Ontario.

The company has made all the payments to Newmont Mining to acquire a 100% royalty-free interest and 49 mining claims of the project.

Based in Canada, Great Bear Resources is engaged in precious metals exploration, while US-based Newmont Mining is engaged in gold mining.

Mineral Resources has signed an exclusivity agreement with Albemarle for the sale of a 50% interest in the Wodgina hard rock lithium mine for $1.15bn. The companies have also agreed to form a joint venture (JV) for producing spodumene concentrate and lithium hydroxide from Wodgina.

A new company will be formed with equal shares by the parties for managing the Wodgina JV.

The JV proposes to produce up to 750,000tpa of 6% spodumene concentrate from Wodgina.

Albemarle is a US-based speciality chemicals company focused on resources such as lithium, bromine, and refining catalysts, while Mineral Resources is an Australian mining company.

MOD Resources gained full ownership (100%) of the T3 copper project in Botswana by acquiring the remaining 30% share of the project from Metal Tiger.

MOD has issued approximately 17 million shares and 40.7 million unquoted options to Metal Tiger, as part of the transaction.

Based in Australia, MOD Resources is engaged in copper exploration and development, while Metal Tiger is a UK-based precious metal exploration and mining firm.