Deals this week: Mineral Resources, Polymetal International, Rustenburg Platinum Mines

21 December 2018 (Last Updated December 20th, 2018 20:23)

Mineral Resources (MRL) has signed a binding agreement with Albemarle to divest 50% of its stake in the Wodgina lithium project for $1.15bn.

Mineral Resources (MRL) has signed a binding agreement with Albemarle to divest 50% of its stake in the Wodgina lithium project for $1.15bn.

Both the companies have agreed to form a 50:50 joint venture (JV) to fund, design, build and operate the mine.

Albemarle will be responsible for providing the lithium hydroxide plant designs, and the marketing and sales of the spodumene concentrate and lithium hydroxide produced by the project, as part of the JV.

Based in Australia, MRL is engaged in providing mining infrastructure, while Albemarle is a US-based chemical company engaged in producing lithium and bromine.

Polymetal International has agreed to divest the entire interest in the Khakanja gold-silver operations to local buyers for $30m.

Polymetal will receive a $5m cash payment and assume a debt of approximately $25m from the buyer, as part of the divestment.

Based in Cyprus, Polymetal International is a precious metal mining company with a focus on gold, silver, and copper.

Normet has signed a four-year cost per hour (CPH) service contract with Hindustan Zinc.

“Polymetal will receive a $5m cash payment and assume a debt of approximately $25m from the buyer, as part of the divestment.”

Normet will provide operational and service improvements through its SmartCare service management system to improve the Hindustan Zinc operations, as part of the transaction. A new service centre has been established in Jaipur to ensure local customer service.

In addition, Normet will provide training for Hindustan Zinc and its staff.

Based in Australia, Normet is an innovative technology company making improvements to underground construction and mining processes, while Hindustan Zinc, based in India, is a mining company focused on the production of zinc, lead, silver, and cadmium.

Mitsubishi has signed agreements with GS Coal and Glencore Coal to sell its stake in Clermont and Ulan coal mine assets for A$750m ($538m).

As part of the agreement, Mitsubishi has agreed to sell its 31.4% stake in Clermont coal mine to GS Coal while divesting a 10% interest in the Ulan coal mine to Glencore Coal.

Based in Japan, Mitsubishi is engaged in coal mining, while Glencore Coal is an Australian natural resource company focused on the production of high-grade thermal coal. GS Coal is a 50:50 joint venture (JV) between Glencore and Sumitomo.