Deals this week: Stanmore Coal, China Nonferrous Metal Industry, Defiance Silver

15 June 2018 (Last Updated July 27th, 2018 07:32)

Stanmore Coal has reached an agreement with Peabody Australia's subsidiary Millennium Coal to acquire the Wotonga South coking coal deposit for $30m.

Stanmore Coal has reached an agreement with Peabody Australia’s subsidiary Millennium Coal to acquire the Wotonga South coking coal deposit for $30m.

The Wotonga South deposit is located within the MDL 137 and EPC 728 tenements, which are to be developed as part of the new Isaac Plains South project that aims to extract between 15 and 20 million tonnes of coal.

Coal from the tenements is expected to extend the life of the Isaac Plains complex.

China Nonferrous Metal Industry’s Foreign Engineering and Construction Company (NFC) has agreed to invest $70m in order to gain a 19.4% interest in KAZ Minerals’ Koksay copper project.

Kazakhstan-based KAZ Minerals is a high-growth copper company that is primarily focused on large-scale, low-cost open-pit mines, while NFC is engaged in the mining and exploration of non-ferrous resources.

“China Nonferrous Metal Industry’s Foreign Engineering and Construction Company (NFC) has agreed to invest $70m in order to gain a 19.4% interest in KAZ Minerals’ Koksay copper project.”

Defiance Silver (Defiance) has entered a binding agreement to acquire MAG Silver’s Zacatecas Silver District holdings.

MAG will purchase five million common shares in Defiance as part of the arrangement, which is equivalent to a 5% strategic investment position.

In return, Defiance will gain 100% interest in the Lagartos project, in addition to a significant regional exploration database covering an area of 135,000ha.

Golden Share Resources and Forum Energy Metals have entered a strategic partnership and acquired 32 mineral claims, including 661 acres of the Afton vanadium deposit located in western Wyoming, US.

The two companies have collaboratively funded the acquisition and intend to form an equal joint venture (JV), with Forum serving as the operator.

Golden Share will hold the right of first refusal on the future off-take of vanadium from the claims as part of the agreement.

Forum Energy Metals is a mineral resource company, while Golden Share is engaged in the development of opportunities related to vanadium-based energy storage solutions.

Both companies involved in the collaboration are based in Canada.

Minsud Resources has raised gross proceeds of $823,000 under a non-brokered private placement of units.

The transaction involved the issue of 8.23 million shares priced at $0.10 a unit.

Minsud proposes to use the net proceeds to continue the exploration of its flagship Chita Valley Cu-Mo-Ag-Au deposit, as well as for working capital and other general corporate purposes.