Xanadu Mines has raised A$10m ($7.4m) through the issuance of new fully paid ordinary shares to domestic and international institutional and sophisticated investors as part of a placement initiative.

Approximately 58.9 million new fully paid ordinary shares, priced at A$0.17 ($0.125) a share, were issued under the placement.

The participants of the placement are also entitled to a free attaching unlisted option with every two shares subscribed at a strike price of A$0.25 ($0.18) a share, which will be valid for two years.

The company proposes to issue approximately 29.4 million unlisted options in support of the development.

“China Magnesium Corporation (CMC) has raised approximately A$700,000 ($515,000) from international professional investors in a placement of 35.19 million new shares.”

Xanadu Mines is Mongolia-based copper and gold exploration company.

The company has engaged Bell Potter Securities as the lead manager for the placement, while Haywood Securities acted as a selling group member for the placement in North America.

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China Magnesium Corporation (CMC) has raised approximately A$700,000 ($515,000) from international professional investors in a placement of 35.19 million new shares, which were priced at A$0.02 ($0.015) a share.

Australia-based CMC is engaged in the production of magnesium, semi coke, tar oil and other industrial products.

Australian mining company New Age Exploration plans to raise A$0.728m ($0.536m) in a first tranche private placement of 112 million shares priced at A$0.0065 ($0.0048) a share.

The second tranche of private placement will see the issuance of 134.15 million shares priced at A$0.0065 ($0.0048) a share in order to raise A$0.87m ($0.648m).

The company has engaged CPS Capital as the lead manager and broker for the transaction, who will receive fees in the form of shares priced at 0.65¢ a share.

Germany-based advanced metal products supplier Zapp Group has agreed to acquire Sandvik Materials Technology’s stainless wire business, which is owned by Swedish engineering group Sandvik.

The divestment is anticipated to be completed in the third quarter of 2018 and will include Sandvik’s 145-member production unit in Sandviken.

BHP has reached an agreement to sell its Cerro Colorado copper mine in Chile to EMR Capital for $320m.

EMR Capital proposes to pay $230m in cash as part of the transaction, as well as $40m in proceeds from the sale of selected copper inventory and a contingent future payment of up to $50m.

BHP is a mining company, while EMR Capital is a private equity manager.

Both companies engaged in the transaction are based in Australia.