The merger will be implemented through a scheme of arrangement, wherein the shareholders of MacPhersons will receive a share in Intermin for every 1.8227 shares they hold in the former.
The shareholders of Intermin will own a 55% stake in Horizon Minerals, while the remaining 45% stake will be held by the shareholders of MacPhersons.
Horizon Minerals will develop gold projects near Kalgoorlie-Boulder that extend across 1,100km² and are estimated to hold 1.15Moz of gold. The company will also have access to vanadium, nickel-cobalt, copper, and silver-zinc commodities.
Both based in Australia, Intermin is an exploration and development company, while MacPhersons is focused on the exploration of precious metals.
In addition, the company intends to cut jobs related to its ‘digital reinvention’ programme.
The transaction is expected to support Barrick’s proposed $6bn acquisition of Randgold Resources.
Barrick Gold is engaged in gold production, while Autec is engaged in testing mineral samples and processing. Both the companies involved in the transaction are based in Canada.
Gecamines has reached an agreement with ENRC Africa to increase its stake in the BOSS Mining joint venture (JV) from 30% to 49%. ENRC Africa’s stake in the JV will decrease from 70% to 51%, following the transaction.
Gecamines is a commodity trading and mining company based in the Democratic Republic of the Congo (DRC), while ENRC Africa is a subsidiary of UK-based mining firm Eurasian Natural Resources and is engaged in producing precious minerals.
Arena Minerals has completed the acquisition of Antofalla Minerals S.A (AMSA). The transaction will allow Arena gain access to three potential lithium brine projects in the Catamarca and Salta provinces of Argentina.
The three projects, namely Antofalla, Hombre Muerto, and Pocitos, extend over more than 6,290ha.
Based in Canada, Arena is engaged in exploring high-profile deposits, while Argentinean firm AMSA is focused on operating lithium brine projects.