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November 30, 2018

M&As this week: Rio Tinto, Alliance Mineral, Melior Resources

Rio Tinto has agreed to sell its 68.62% stake in Rossing Uranium Limited to National Uranium Corporation (CNUC), under a $106.5m binding agreement.

Rio Tinto has agreed to sell its 68.62% stake in Rossing Uranium Limited to National Uranium Corporation (CNUC), under a $106.5m binding agreement.

CNUC will pay $6.5m following the completion of the transaction and the remaining $100m over the subsequent seven years, subject to uranium spot prices and the total income from the mine.

Rio Tinto will also earn a cash payment if CNUC sells the Zelda 20 mineral deposit.

Based in Australia, Rio Tinto is engaged in mining activities, while CNUC is a subsidiary of China National Nuclear Corporation (CNNC).

Alliance Mineral and Tawana Resources have agreed to merge under a scheme of arrangement, through which the former will acquire the entire issued capital of Tawana.

“Rio Tinto will also earn a cash payment if CNUC sells the Zelda 20 mineral deposit.”

The implementation of the scheme is subject to the approvals of the Federal Court of Australia, and, if approved, the Tawana shareholders will receive 1.1 Alliance shares for each share held by them.

Both based in Australia, Tawana Resources is engaged in mineral exploration and development, while Alliance Mineral Assets is a mining company.

The shareholders of Melior Resources have approved the previously announced merger agreement with Metallica Minerals.

Metallica will acquire all of the issued and outstanding common shares of Melior in exchange for ordinary shares of the company at an exchange ratio of 20 Metallica shares for one Melior share.

Based in Australia, Metallica Minerals is a mineral resources company focused on developing bauxite, graphite, mineral sands, and silica sands projects, while Canada-based Melior Resources is engaged in assessing, developing, and operating resource projects.

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