Deals this week: Cliffs Natural Resources, Barrick, Scorpio Mining

4 December 2014 (Last Updated December 4th, 2014 18:30)

Cliffs Natural Resources has signed an agreement to sell its Logan County Coal assets in southern West Virginia to Coronado Coal II LLC in a deal worth $175m.

Deal.

Cliffs Natural Resources has signed an agreement to sell its Logan County Coal assets in southern West Virginia to Coronado Coal II LLC in a deal worth $175m.

The deal is expected to provide employment opportunities for many of the current Logan County Coal employees to become part of the Coronado Coal team.

Completion of the sale to Coronado Coal is subject to various conditions including customary regulatory approvals.

The transaction is expected to close by year-end 2014.

Barrick Gold has announced the completion of the 50/50 joint venture agreement with Saudi Arabian Mining for the Jabal Sayid copper mine in Saudi Arabia.

The mine is expected to begin shipping low-cost concentrate in early 2016.

Once operational, the mine is expected to produce 100 million pounds of copper in concentrate annually in its first full five years, with the potential to increase to 130 million pounds annually.

Scorpio Mining has completed a purchase option agreement for the Cosalá 2 Concession in the Cosalá District of the State of Sinaloa, Mexico.

Following an initial payment of about $13,000, the company has to disburse limited yearly amounts over a period of up to ten years.

All future annual payments will be contingent on the company having obtained the required permits to carry out a surface diamond drilling exploration programme.

"Following an initial payment of about $13,000, the company has to disburse limited yearly amounts over a period of up to ten years."

Uranium Standard Resources has signed a letter of intent (LoI) with Energy Fuels and its subsidiaries in order to acquire a 100% interest in the Marquez Uranium Project in McKinley and Sandoval counties, New Mexico.

The LoI also calls for the sale by Energy Fuels to Uranium Standard of the exploration database and is said to represent the first step in Uranium Standard's strategy to acquire a portfolio of quality uranium projects.

Comprising 14,582 acres the Marquez property includes the western extent of the historically known 'Marquez/Bokum' mineralised zone. It was previously explored during the 1970s and 1980s by Kerr-McGee Resources.

Kading Companies has signed a twelve month joint venture sale and purchase agreement with Chief Nana Kwaku Baah II to acquire 100 kilos of gold dore per month commencing in early January 2015.

Kading will buy the gold dore at a discount to the spot price.

Kading companies hopes to gross 50% of the net proceeds of the sale of the gold dore.


Image: Several deals were signed this week. Photo: courtesy of adamr / FreeDigitalPhotos.net.

Energy