Deals this week: Constellium, Eastern Platinum, Oro East Mining

8 January 2015 (Last Updated January 8th, 2015 18:30)

Constellium has completed its previously announced acquisition of Wise Metals located in Muscle Shoals, Alabama.

Deals

Constellium has completed its previously announced acquisition of Wise Metals located in Muscle Shoals, Alabama.

The company now has access to 450,000t of hot mill capacity from the widest strip mill in North America.

Constellium plans to invest up to $750m in its Muscle Shoals plant by 2022 in order to significantly accelerate its development in the North American BiW market.

Eastern Platinum has signed an agreement with Hebei Zhongbo Platinum, whereby the latter would acquire the company's entire South African platinum group metal business.

The company will also acquire all loan agreements Eastplats has with its subsidiary companies for a total gross consideration of $225m.

As part of the acquisition, the company is required to buy out the minority interests upon closing.

Oro East Mining has signed a sales and purchase agreement for raw ore containing gold with China-based Fujian Province Meixinyao Mining Development.

The agreement is for the sale of unprocessed, raw, rough gold ore.

Under the agreement, the buyer would remit 30% of the contract price, or $450,000 by wire transfer to the company within a period of ten days of the execution of the agreement, and the 70% of balance payment would be remitted when shipment delivered to US main port.

Columbus Copper has completed the announced sale of its Bursa and Kavaklitepe properties in Turkey.

The divestment was made through the sale of the company's Turkish subsidiary for a total consideration of $1m.

Teck Resources bought the properties.

Search Minerals and its wholly owned subsidiary Alterra Resources have announced that Search made the final payment under the option agreement with the Quinlans and acquired an undivided 100% interest in the Fox Harbour Claims.

The property comprises three licences (016480M, 016620M and 017646M) totalling 48 claims and is located just east of the coastal community of St Lewis.

The licences contain the easterly portion of the Fox Harbour Volcanic Belt, which is said to host the Foxtrot REE deposit.


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