Deals this week: First Majestic Silver, Goldcorp, Alternative Earth Resources

9 April 2015 (Last Updated April 9th, 2015 18:30)

Mining company First Majestic Silver has acquired 14,509,279 common shares of First Mining Finance, representing 19.7% of the company's outstanding common shares.

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Mining company First Majestic Silver has acquired 14,509,279 common shares of First Mining Finance, representing 19.7% of the company's outstanding common shares.

The shares were acquired by First Majestic in its capacity as a shareholder of KCP Minerals. The deal was in accordance with a plan of arrangement under the Business Corporations Act, where all of the outstanding securities of Sundance were exchanged for securities of First Mining.

First Majestic bought the common shares pursuant to the plan of arrangement.

Goldcorp has signed a letter of intent (LoI) to sell its interest in the South Arturo mine project in Nevada to Premier Gold Mines.

The project is a joint venture between Goldcorp (40%) and Barrick (60%), which is the part owner and operator.

Under the terms of the agreement, Goldcorp will receive consideration of $20m in cash at closing and a further 5% interest in the Rahill-Bonanza joint venture in Red Lake.

Alternative Earth Resources and Kiska Metals have signed a non-binding LoI outlining the terms of a transaction whereby AER will acquire a 100% of Kiska's Whistler project in southern Alaska.

The LoI would be replaced by a definitive and binding agreement in mid-April.

Under the deal, AER will acquire the Whistler project, including the mining claims and certain physical assets belonging to the project, in exchange for the issuance of 24,482,115 common shares in the capital of AER.

Lamêlée Iron Ore has concluded a memorandum of understanding (MoU) with Spanish company Duro Felguera. The latter will perform required work to complete chapters of the bankable feasibility study of the Lamêlée Iron Ore project.

Duro Felguera will undertake work at no cost to Lamêlée, up to an aggregate value of C$1m.

Lamêlée has agreed to award the engineering, procurement, construction and services agreement to Duro Felguera.

Fluor has signed an agreement with Canadian mining company Goldcorp to serve as its partner-of-choice for studies, and engineering and construction services.

Goldcorp is said to have emphasised Fluor's performance in the areas of safety, ethical business practices, stakeholder engagement, communications and innovation prior to selecting it.

Goldcorp has operations and development projects located throughout the Americas.


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