Deals This Week : Glencore, Dragon Mountain Gold, Zijin Mining and More…

10 November 2011 (Last Updated November 10th, 2011 18:30)

Glencore has signed a deal to acquire Mercuria's 15% stake in South African firm Optimum Coal Holdings in its drive to acquire the whole company, worth around $1bn.

Glencore has signed a deal to acquire Mercuria's 15% stake in South African firm Optimum Coal Holdings in its drive to acquire the whole company, worth around $1bn.

Dragon Mountain Gold and its subsidiary Warrior Advance have entered into a conditional agreement to sell 100% of the issued shares of Long Province Resources to Zijin Mining Group for cash consideration of A$175m ($177m).

With this transaction, Zijin Mining will hold the Lixian Gold project in China, which covers 36.39sq km including the 5.14 sq km in Liba tenement and the Jinshan group of four tenements totalling 31.24sq km.

Zijin Mining and its subsidiary Thrive Build have entered into an agreement with Jinchuan HK and Jinchuan to acquire 45% shareholding in Gold Eagle Mining.

According to the transaction, Thrive Build will pay $227m to acquire 1.5 billion ordinary shares of Gold Eagle.

Century Iron Mines is planning to complete the acquisition four iron ore projects in Labrador from Altius Resources for a total value of $28m, on or around 18 November 2011.

Century Iron will acquire a 100% interest in the four projects by providing exploration expenditures of $7m per project and the issuance of five million Century shares cumulatively over a five-year period.

Gold Eagle owns a 100% interest in Tibet Tian Yuan Minerals Exploration, which owns the Tibet Xietongmen gold and copper project.

DRD Gold has received and accepted an expression of interest (EOI) from Village Main Reef for the acquisition of DRD Gold's entire interest in and claims against Blyvooruitzicht Gold Mining for ZAR 150m ($18.6m).