Deals this week: Gunvor Group, New Gold, Karaga and more…

20 October 2011 (Last Updated October 20th, 2011 18:30)

Gunvor Group's subsidiary Pinesdale has acquired one third interest in Signal Peak coal mine, which is jointly owned by FirstEnergy and Boich Companies subsidiaries, for $400m.

Gunvor Group's subsidiary Pinesdale has acquired one-third interest in Signal Peak coal mine, which is jointly owned by FirstEnergy and Boich Companies subsidiaries, for $400m.

As part of the deal, FirstEnergy and Boich Companies will transfer their interests in Signal Peak mine to Global Mining Holding Company, a new company that will include various Signal Peak entities.

FirstEnergy's subsidiary FirstEnergy Ventures, Boich's subsidiary WMB Marketing and Gunvor Group will each own a third interest in Global Mining Holding.

New Gold and Silver Quest Resources have entered into a binding letter agreement, under which New Gold will acquire all the outstanding common share of Silver Quest for a total value of C$131m (US$128m).

Under the terms of the agreement, Silver Quest shareholders will receive 0.09 of a New Gold share for each Silver Quest share held and one common share in new precious metals exploration company McIntyre Minerals for every three Silver Quest shares held.

New Gold and Geo Minerals have entered into a definitive agreement, whereby New Gold will acquire all of the outstanding common shares of Geo for a total value of C$17m (US$16.6m).

Under the terms of the agreement, each Geo shareholder will receive C$0.16 (US$0.15) for each Geo share held and one common share of a new exploration company for every 15 Geo common shares held.

Australian firm Kagara has received approval from the shareholders of Copper Strike for the acquisition of the Einasleigh copper project in North Queensland for A$16m (US$16.3m).

The acquisition will allow Kagara to substantially increase the copper and polymetallic resource base at its Central Mt Garnet province in North Queensland.

Rio Tinto is planning to divest its 13 aluminium assets in different countries to allow Rio Tinto Alcan to concentrate on its strategy to grow the value of its tier one assets and improve the group's financial performance.

The company will transfer its interests in six Australian and New Zealand assets into a new business unit called Pacific Aluminium.

The remaining seven assets located in France, Germany, UK and the US will be managed by Rio Tinto Alcan while it further investigates divestment options.

Irish firm Connemara Mining has entered into a joint venture deal with Boliden Tara Mines for the Oldcastle Block of licences in Cavan and Meath, Ireland.

Under the terms of the agreement Boliden Tara Mines could potentially earn a 65% stake in the assets.