Agreements

Iamgold has completed the sale of its Niobec mine to a group of companies led by Magris Resources.

Upon closing, the company received $500m in cash after tax for the niobium business.

When combined with the company’s existing cash, cash equivalents and gold bullion, the balance increases to about $800m, exceeding the value of the $650m unsecured notes due in October 2020.

As a result of the sale, the company has been left in a strong financial position and can further invest in its existing asset portfolio.

Duluth Metals has concluded its proposed arrangement with Antofagasta Investment, a wholly owned subsidiary of Antofagasta.

Under the deal, Antofagasta has acquired all of the outstanding common shares of Duluth.

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In order to receive the cash consideration in exchange for Duluth shares, registered shareholders are required to complete, sign, date and return the letter of transmittal.

General Moly has signed an agreement with POS-Minerals to use restricted cash of up to $36m held in a reserve account for the benefit of the Mt Hope project.

The deal was made through General Moly’s wholly owned subsidiary, Nevada Moly.

In December 2012, General Moly and POS-Minerals agreed that $36m of the $100m received from POS-Minerals’ December 2012 capital contributions would be held as restricted cash owed to the company.

The funds were to be held in a reserve account until the company arranged full project financing for its 80% share of Mt Hope project construction cost.

Mabwe Minerals has signed a letter of intent to acquire certain assets of Fonon Technologies.

Fonon Technologies will assume full control of Mabwe Minerals upon completion of the agreement.

The company also announced the formation of Bulldog Minerals & Metals, to the benefit of all Mabwe Minerals shareholders.

Benton Resources has announced the complete execution of its final option and joint venture agreement with Nordmin Engineering to advance four of the six gold deposits towards production at the Cape Ray project in south-west Newfoundland.

The 04, 41, 51 and Windowglass Hill deposits are included in the agreement, while the Isle Aux Morts and Big Pond deposits will be retained 100% by Benton.

The companies will form a joint venture pursuant to the agreement, following that Nordmin will earn a 50% interest in the project.


Image: Several companies have signed deals this week. Photo: courtesy of Chaiwat/FreeDigitalPhotos.net.