The Democratic Republic of Congo (DRC) Government will purchase an additional 15% stake in the Kamoa-Kakula Copper Project from Ivanhoe Mines and its joint-venture partner Zijin Mining Group. The deal will increase the DRC’s total stake in the project to 20%.
Ivanhoe Mines and Zijin Mining will hold 39.6% indirect interest in the project post the deal, while Crystal River Global’s 0.8% indirect interest will be intact.
The consideration will include nominal cash payment and other guarantees.
Newcrest and Randgold Resources will form a joint venture (JV) to explore potential mine development opportunities in the south-east Ivory Coast, West Africa, including certain most productive Ghanaian gold belts and associated structures of the region.
Randgold will be responsible for managing the exploration and operate any mine that can be developed.
A heads-on agreement has been signed between the two companies for the JV formation.
Canadian mining company Amarc Resources Ltd has announced plans to acquire two porphyry copper projects in North-Central and Central British Columbia.
The projects, named JOY and DUKE, are owned by a company headed by Amarc Resources’ director, Robert A. Dickinson.
The move is aimed at diversifying and strengthening the company’s porphyry project portfolio.
Australian mining company Resources & Energy Group Limited is to acquire a gold mine named Burbanks for A$4.5m ($3.31m), which will be paid through A$2.5m ($1.84m) of convertible note issue and the remaining in cash in installments.
The mine is currently owned by Kidman Resources, which is a precious and base metals mining company based in Australia.
A binding term sheet has been entered into by the two companies for the deal. The convertible notes will be due for three years and carry an interest rate of 5% a year.