Mitsui has signed at deal to sell its 25% stake in the Silver Bell Mining to AR Silver Bell, a subsidiary of Asarco, which is owned by Grupo Mexico.
This latest purchase will make AR Silver Bell the 100% owner of Silver Bell Mining, which operates the Silver Bell copper mine in Arizona, US.
The sale is part of Mitsui’s three year plan to sell $6.4bn to $8.2bn of its assets by March 2017, reported Reuters.
Following the sale, Mitsui will seek new business opportunities in the mineral and metal resources domain.
El Capitan Precious Metals has entered into a deal to sell tailings rich in precious metals from its El Capitan mine near Capitan, New Mexico to a Hong Kong-based trading company.
Under the deal, the trading firm will purchase around 5,000t to 10,000t of precious metals-rich tailings a month, with payment guaranteed against a multimillion-dollar letter of credit.
According to El Captain, the sale will allow it to generate positive cashflow in the first quarter of its financial year.
Geovic Mining, along with its 60.5%-owned subsidiary Geovic Cameroon, has extended its definitive agreement signed with Jiangxi Rare Metals Tungsten Holdings Group (JXTC) of Nanchang in the Jiangxi Province of China until 31 December this year.
Geovic currently holds equity interests in various exploration projects, including a 60.5% stake in the advanced Geovic Cameroon cobalt-nickel-manganese project in Cameroon, a 100% stake in Geovic Nouvelle Caledonie SAS’s chromite project in New Caledonia, a 100% stake in Geovic’s chromite project in Papua New Guinea, a 100% stake in Geovic’s Arizona gold project, and a 10% stake in the Wind Mountain Rare Metals project in New Mexico.
In addition to purchasing 60.5% of Geovic Cameron, JXTC would also purchase 100% of the mixed cobalt-nickel sulphide to be produced by the project through a long-term arm’s length off-take agreement with Geovic Cameroon.
El Nino Ventures is seeking a joint venture partner for its Bathurst joint venture project, which is equally owned by ELN and Glencore Canada (GCC) in the Bathurst Mining Camp.
The joint venture third party will develop its properties and properties in the Bathurst Camp, which is 100%-owned by GCC.
The Bathurst joint venture project comprises 21 claims covering 29,830ha, which is 50:50 owned by ELN and GCC.
In addition, the GCC-owned land comprises 18 claims covering 13,560ha.
Altius Minerals has signed an option and royalty agreement with Telkwa Coal for its Telkwa coal project that is being funded out of Australia.
Altius acquired the Telkwa coal project in May of this year during its acquisition of the Carbon Development Partnership.
Under the deal, Telkwa gets 48 months to earn a 90% stake in the project if Altius retains 10% and gives up to 1.5% price-based sliding-scale gross revenue royalty.
To gain the interest, Telkwa must pay $10m in cash and $500,000 within six months of closing the agreement.
Image: Several deals were signed this week. Photo: courtesy of stockimages / FreeDigitalPhotos.net.