Located 520km north of Kalgoorlie in Western Australia, the Jundee gold mine began production in 1995 from a complex of open pit mines and underground mining began in 1997. In 2013, Jundee produced 279,000oz of gold.
All the fixed plant and on-site equipment will be transferred to Northern Star and the majority of Jundee’s staff will be offered continuing employment.
The sale is subject to Northern Star securing financing and a third party right of refusal, and is expected to close in early July.
Lago Dourado Minerals has entered into a deal with Crusader Resources to sell its Juruena and Novo Astro projects.
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As per the transaction, Crusader will pay $597,673 in cash and give up to two million ordinary shares.
The company already paid $68,962 as a non-refundable deposit. It will pay a further $68,962 within two days of signing the agreement and the remaining $459,748 after completion of the transaction.
The deal will also see Crusader’s Australian and Brazilian subsidiaries purchasing a 100% stake in Lago Dourado Mineração (LDM), Juruena Mineração (JML) and Sunny Skies Investment.
LDM and JML own the mineral rights of the company’s Juruena and Novo Astro projects in Brazil, whereas Sunny Skies’ only asset is its interests in LDM and JML.
The transaction, which is subject to shareholder approval and the approval of the TSX Venture Exchange, is expected to close before 31 July.
Peabody Energy has signed a sale and purchase agreement to sell its Wilkie Creek mine in Surat Basin, Queensland to Singapore-based Bentley Resources in an all-cash deal of $70m.
The deal includes the assumption of rail / port obligations and other liabilities, and is subject to certain closing conditions.
Wilkie Creek coal mine was closed since December 2013.
Peabody Energy is a private sector coal firm providing sustainable mining, energy access and clean coal solutions.
Advanced Explorations (AEI) has entered into a memorandum of understanding (MoU) with Parkson Star for the development of its Roche Bay iron ore project.
AEI will form a wholly owned subsidiary, Savik Iron Mines, and transfer its interest in the Roche Bay and Tuktu Projects to the newly formed unit.
Parkson will have the right to acquire an 80% equity interest in Savik, while AEI will retain the removing 20% stake. Additionally, AEI will allocate $13.3m in corporate debts to Savik.
The parties have also agreed to execute a definitive joint venture agreement and ancillary agreements.
The transaction is subject to consent from the AEI shareholders and customary regulatory approvals.
Avrupa Minerals has signed a joint venture (JV) agreement with its Covas joint venture partner Blackheath Resources.
As per the deal, Blackheath has to provide interim funding for the JV.
Blackheath has already spend €300,000 and €700,000 on 20 March 2013 and 20 March, which allowed it to take 51% and another 19% stake in the JV, respectively.
The company is currently in the process of funding €320,000 for an additional 5% stake by 20 March 2015.
To further increase its share of the JV by 10%, Blackheath must spend €498,000 and €833,000 by 20 March 2016 and 20 March 2017, respectively.
The remaining resources of Covas, which is a formerly producing tungsten mine, have been estimated at 922,900 metric tonnes of 0.78% WO3 by Union Carbide in 1980.
Image: Several deals were signed this week. Photo: courtesy of adamr / FreeDigitalPhotos.net.