Deals this week: NMDC, Rio Tinto, ENK and more…

17 November 2011 (Last Updated November 17th, 2011 18:30)

Indian firm NMDC is planning to acquire mines in Brazil and the US by using its cash reserves of Rs190bn ($3.7bn).

Indian firm NMDC is planning to acquire mines in Brazil and the US by using its cash reserves of Rs190bn ($3.7bn).

The firm plans to acquire two iron ore assets owned by Greystone Mineracao do Brasil in Brazil and a coking coal mine in the US.

Rio Tinto has increased its friendly takeover offer to acquire Hathor Exploration from C$578m (US$567m) to C$654m (US$634m).

Rio Tinto has offered to pay C$4.70 (US$4.63) per each share of Hathor, revising its earlier offer of C$4.50 (US$4.39) per share.

The acquisition will allow Rio Tinto to expand its operations in the Athabasca Basin, which currently provides about 20% of global uranium production.

ENK has received an outstanding $34m from Turkish firm VTG Nikel Madencilik, for the sale of its Caldag nickel project in Turkey.

ENK earlier entered into an agreement to sell the Caldag project for $40m and has received a initial deposit of $6m shortly after.

Zhongjin Gold's subsidiary Shaanxi Jiusheng Mining Investment Management is planning to acquire 69.09% stake in Shaanxi Xin Yuan Industry and Trade for a total value of 212m yuan ($33.3m).

Shaanxi Xin Yuan Industry and Trade owns the exploration rights to three gold mines located in Luonan county, Shaanxi province, which have a total proven reserves of 657,932t.

Chinese firm DADI Engineering Development has received Chinese Government regulatory approval to acquire 15.3% stake in Australian firm MetroCoal for $24m.

Under the transaction, DADI will purchase 32 million shares of MetroCoal at price of $0.75 per share.

MetroCoal hold coal exploration tenements in the Surat coal basin covering a 4,000km2 area.