Deals this week: Rio Tinto, Evolution Mining, Rustenburg Platinum Mines

3 November 2016 (Last Updated November 3rd, 2016 18:30)

Rio Tinto has signed a heads of agreement to sell its 46.6% interest in the Simandou iron ore project in Guinea to Chinalco Mining Corporation.

Rio Tinto has signed a heads of agreement to sell its 46.6% interest in the Simandou iron ore project in Guinea to Chinalco Mining Corporation. The agreement is expected to be finalised within six months.

On completion of the deal, Chinalco’s stake in the project will increase to 87.9% and Rio Tinto expects to receive approximately between $1.1bn and $1.3bn.

Evolution Mining has acquired an economic interest in the Ernest Henry copper-gold asset, located approximately 35km north-east of Cloncurry, Queensland, Australia.

The project is estimated to have a minimum production life of 11 years.

"The project is estimated to have a minimum production life of 11 years."

Rustenburg Platinum Mines, a 100% subsidiary of Anglo American Platinum, has completed the sale of its Rustenburg Operations to Sibanye Rustenburg Platinum Mines Proprietary.

The transaction provides Sibanye the ownership to the Bathopele, Siphumelele (including Khomanani) and Thembelani (including Khuseleka) mining operations, two concentrating plants, an on-site chrome recovery plant and the Western Limb Tailings Retreatment Plant. This will include ancillary surface infrastructure, related assets, liabilities, and normalised levels of working capital

Solid Energy has signed the final agreements with Phoenix Coal Limited, Greenbriar and Birchfield Coal Mines, to sell the majority of its key mining assets in New Zealand, in whole or in parts.

As part of the deal, Phoenix Coal will acquire the Stockton export coal operations and two Waikato mines in Rotowaro and Maramarua, while Greenbriar will acquire the New Vale and Ohai coal mines in Southland, and Birchfield Coal Mines will acquire Strongman and Liverpool mines on the West Coast.

The deals are expected to be complete in the first half of 2017.

New Gold has signed an agreement with Rimfire Pacific Mining to earn up to a 70% interest in the Fifield project.

New Gold will provide A$12m ($9.11m) for exploration activities over the next five-years.

The project is located approximately 300km south-east of New Gold's Peak Mines, Australia, and is estimated to hold significant potential for both gold-silver and copper-gold discoveries.