Deals this week: Sundance Resources, Xstrata Zinc, WPG and more…

6 October 2011 (Last Updated October 6th, 2011 18:30)

International iron ore company Sundance Resources has accepted a $1.47bn takeover bid from Chinese firm Hanlong Mining.

International iron ore company Sundance Resources has accepted a $1.47bn takeover bid from Chinese firm Hanlong Mining.

Both of the firms will work together to progress the receipt of mining convention Mbalam and permit Nabeba in West Africa with the governments of the Republic of Cameroon and the Republic of Congo.

Aston Resources has entered into a conditional agreement with J-Power Australia for the sale of a 10% stake in the Maules Creek project for A$370m (US$358m), payable in a single tranche upon completion.

The transaction includes a long-term thermal coal sales agreement between the Maules Creek Joint Venture and Electric Power Development.

WPG Resources has completed the sale of its iron ore assets to OneSteel for a total value of $320m.

WPG will now proceed to distribute the amount of $1.05 per share to WPG's shareholders as previously advised.

Anglo American has completed the acquisition of Peace River Coal (PRC) in British Columbia, Canada, by purchasing the remaining 25.17% interest in of the company for $157m.

Anglo American has acquired the 12.18% interest in PRC held by Northern Energy & Mining for $76m, the 12.99% interest held by Hillsborough Resources for $81m, plus the royalty rights of PRC held by Hillsborough for $9m.

The company now holds 100% ownership of PRC.

Xstrata Zinc has completed acquisition of the Hackett River and Wishbone exploration properties in the Western Kitikmeot region of Nunavut, Canada, from Sabina Gold and Silver for C$50m (US$47.9m).

Under the terms of the agreement, Xstrata will commit a further C$50m (US$47.9m) towards exploration on the properties within four years of the transaction's completion and Xstrata will pay Sabina a royalty on silver produced from the properties.

Xstrata Coal has agreed to acquire 100% of Cline Mining's metallurgical coal deposit in the Lossan property for C$40m (US$38m).

The Lossan property, which covers 38km², is located in the Peace River Coalfield of north-eastern British Columbia, Canada, and has 240Mt of resources.