China Molybdenum‘s 100% subsidiary CMOC has entered a definitive agreement with Freeport-McMoRan (Freeport). Under the agreement, CMOC will acquire Freeport’s 100% interest in Freeport-McMoRan DRC Holdings.
The deal value is set at $2.65bn in cash, including a contingent consideration of up to $120m.
Following the transaction’s expected completion in December 2016, CMOC will be granted Freeport’s indirect 56% interest, currently held by Freeport-McMoRan DRC Holdings, in the Tenke Fungurume copper-cobalt mine in the Democratic Republic of the Congo (DRC).
American Lithium and has signed an agreement to acquire all outstanding share capital of the 1065604 BC.
The transaction will grant American Lithium the rights held by 1065604 BC to acquire 69 placer claims and 19 association placer claims, known as the Atlantis Property, from Nevada Sunrise Gold Corporation.
Covering a total area of 2,882 acres, the property is located in Fish Lake Valley, Esmeralda County, Nevada, US.
In exchange, American Lithium has agreed to issue 4,533,334 common shares and assume 1065604 BC’s obligations to Nevada Sunrise in respect of Atlantis Property. American Lithium will also make certain cash payments to Nevada Sunrise, bear the expenses of exploration activities conducted by the latter, and issue approximately 1,250,000 common shares for three years.
Endeavour Silver Corp has signed a definitive agreement to acquire Canarc Resource Corp’s wholly owned subsidiary Oro Silver Resources.
Under the agreement, Endeavour Silver Corp will make the purchase using C$10.5m ($8.13m) in stock by issuing 2,147,239 common shares at a deemed issue price of C$4.89 ($3.78) per share to Canarc.
Expected to close in June, it will grant Endeavour a 100% interest in the El Compas Gold-Silver Mine Project (El Compas) and a five-year renewable lease on the 500t/d La Plata ore processing plant, both located in Zacatecas, Mexico.