Deals This Week: Equinox, Nippon Steel, Sable Mining and More

28 October 2010 (Last Updated October 28th, 2010 18:30)

Equinox Minerals has said it will acquire Citadel Resource Group to gain access to a copper and gold project in Saudi Arabia. The total consideration of the transaction is $1.23bn. The acquisition will help Equinox to control the Jabal Sayid mine, which is expect

Equinox Minerals has said it will acquire Citadel Resource Group to gain access to a copper and gold project in Saudi Arabia.

The total consideration of the transaction is $1.23bn.

The acquisition will help Equinox to control the Jabal Sayid mine, which is expected to produce 57,000t per year for a decade once it starts production, which is scheduled to begin by early 2012.

Nippon Steel will acquire a 23% stake in the $600m Revuboe coking coal project in Mozambique to secure raw material supplies.

Revuboe mine will produce five million tons per year after it starts production in 2014 or 2015.

The deal will help Nippon to increase its self-sufficiency rate in coking coal to from 25% to 30%.

Sable Mining Africa has acquired a 51% interest in Southern Cross Investments, which holds iron ore reconnaissance licences in Liberia.

Willow Creek has said it has signed an agreement to acquire the Hercules property from Minquest, located in the Walker Lane mineral belt in Nevada, US.

The Walker Lane mineral belt is a highly mineralised trend that contains several epithermal precious metals deposits including the Comstock Lode, Round Mountain, Rawhide, Aurora and Goldfield mines and porphyry copper deposits.

Golden Share Mining said it has acquired the Berens River property in the Red Lake district of Northwestern Ontario, Canada.

Berens River includes the past-producing Berens River mine, which produced 158,000oz of gold, 5.8 million ounces of silver, 1.7 million pounds of zinc and 6.1 million pounds of lead between 1939 to 1948.