Deals This Week: Whitehaven, Baja Mining and More

4 November 2010 (Last Updated November 4th, 2010 18:30)

US coal producer Peabody Energy and Alpha Natural Resources may bid for Australian mining business Whitehaven Coal following its announcement of a formal bidding process last week. The company, valued at A$3.7bn ($3.6bn), may be seeking offers of A$7.50 per share or more. Chi

US coal producer Peabody Energy and Alpha Natural Resources may bid for Australian mining business Whitehaven Coal following its announcement of a formal bidding process last week.

The company, valued at A$3.7bn ($3.6bn), may be seeking offers of A$7.50 per share or more.

China Shenhua Energy and Yanzhou Coal Mining also may enter the bidding race.

Meanwhile, Canada's Baja Mining will raise C$160 million in a bought deal and use the proceeds to construct its majority-owned Boleo project in Mexico.

The company, holding 143.98 million outstanding shares as of 30 June, would offer 145.5 million shares to a syndicate of underwriters co-led by Raymond James and Canaccord Genuity.

In other news, Globex Mining has acquired two former copper-gold producers in the Chibougamau mining district of Quebec, expanding its footprint in the area. It already owns the Bateman Bay Mine and the Grandroy Mine.

The new assets include the Quebec Chibougamau GoldFields Mine, which was in operation for three years from 1963 to 1966.

The second property, the Kokko Creek Mine, operated for seven years from 1959 to 1966.