Deals This Week: ArcelorMittal, Xstrata, Rio Tinto, American Sierra and More

ArcelorMittal is eyeing an iron ore deposit on Baffin Island in the Arctic with an agreed C$433m bid to acquire Baffinland Iron Mines of Toronto, Canada.

ArcelorMittal is planning for a C$4bn (US$3.9bn) project that would help reach its target of 100 million tons a year.

Xstrata is looking for more acquisitions to create an iron ore division following it’s recent bid to acquire Sphere Minerals for A$514m.

Rio Tinto is finalising a renegotiation of its $1.65bn-a-year iron ore joint venture for the Channar mine with Chinese group Sinosteel.

The Channar mine is located in the Pilbara region of Western Australia and contains high-grade 63.5% iron ore.

American Sierra Gold has acquired six mining claims in the Adams Plateau Area of southern British Columbia, Canada.

American Paramount Gold has entered into a letter of intent to acquire the Kisita Gold Mine Property, an operational gold property north-west of Kampala in Uganda.

Greenlight Resources has acquired a high-grade gold prospect located near the village of Kemptville in Brazil comprising 127 claims (40 acres each) for a total of 5,080 acres.

Globex Mining Enterprises has acquired 100% interest in 39 claims in the Isaac’s Harbour District of Guysborough County, Nova Scotia, Canada.

The property includes the North Star and Hurricane Point gold mines.