Deals This Week: Wai Chun, Baja Mining, Korea Zinc and More

25 November 2010 (Last Updated November 25th, 2010 18:30)

Wai Chun Mining Industry Group has signed an agreement for the possible acquisition of some mineral resources from Guangxi Non-ferrous Metals Group (GNMG). Wai Chun may acquire 74% equity interest in a manganese mine in Northern Cape of South Africa and 100% interest in Lid

Wai Chun Mining Industry Group has signed an agreement for the possible acquisition of some mineral resources from Guangxi Non-ferrous Metals Group (GNMG).

Wai Chun may acquire 74% equity interest in a manganese mine in Northern Cape of South Africa and 100% interest in Lidino Trading, indirectly owned by GNMG and Guangxi Sincerity Investments & Trading, for HKD1.2bn (US$154m) and HKD1.325bn (US$170m).

Under the agreement, Wai Chun will also take over GNMG's 100% interest in two iron mines in the Kohkeo and Phnom Thmar regions in Cambodia at HKD258.8m (US$33.3m).

Baja Mining has completed a deal for the engineering, construction and commissioning of the Boleo copper-cobalt-zinc-manganese project and additional funding for general working capital needs.

Under the deal, Louis Dreyfus Commodities Metals Suisse purchased 36 million common shares sold pursuant to the offering for C$39.6m.

Korea Zinc, the world's biggest producer of refined zinc, has agreed to acquire a stake in Canada's Woulfe Mining and the miner's Korean units.

The Korean company signed an initial agreement to buy 33.3 million new shares, or a 13.46% stake, in Woulfe Mining for C$10m (US$9.8m).

Korea Zinc will also purchase new shares in the three units for C$40m.

Goldplat has entered into a Memorandum of Agreement with Canadian firm Gulf Coast Resources (GCR) to buy its subsidiary, which owns a mining lease in Ghana.

GCR holds a 90% interest in the Banka mining concession, a ten-year renewable mining lease for gold and associated minerals covering an area of 29km2 located in the Amansie East and Asante Akim South Districts of Ghana.

Gold Mining Company has signed a conditional share purchase agreement to acquire the entire issued share capital of Kibe Investments, which holds exploration licences covering over 54km2 of land including the Rotgulden gold project in south-central Austria.

The consideration for the acquisition is £14.35m, to be satisfied by a cash payment of £850,000 to the vendors and the allotment of 400 million ordinary shares of 0.5 pence each in the company.