Deals This Week: Fronteer Gold, Belon, Kinross and More…

31 March 2011 (Last Updated March 31st, 2011 18:30)

Fronteer Gold's shareholders have approved the proposed buyout of Newmont Mining Corporation for a total value of $2.3bn. According to the terms of the deal, Newmont agreed to give Fronteer shareholders $14.13 in cash and one share each in a new company, Pilot Gold

Fronteer Gold's shareholders have approved the proposed buyout of Newmont Mining Corporation for a total value of $2.3bn.

According to the terms of the deal, Newmont agreed to give Fronteer shareholders $14.13 in cash and one share each in a new company, Pilot Gold, for each share they currently hold.

Russian coal miner Belon Group has completed the sale of its energy coal business, including 100% shares of the Listvyazhnaya coal mine and 100% shares of Listvyazhnaya preparation plant, to SDS-Coal Holding.

The total value of the transaction is $280m.

Kinross Gold has received preapproval from the Russian Commission to acquire the remaining 25% stake in the Chukotka Mining and Geological Company, which is currently the owner of the Kupol Mine and Kupol East-West exploration licences in the Russian Federation.

Kinross will pay for the proposed deal with $102m in cash from its recent sale of 8.5% shares in Harry Winston Diamond, as well as a $200m line of credit.

Pacific Coal Resources has exercised its option to acquire the La Divisa Mine in the La Jagua de Ibirico coalfield in Cesar, Colombia, for a cash consideration of $75m.

L&L Energy has entered into a contract to acquire a 60% interest of the DaPing coal mine in PanXian, Guizhou Province, China.

Under the agreement, L&L and the current owner of DaPing will form a US joint venture firm in China.

L&L will contribute $18m in exchange for management control and 60% equity of the new joint venture firm on a net equity basis.

Crown Gold Corporation has signed a letter of intent to sell its Monte Cristo, Sugarloaf and Blue Sphinx properties in Nevada, US, to Argentium Resources for $16m in cash and securities.

The three properties are held in Crown Gold's wholly owned subsidiary Gold Summit USA Corporation.