Deals This Week: Joy Global, St Barbara, Gloucester Coal and More…

19 May 2011 (Last Updated May 19th, 2011 18:30)

US-based high productivity mining solutions provider Joy Global has entered into a definitive agreement to acquire a 100% ownership interest in Rowan Companies' LeTourneau Technologies for $1.1bn in cash. LeTourneau operates two business segments - mining products and dri

US-based high productivity mining solutions provider Joy Global has entered into a definitive agreement to acquire a 100% ownership interest in Rowan Companies' LeTourneau Technologies for $1.1bn in cash.

LeTourneau operates two business segments - mining products and drilling products - and manufactures large wheel loaders for surface mining.

With this acquisition, LeTourneau's mining products business will be integrated with Joy Global's P&H Mining Equipment business.

Australian firms St Barbara and Catalpa Resources are planning to merge to form a A$865m (US$914m) mid-tier gold company, which will have four Australian production assets, with a production capacity of about 480,000oz of gold in 2012.

Both the firms will enter into a merger implementation agreement on terms and conditions customary for the transaction, including the obtaining of all necessary shareholder, regulatory and court approvals.

Gloucester Coal has entered into an agreement to acquire Noble's 100% interest in Donaldson Coal Holdings for a total value of A$585m (US$618m).

Donaldson Coal's assets include one open-cut and two underground mines, which produce thermal coal and semi-soft coking coal products in New South Wales, Australia.

Gloucester has also entered into an agreement with the Ellemby Holdings to acquire Ellemby and its controlled entities, named Monash, for a total value of A$30m (US$30m).

Fortis Mining has entered into agreements with Topsun Holdings and Yubang Industry Development to raise $224m from the issue of shares and convertible notes in the company.

The second trance payment of $24m raised from the net proceeds will be used for acquisition of Chelkar and Zhilyanskoe potash mines in Kazakhstan.

Treasury Metals has entered into a definitive agreement with Pan American Silver to acquire 100% of the Pico Machay gold project.

Treasury Metals will pay a total of $21m in cash and issue 11.5 million common shares to Pan American in consideration for Pico Machay.