Deals This Week: Gold One, Exxaro, Hunnu Coal and More…

26 May 2011 (Last Updated May 26th, 2011 18:30)

Gold One International has signed a sale of shares agreement to acquire 100% of Rand Uranium, which is expected to potentially boost the company's gold production to 300,000oz a year. Gold One will pay $250m in cash to acquire Rand from the Rand Uranium shareholders Pamodz

Gold One International has signed a sale of shares agreement to acquire 100% of Rand Uranium, which is expected to potentially boost the company's gold production to 300,000oz a year.

Gold One will pay $250m in cash to acquire Rand from the Rand Uranium shareholders Pamodzi Uranium, Pamodzi Cooke and Armgold/Harmony Joint Investment Company.

Exxaro Resources has bid $130m in cash for Australia's Territory Resources, as part of its plan to expand into iron ore mining.

Territory has an operating mine at Frances Creek that currently produces about 1.6Mtpa of lump and fine direct shipping ore, and the firm also owns rights to iron ore tenements in the vicinity of Frances Creek.

Hunnu Coal has acquired a 70% stake in Rio Tinto's Altai Nuurs coal joint venture project in Gobi Altai province in Mongolia for $40m.

The project has an exploration target of between 250Mt and 500Mt and comprises six exploration licences over 0.46km², as well as four mining licences totaling 2.02km².

ElDore Mining has secured a funding facility of up to A$25m (US$26.4m) through JC Long Term Value Fund, enabling it to acquire the Baita copper-gold mine in Romania.

The majority of funds will be used to complete the purchase and ElDore believes it can restart operations at the mine within 90 days of settlement and quickly rebuild to an annualised rate of 200,000 ore tpa.

Continental Coal has received consent from the South African Department of Minerals and Resources for the company and its joint venture partners to complete the acquisition of the Vlakplaats coal project for a total value of ZAR130m ($18.5m).

The JV partners are subsidiary Continental Coal, Korea's State Mining and Exploration Company and the company's Black Economic Empowerment partner Masawu Investments.

Indian firm NMDC has signed a memorandum of understanding with Australia-based Legacy Iron Ore to acquire up to a 50% stake in the company.

NMDC chairman and managing director Rana Som said the proposal is still at a preliminary stage and the price of shares is yet to be determined.

On completion, the agreement will provide a platform for Legacy to source and secure additional resource projects for development and financing with the backing of NMDC as Legacy's largest shareholder.