Deals This Week: Polyus, MRC Allied and More

9 June 2011 (Last Updated June 9th, 2011 18:30)

Russia-based Polyus Gold has begun merger negotiations with Newmont Mining, Newcrest Mining and AngloGold Ashanti. The merged company is expected to be placed in the top four gold mining company slots globally in terms of capitalisation, from its current ei

Russia-based Polyus Gold has begun merger negotiations with Newmont Mining, Newcrest Mining and AngloGold Ashanti.

The merged company is expected to be placed in the top four gold mining company slots globally in terms of capitalisation, from its current eighth position.

The merger could take place by the end of this year.

Philippines-based MRC Allied and an Australian firm are finalising a joint venture deal involving the former's gold and copper mine in Surigao del Sur.

Under the proposal, the companies will jointly develop a 3,718hra property, forming a new company, wherein MRC Allied will have a controlling stake.

The new entity with an initial valuation of $200m will launch an initial public offering with the Surigao tenement as a primary asset.

China's Sichuan Chuanmei Special Glauber Salt and Sichuan Yinglin Enterprises Group Company have entered into an agreement whereby Chuanmei will acquire Yinglin Group Companies for a consideration of 320m yuan ($49m).

The Yinglin Group Companies are involved in the mining and production of thenardite products.

Lundin Mining is set to buy Irish company Belmore Resources for about £6.4m.

Belmore management has accepted the terms and has recommended the cash offer to its shareholders.

Lundin would need 80% approval from Belmore's shareholders, with the closing date for decision set as 30 June.