Deals This Week: NMDC, Xstrata, Avocet and More…

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

Indian firm National Mineral Development Corporation (NMDC) is in negotiations to acquire a controlling stake in Brazil's Greystone Mineracao do Brasil, which is owned by Zamin Ferrous, for about $1bn. Greystone holds six exploratory licences in the Bahia State of

Indian firm National Mineral Development Corporation (NMDC) is in negotiations to acquire a controlling stake in Brazil's Greystone Mineracao do Brasil, which is owned by Zamin Ferrous, for about $1bn.

Greystone holds six exploratory licences in the Bahia State of Brazil and is developing a $3bn iron ore project in Uruguay.

If the acquisition takes place, NMDC will develop the mines, construct a slurry pipeline and build rail infrastructure connecting the site to the nearest port.

Xstrata Copper has completed its acquisition of the E1 and Monakoff copper tenements in north-west Queensland, Australia, for a cash purchase price of A$175m ($187m).

The E1 and Monakoff copper tenements are located 8km east and 21km south respectively of Xstrata Copper's Ernest Henry Mine and contain open pit copper mineral resources with completed feasibility studies.

Avocet Mining has completed the sale of the majority of its South-East Asian assets, as part of the $200m sale agreement announced in 2010.

The firm has completed the sale of its 100% interest in the Penjom gold mine in Malaysia and its 80% interest in PT Avocet Bolaang Mongondow, which owns the North Lanut mine and Bakan project in North Sulawesi, Indonesia, for a total value of $170m.

Peabody Energy will acquire Thiess Investments' 5% joint venture interest in the Burton mine in Australia for A$35m ($37m).

With this transaction, Peabody will have 100% ownership of the hard coking coal operation in Queensland, adding an additional 165,000-275,000t of annual volumes to the firm's metallurgical coal portfolio.

Crystallex International has signed an agreement for sale of its redundant milling equipment for gross proceeds of $16.9m.