Deals This Week: Glencore, Zijin, Cuervo and More…

21 July 2011 (Last Updated July 21st, 2011 18:30)

Glencore International has agreed to buy a 70% interest in CST Mining Group's subsidiary Marcobre for a total value of $475m. Marcobre is the sole owner of the Marcona copper property and the Mina Justa project, which contains a JORC compliant resource of 413.3Mt of ore with

Glencore International has agreed to buy a 70% interest in CST Mining Group's subsidiary Marcobre for a total value of $475m.

Marcobre is the sole owner of the Marcona copper property and the Mina Justa project, which contains a JORC compliant resource of 413.3Mt of ore with 0.79% copper.

An undisclosed investor in gold and copper miner Zijin Mining Group sold its entire stake of 338.383 million shares, through a block trade for a total value of HK$1.46bn (US$187m).

The deal size equated to about 1.6% of Zijin Mining's total market value and 5.8% of its H-share capital.

Goldminex Resources has signed a farm-in agreement with a subsidiary of Vale in relation to various tenements held by Goldminex subsidiaries within the Owen Stanley Ranges in Papua New Guinea.

Under the terms of theagreement, Vale may earn a 51% interest in the tenements by funding $20m of project expenditure over the next four years, at least $5m of which must be funded within the first year.

Strike Resources has executed an agreement with Canadian firm Cuervo Resources, by which Strike will have right to acquire a major stake in Cuervo.

Under the terms of the agreement, Strike Resources will pay C$15m (US$15.8m) to Cuervo to complete advanced exploration work on its concessions in Peru.

Cuervo Resources has current iron ore resources of 106Mt at 45.3% of iron with significant potential for extensions.

Resources Robex has entered into a farm-in and joint venture agreement with Resolute Mining, by which Resolute will have the right to earn up to a 70% interest in Robex's N'Golopène gold exploration permit located in southern Mali.

The N'Golopène permit covers 108km² area and is situated along strike of the gold anomaly of the Syama mine.

Tetra Tech has entered into a definitive agreement to acquire substantially all of the assets of Australian mining engineering firm Proteus EPCM Engineers, which has annual revenue of about $30m.