Deals This Week: Xstrata, G-Resources, King Stone and More…

28 July 2011 (Last Updated July 28th, 2011 18:30)

Xstrata Coal has made proposal to acquire 100% of First Coal Corporation for a total value of C$147m ($153m) by paying C$1.75 ($1.83) per share. The acquisition will provide Xstrata Coal with access to coking coal exploration leases in British Columbia, Canada.

Xstrata Coal has made proposal to acquire 100% of First Coal Corporation for a total value of C$147m ($153m) by paying C$1.75 ($1.83) per share.

The acquisition will provide Xstrata Coal with access to coking coal exploration leases in British Columbia, Canada.

Chinese firm G-Resources Group has sold its 2.81 billion new shares, which is equal to a 16.67% stake, at HK$0.60 each, for a total value of $217m.

The firm will use the money for the development of its gold and silver mines in Indonesia.

King Stone Energy Group has entered a sale and purchase agreement to acquire Liaoyuan Coal Mining for CNY500m ($77m).

Liaoyuan Coal Mining owns a thermal coal mine, which is located 46km from the King Stone's Hengtai coal mine in Inner Mongolia and adjacent to the new mine, which Hengtai is applying for mining rights.

Agnico-Eagle will invest C$70m in acquiring a 9.2% equity stake in Rubicon Minerals under a new purchase agreement.

The firms will also enter a technical services agreement that will allow Rubicon access to Agnico-Eagle's geological and engineering mining team.

Frontier Mining sold its Maminskoye gold deposit in Russia to Stanhigh of Cyprus for $37.45m in cash.

The Maminskoye gold deposit is located in the Southern Ural mountain chain region, and has a current Russian Federation Certified C1 & C2 resource of 27,177kg of gold.

Zijin Mining Group is to buy an additional 138.35 million shares of Australian firm Norton Gold for A$27.6m ($30m) in a bid to increase its gold reserves.

In a statement to the Hong Kong bourse, Zijin said it would buy the shares at A$0.20 ($0.22) per share, increasing its stake to 144.25 million shares, or 16.98% of the enlarged share capital of Norton Gold.