China Railway Materials Commercial (CRM) has entered into a conditional strategic agreement with African Minerals (AML) to acquire a 12.5% stake in the company for $244m (£152.6m).
Pursuant to the conditional agreement, CRM will acquire between five and eight million tonnes of hematite iron ore per annum from AML’s first stage of production at Tonkolili in Sierra Leone for 20 years.
CRM will also purchase ten million tonnes of magnetite iron ore per annum from the second stage of production at Tonkolili for a minimum of 20 years.
IMX Resources signed with Sichuan Taifeng’s subsidiary Taifeng Yuanchuang International Development to make a minimum investment of $47.1m in the company.
Under the funding agreement Taifeng will invest $23m for a 50% equity stake in the Cairn Hill Phase 1 magnetite–copper–gold project development and other developments in ML6303.
Taifeng will subscribe a minimum of $24.1m-worth of shares for a 19.9% stake in IMX at a 48.4 cents-per-share subscription price.
Gentor Resources together with Arabian Peninsula Projects, African Precious Minerals and Tembo Capital have implemented a letter of intent for the acquisition of APM Mining‘s issued and outstanding equity securities by Gentor.
Gentor said that 13.063 million of its earlier authorised and unissued common shares will be given in exchange for 100% ownership of APM.
The acquisition includes APM’s earn-in rights to certain exploration ground holdings in the Sultanate of Oman that contain significant copper mineralisation.
Stonehenge Metals has signed an agreement with Yellow Sun Mines to acquire a 100% stake in the latter’s Korean subsidiary, Chong Ma Mines, which holds the rights to four uranium projects that comprise 14 uranium mining right applications and 42 granted mining rights in South Korea.
The consideration includes ten million Stonehenge shares and 60 million Stonehenge performance shares with $2.74m to be contributed for work commitments and purchase payments over a two-year period.
Golden Minerals has signed an agreement with Hochschild Mining‘s subsidiary to purchase the latter’s 35% stake in the Minera El Quevar SA joint venture.
Ivanhoe Mines has retained Citi investment banking firm and Hatch Corporate Finance mining sector specialist to advise the company on various strategic options.
Citi and Hatch will help the company evaluate a range of options including potential debt/equity offerings, sale of subsidiaries, project financing, a credit facility, equity investments and various corporate transactions.