Major Deals This Week: Rio Tinto, Kalahari Minerals, Columbus Gold and More

4 March 2010 (Last Updated March 4th, 2010 18:30)

Rio Tinto will acquire 15 million shares in Ivanhoe Mines, increasing its ownership in the company by 2.7% to 22.4 %. The total consideration for the acquisition is $237m. Hong-Kong based investment firm China Sci-Tech will acquire Canadian mining com

Rio Tinto will acquire 15 million shares in Ivanhoe Mines, increasing its ownership in the company by 2.7% to 22.4 %.

The total consideration for the acquisition is $237m.

Hong-Kong based investment firm China Sci-Tech will acquire Canadian mining company Chariot Resources for $248m.

The deal will help China Sci-Tech to acquire the Marcona copper mine project, which is currently owned by Chariot Resources.

Kalahari Minerals said that its Australian subsidiary has closed the acquisition of Coronet Resources for A$50.4m.

Under the terms of the deal, Coronet is required to dispose of its Western Australian mining tenements, resulting in Coronet not having any material assets other than the 16 million Kalahari shares.

Columbus Gold said that it has acquired another three gold properties in Nevada, bringing its total gold portfolio in the state to 22 projects.

The acquired projects are Stevens Basin Property, Weepah Property and Eastside Property.

Codelco, the world's largest copper producer, will sell 66% of its stake in Inca de Oro mine to PanAust Limited for $45m.

Inca de Oro is a copper and gold mine in the northern region of Atacama, estimated to produce 50,000t of fine copper and 40,000oz of gold per annum over ten years.

HudBay Minerals said that its subsidiary has entered into a letter of intent with VMS Venture to form a joint venture in respect to a copper-rich Reed Lake property in Manitoba's Flin Flon Greenstone Belt, which is presently under option to VMS.

Under the terms of agreement, HudBay will own 70% interest of the joint-venture while the rest will remain with VMS.

NovaGold Resources said it will issue 18,181,818 common shares of the company for gross proceeds of $99,999,999 to several investment funds managed by Paulson & Co.

The company will use the net proceeds from the offering to fund general exploration and development on the company's advanced properties including Donlin Creek, Galore Creek and Rock Creek.