Deals This Week: Riversdale, Mitsubishi, New Dawn and More

24 June 2010 (Last Updated June 24th, 2010 18:30)

Riversdale Mining has signed an agreement with Wuhan Iron and Steel Group for the acquisition of a 40% interest in the Zambeze coal project in Mozambique for a total consideration of $800m. Mitsubishi Corporation said it has completed the acquisition of Internation

Riversdale Mining has signed an agreement with Wuhan Iron and Steel Group for the acquisition of a 40% interest in the Zambeze coal project in Mozambique for a total consideration of $800m.

Mitsubishi Corporation said it has completed the acquisition of International Finance Corporation's 2.5% stake in Minera Escondida, a Chilean company that owns the world's largest copper mine.

Mitsubishi will hold the participation through a joint venture company that is 50% owned by Mitsubishi, 40% by Nippon Mining & Metals and 10% by Mitsubishi Materials Corporation.

Paramount Gold and Silver will buy Canada's X-Cal Resources, which owns the Sleeper gold project in Nevada.

Cardero Resource acquired a 49.5% interest in the Coalhunter Mining Coorporation this week, which has the right to acquire a majority interest in the Carbon Creek coalfield in north-eastern British Columbia.

Sierra Resource Group has acquired an 80% stake in a former Arizona copper mine from Medina Property Group and plans on reopening the idle mine within six months.

Meanwhile, New Dawn Mining bought an 89% stake in Central African Gold.

The transaction will help to control gold-mining assets in Zimbabwe and a 100% interest in Olympus Gold Mines.

New Dawn said the acquisition will increase the company's gold resource base and mining capacity in the country to support a consolidated yearly production rate of 50 000oz of gold to 60 000oz within the next 18 to 24 months.