Major Deals This Week: Rio Tinto, Grupo Mexico, Newcrest and More

29 July 2010 (Last Updated July 29th, 2010 18:30)

Rio Tinto has signed an agreement with China's state-owned company Chinalco to establish a joint venture for the development and operation of the $1.35bn Simandou iron ore project in Guinea. Grupo Mexico said it will merge its US mining operation, Asarco, with

Rio Tinto has signed an agreement with China's state-owned company Chinalco to establish a joint venture for the development and operation of the $1.35bn Simandou iron ore project in Guinea.

Grupo Mexico said it will merge its US mining operation, Asarco, with its Latin American company, Southern Copper.

The move is expected to cut costs and improve operating efficiency of Asarco, an Arizona miner valued at $5.94bn.

Newcrest Mining has made an equity deal with Sumatra Copper and Gold for the development of the Tembang project.

Harry Winston Diamond said it has struck a $220m deal with Kinross Gold to acquire a 9% stake in the Diavik mining venture in the Northwest Territories, Canada.

The agreement will increase Harry Winston's overall stake in the mine to 40%, with the rest owned by Rio Tinto.

Tasman Goldfields has acquired the Kitongo project in Tanzania through Tasman's acquisition of 100% of the shares of Carlton Resources.

The Kitongo project, located in the Lake Victoria Goldfields, has an estimated 290,000oz of gold.

Horizonte Minerals said it has entered into an agreement with Tech Resources for the acquisition of its Araguaia nickel project in the Carajás mineral district of northern Brazil.

Dravco Mining has made an agreement with Solauro Industries to acquire three exploration projects in British Columbia and Newfoundland, Canada, and six tailing reclamation projects in Nevada, US