Major Deals This Week: Kinross Gold, Linc Energy, Aurox Resources and More

5 August 2010 (Last Updated August 5th, 2010 18:30)

Kinross Gold Corporation has obtained approval from the Russian Federation's State Commission for the Control of Foreign Investments to acquire 100% of the shares of Northern Gold, the owner of the Dvoinoye gold and silver deposit in the Chukotka Autonomous Okrug. Kinross

Kinross Gold Corporation has obtained approval from the Russian Federation's State Commission for the Control of Foreign Investments to acquire 100% of the shares of Northern Gold, the owner of the Dvoinoye gold and silver deposit in the Chukotka Autonomous Okrug.

Kinross has also won Russian Government approval to acquire controlling stakes in Severnoye Zoloto and RegionRuda for $365m.

The company will also acquire Red Back Mining of Vancouver in an all-stock deal that will give the company access to large new gold projects in West Africa.

The combined entity is expected to produce 3.9 million ounces of gold annually by the time the new projects in Ghana and Mauritania are fully operational in 2015.

Aurox Resources said its shareholders have approved a merger with Atlas Iron valued at $143m.

India's Adani Enterprises will buy Australia's Linc Energy's Galilee coal project in a cash and royalty deal worth $2.7bn.

Under the terms of the deal, Linc will receive A$500m in cash and A$2 a ton in royalty for the first 20 years of coal production from the mine.

The Galilee project, located in the north-eastern state of Queensland, holds about 7.8 billion tons of coal and has the capacity to produce up to 60 million tons a year once the mine is fully operational.

NMC Mining has acquired ownership and control of an aggregate of 26,855,994 units of New Guinea Gold Corporation (NGG) with each acquired unit comprising one common share and a share purchase warrant of NGG representing 13% of the issued and outstanding common shares.