Deals This Week: Rio Tinto, Korea Resources, New World Gold And More

16 September 2010 (Last Updated September 16th, 2010 18:30)

Rio Tinto has increased its stake in Ivanhoe Mines by 5.3% to 34.9%. The company bought 40.1 million Ivanhoe shares at $10 each by exercising a $350m convertible credit facility issued to Ivanhoe in 2007. Augusta Resource said its Rosemont copper unit has sign

Rio Tinto has increased its stake in Ivanhoe Mines by 5.3% to 34.9%.

The company bought 40.1 million Ivanhoe shares at $10 each by exercising a $350m convertible credit facility issued to Ivanhoe in 2007.

Augusta Resource said its Rosemont copper unit has signed an agreement with a consortium comprising Korea Resources and LG International to sell a 20% stake in its copper-molybdenum project in Pima County, Arizona, US.

The project is expected to account for about 10% of total US copper production.

Conquest Mining has signed an agreement with Heemskirk Consolidated to acquire a 40% interest in the Pajingo gold mine.

Tara Minerals said it has acquired Tara Gold Resources for $83m.

Champion Minerals has acquired O'Keefe-Purdyand Moire Lake Claims Blocks of the Fermont iron property in the Fermont iron ore district of north-eastern Quebec.

Indico Resources said it has signed an agreement with Manlio Bassino Pinasco and Percy Samaniego Pimentel of Lima Peru to acquire a 100% indirect interest of the Ocana copper gold porphyry project, in south-central Peru.

The Ocana property is located on the north-west extension of the southern Peru porphyry copper belt and consists of 22 concessions covering 110.24km2.

New World Gold Corporation said it has acquired a 54% interest in Andes Gold Corporation, which has a gold mine with proven reserves of 75,000oz of gold in Ecuador, SA.