Through Alcoa World Alumina and Chemicals (AWAC) Alcoa has entered into an agreement to sell its stake in the Jamalco bauxite mining and alumina refining joint venture to Noble Group for $140m.
Under the deal, AWAC will continue to manage the assets for three years and employees will remain with Jamalco.
The Jamalco joint venture is 55%-owned by Alcoa Minerals of Jamaica (AMJ) and 45% by Clarendon Alumina Production (CAP), which is wholly owned by the Government of Jamaica.
AMJ is part of the AWAC joint venture, which is 60%-owned by Alcoa and 40% by Alumina.
The sale is subject to customary regulatory approvals and is expected to close by the end of the fourth quarter this year.
Prophecy Coal has signed a binding letter agreement with Apogee Silver to purchase the Pulacayo-Paca silver-lead-zinc mining project in Bolivia.
The purchase includes Apogee's subsidiaries Apogee Minerals Bolivia and ASC Bolivia, which hold the Pulacayo-Paca joint venture.
Prophecy will pay $250,000 in cash and issue 60 million Prophecy class-B convertible, non-voting shares to Apogee.
Located east of Uyuni city in south-western Bolivia, the Pulacayo-Paca property is contains approximately 22,850ha of contiguous mining concessions.
Dominion Diamond has completed the deal signed for the acquisition of Fipke Holdings' interests in Ekati Diamond mine's Core zone and Buffer zone in Canada.
Dominion, which already owns interests in both zones, has now purchased an additional 8.889% participating interest in the Core zone for $55.4m and 6.53% participating interest in the Buffer zone for $14.35m.
Following the completion of the transaction, Dominion now owns 88.889% stake in the Core zone and a 65.3% interest in the Buffer zone.
International Ferro Metals (IFM) has entered into a deal with Chrometco to begin mining at Chrometco's Rooderand LG6 open pit mine and buy the mined ore.
IFM aims to mine up to 200,000t of LG6 ore from the mine over a period of 12 months, with possibilities of extending the mining, which depends on the results of phase two exploration drilling.
For buying the ore, IFM will pay Chrometco a part of the net profits generated from mining a tonne of ore after deducting all costs associated with mining.
The mining is expected to commence in October.
Glenmark Capital has signed a deal to purchase a 100% stake in Key Lake Road project, a uranium project in northern Saskatchewan.
Located approximately 89km south of the open pit Key Lake mine, the project covers an area of 5,590ha and hosts two zones, Molly Trend and Hobo Zone.
As part of the deal, Glenmark will issue 250,000 shares within five days of getting approval from TSX Venture Exchange, 500,000 shares within six months of signing the agreement, pay $340,000 over 36 months and spend $2.5m for exploration over four years.
Image: Several deals were signed this week. Photo: courtesy of Pong / FreeDigitalPhotos.net.