Deals this week: Aldridge Minerals, L&L Energy, IMX Resources and more

22 November 2012 (Last Updated November 22nd, 2012 18:30)

US-based L&L Energy has acquired the LuoZhou and LaShu mines situated close to its existing Weishe model mine in Guizhou Province, China.

US-based L&L Energy has acquired the LuoZhou and LaShu mines situated close to its existing Weishe model mine in Guizhou Province, China.

L&L acquired a 95% stake in both mines for $37m with a cash outlay of $1.7m and transfers of the company's interests in Zonelin Coking Plant (98%) and the DaPing Mine (60%).

IMX Resources has signed an agreement with OZ Minerals to sell its 49% stake in the Mt Woods Copper-Gold joint venture to OZ Exploration for $5m in cash.

"This agreement provides an elegant and equitable solution to the dissolution of the Mt Woods Joint Venture with OZ Minerals and allows both parties to walk away winners."

IMX managing director Neil Meadows said, "This agreement provides an elegant and equitable solution to the dissolution of the Mt Woods Joint Venture with OZ Minerals and allows both parties to walk away winners."

Canadian mining company Aldridge Minerals has agreed to divest its interests in Anatolia Energy and Vetter Uranium for a total amount of CAD765,000 ($767,619).

The sale is a strategic move towards the company's focus on the development of the Yenipazar project in central Turkey.

Australian exploration and development company Venturex Resources has completed the acquisition of the Kangaroo Caves mining lease 45/587 from the existing Panorama Exploration Joint Venture partners CBH Panorama (60%) and Sipa Resources (40%).

Under the previously agreed transaction terms, Venturex is required to pay an uncapped royalty of A$2 for each dry metric tonne for any ore mined and processed from the Kangaroo Caves tenement.

The Kangaroo Caves Cu-Zn deposit is located 6km south-east of Sulphur Springs in the Pilabara region.

Vancouver-based mineral exploration company Adroit Resources has acquired a 100% interest in 266 claim units, in two separate transactions contiguous with Nursey Lake Property and South Timmins mining camp in Ontario.

The transaction comprises an offer of 212 units (3,392 Ha) in the English and Barlett townships for 600,000 common shares in the company and a further 54 units (864 Ha) in the English township for 150,000 common shares.

Hecla Mining has signed an agreement for the acquisition of 14 million shares of Canada-based resource exploration company Canamex Resources for $2.5m.

With the acquisition, Hecla will now own approximately 15% interest in Canamex Resources.

Proceeds from the funds will enable further exploration and development of the Bruner property in Nevada.