Deals this week: Barrick Gold, Royal Bafokeng Platinum, Radius Gold and more

17 July 2014 (Last Updated July 17th, 2014 18:30)

Barrick Gold has signed a deal to form a joint venture with Saudi Arabian Mining (Ma'aden) to operate the Jabal Sayid copper mine near Medina, Saudi Arabia.

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Barrick Gold has signed a deal to form a joint venture with Saudi Arabian Mining (Ma'aden) to operate the Jabal Sayid copper mine near Medina, Saudi Arabia.

As per the deal, Ma'aden will buy a 50% stake for $210m, while the remaining stake will be held by Barrick.

The acquisition, which is subject to customary closing conditions, is expected to be completed in the fourth quarter of 2014.

Royal Bafokeng Platinum (RBPlat) has signed a wage agreement with mining employees represented by the National Union of Mineworkers.

The latest agreement is effective from 1 July and terminates on 30 June 2017. However, there is an option to extend the agreement to two more years.

In May 2017, the parties will review the agreement to ensure that RBPlat's minimum wage remains in line with that of the platinum industry.

The previous three-year agreement ended on 30 June 2014.

Otis Gold has signed a letter of intent with Radius Gold to operate its Blue Hill Creek Project under a joint venture.

Blue Hill Creek is located in Otis' larger Oakley Gold Project in Cassia County, Idaho, and is a high-potential, classic-epithermal hot spring-type gold play.

The Blue Hill Creek Project consists of 36 federal lode mining claims and one 80-acre Idaho State lease on a total land of 800 acres.

The deal allows Radius to get a 70% stake in Blue Hill Creek by paying $525,000 in cash and a total of $5m in exploration expenditures over four years.

Asanko Gold has executed the amended definitive agreements for $150m secured project debt facility along with a special purpose vehicle of RK Mine Finance Trust I.

As per the terms of the agreement, which was originally signed on 15 April 2014, are similar to Asanko's definitive senior facilities agreement announced on 24 October 2013 for its Esaase Project.

The latest debt will allow the company to develop phase 1 of the Asanko Gold Mine.

Uranex Limited has a signed a memorandum of understanding (MOU) with China National Materials Industry Import and Export (SINOMA) for an Off-take agreement.

Under the MOU, SINOMA could buy 100,000 tonnes of graphite per year for five years with an option to extend it for five more years.

The grading of graphite is expected to be in the range of 90% to 95% total graphitic carbon.

SINOMA is a subsidiary of China National Materials Group, and is responsible for the research, development, construction, production and marketing of non-metallic products in China.


Image: Several deals were signed this week. Photo: courtesy of adamr / FreeDigitalPhotos.net.

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