Deals this week: Bumi, Discovery Metals, Santo Mining and more

11 October 2012 (Last Updated October 11th, 2012 18:30)

Indonesia's Bakrie Group is expected to cancel its 24% shareholding in coal energy Bumi and instead buy stakes in Indonesian subsidiaries Bumi Resources and Berau Coal Energy in a £750m deal.

Indonesia's Bakrie Group is expected to cancel its 24% shareholding in coal energy Bumi and instead buy stakes in Indonesian subsidiaries Bumi Resources and Berau Coal Energy in a £750m deal.

The company is set to cut ties with the Bumi, a troubled coal group, which it co-financed with Nat Rothschild.

Australian copper miner Discovery Metals rejected a A$824m ($844.31m) takeover bid by Chinese Cathay Fortune.

Discovery's directors said the offer from CFC and CAD failed to reflect the value of the company's management, operations and expansion plans.

CFC currently holds a 13.7% stake in Discovery Metals, which owns the Boseto project in Botswana.

Santo Mining has acquired a 100% interest in the Francesca gold exploration claim located in the Moncion region of the Dominican Republic.

The acquired claim is situated across 2,120ha of explorable land where the company will begin a preliminary geochemical survey to identify potential gold anomalies.

US-based miner, the Graystone Company, has acquired the necessary equipment, including gas furnaces, molds, melting equipment and others, to smelt gold produced from its mining operations.

Financed by the company's CEO and CFO, the equipment will be used to produce gold bars before November this year. Initially, the equipment is expected to smelt .9999 fine 10 gram gold bars and 22k white gold bars.

Denver-based gold-focused miner Royal Gold is offering to sell 5.25 million shares at $91 per share offer price.

The proceeds of the share will be employed to acquire additional royalty or similar interests and other purposes.