Deals this week: Cameco, Newmont Mining, Polymetal and more

20 December 2012 (Last Updated December 20th, 2012 18:30)

Saskatchewan-based uranium producer Cameco has completed the acquisition of the Yeelirrie uranium project in Western Australia from BHP Billiton for $430m.

Saskatchewan-based uranium producer Cameco has completed the acquisition of the Yeelirrie uranium project in Western Australia from BHP Billiton for $430m.

The company secured approvals from the government of Western Australia and the Australian Foreign Investment Review Board to close the deal.

Canadian gold company Newmont Mining Corporation has signed an agreement with mining exploration and development focused company TMAC Resources for the divesture of Newmont's Hope Bay Project in Nunavut, Canada.

Newmont strategic development executive vice president Randy Engel stated, "We are pleased to reach this milestone and believe that TMAC is the right partner to improve prospects for near-term development of the Hope Bay Project."

Polymetal International (POLY) has acquired a 24.99% stake in the Svetlebor platinum exploration project in Russia from Ubergot Investments for a consideration of 130,053 new ordinary shares in the company.

Meanwhile, Polymetal investor CJSC VTB Capital has purchased the remaining 75.01% interest in the project for 390,369 new ordinary shares in Polymetal.

Polymetal will now buy this stake for $6.9m.

Cobalt Coal, a Canadian coal exploration and production company, closed the acquisition of coal bearing licenses in Virginia, US, as announced previously.

Consequent to the closing, Cobalt paid an amount of $7m to the vendors, having secured a loan for the said amount from a non-arm's length party.

The company will now continue with further exploration and mine improvements on the leased lands.

Australian mineral exploration company AXG mining has announced its decision to cancel its proposed acquisition of Pinto Minerals citing delay in obtaining three licenses in Zambia.

Pinto has several applications for exploration licenses in Zambia, and the receipt of three licenses was conditional for the transaction to proceed.

Gold miner Scorpio Gold has acquired two exploration-stage Nevada mineral properties, including the Goldwedge and Pinon properties, from Royal Standard Minerals.

As per the transaction terms, Scorpio Gold offered $1,250,000 in cash and 3,000,000 common shares in the company.