Deals this week: Peabody Energy, Gulf Mines and more

6 September 2012 (Last Updated September 6th, 2012 18:30)

China-based Chalo has pulled out of its proposed acquisition of South Gobi Resources due to the ongoing political opposition to the deal.

China-based Chalo has pulled out of its proposed acquisition of South Gobi Resources due to ongoing political opposition to the deal.

The company failed to get necessary regulatory approval to go ahead with its offer of C$8.48 a share for a controlling stake.

Mining equipment manufacturer ESCO has completed a $325m acquisition of Ulterra Drilling Technologies.

Over 400 employees from Ulterra are expected to join ESCO as part of the acquisition.

Peabody Energy has deferred the sale of Wilkie Creek thermal-coal mine in Queensland, Australia over the weakening of demand from the Chinese market.

The deal, worth $500m, was pulled back as the company failed to attract any substantial bids to acquire its assets.

Inmet Mining will make an acquisition offer to take over all of the outstanding common shares of Petaquilla Minerals for C$0.48 in cash or .0109 of Inmet shares for each Petaquilla common share.

The C$112m offer provides the existing shareholders a 37% premium over the share's closing price on 5 September 2012.

Australia-based Gulf Mines is looking to acquire a controlling stake in the Pelaya coal project in Colombia and the Bahia Inglesa phosphate project in Chile.

The Pelaya project covers 3,288 hectares of licensed exploration area on Umir Geological Formation and is in close proximity to major rail, river ports and highway transport infrastructure.

The Bahia Inglesa phosphate project covers 6,200 hectares in the Copiapo Province of Chile with an expected 85 to 150 million tonnes of phosphate targeted by the current owners.