Deals this week: GBM Resources, Central Australian Phosphate and more

16 May 2013 (Last Updated May 16th, 2013 18:30)

GBM Resources has signed a non-binding Memorandum of Understanding (MoU) to purchase the Lubuk Mandi Gold Mine in Terengganu state, Malaysia.

Mining

GBM Resources has signed a non-binding Memorandum of Understanding (MoU) to purchase the Lubuk Mandi Gold Mine in Terengganu state, Malaysia.

The mine was previously owned and operated by the government body Terengganu State Economic Development in the mid 1990s, and covers an area of 404.7ha.

Central Australian Phosphate has signed a binding heads of agreement with Monument Mining to develop its phosphate projects in Arganara, Lucy Creek and Warrabri in the Northern Territory in Australia.

As per the terms of the joint venture, Monument will invest up to A$8.8m ($8.6m) in the projects for a 51% participating stake.

Monax Mining has entered into a deal with Fortescue Metals to conduct due diligence on a copper gold project in the northern part of South Australia.

Under the deal, Monax will conduct technical due diligence on the project, which is located within the newly defined Amber Zone of the Woomera Prohibited Area, in three months.

US Precious Metals has entered into an agreement to acquire Resource Technology (RTC).

RTC assets comprise three ore supply agreements from three high grade ore mines and has a processing deal with Plasma Processing, which uses patent pending plasma technology to raise the rate of extraction of precious metal concentrates.

South Boulder Mines has formed a joint venture with the Eritrean National Mining (ENAMCO) for its Colluli potash project in Eritrea.

Under the terms of the JV, both companies will hold a 50% stake in the project through a newly formed company, Colluli Mining Share Company (CMSC).


Image: Several deals were signed in the mining industry this week. Photo: wandee007/FreeDigitalPhotos.net.

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