Deals this week: Hanlong Group, Chalco and more

4 October 2012 (Last Updated October 4th, 2012 18:30)

China's Hanlong Group is seeking an extension to close its $1.4bn acquisition of Australian iron ore miner Sundance Resources.

China's Hanlong Group is seeking an extension to close its $1.4bn acquisition of Australian iron ore miner Sundance Resources.

The company has sought until mid-October to secure financing commitment from China Development, adding delays to the deal which has dragged on for a year.

Chinese aluminium company Chalco has dropped its plans to acquire a 30% stake in Mongolian coal exporter Winsway Coking Coal for $308m.

Constraints in obtaining government approvals were believed to have resulted in the company's decision.

Kansas-based Compass Minerals has purchased mining rights to 100 million tons of salt reserves for $6.5m in the Atacama Desert of Chile.

The company will offer a production royalty per-ton to the private seller and undertake infrastructure development for extraction at the property.

Australian firm Lithex Resources has purchased 11 graphite tenements located across four of the country's states with the acquisition of Far North Minerals.

Lithex has agreed to pay cash amounting to $150,000 and issue 12 million shares at $0.06 a share for the assets. The company will commercially develop the Munglinup graphite mine as its flagship project.

Canada's Xmet has extended the purchase closing date to acquire the Pitt Gold project in British Columbia from Brionor Resources to December 17, 2012.

Xmet requested the extension so that it will close concurrently with the acquisition of Clifton Star Inc.'s Duquesne Mine property.