Deals this week: Rio Tinto, GE Mining and more

2 August 2012 (Last Updated August 2nd, 2012 18:30)

Rio Tinto has acquired 133.571 million shares in Ivanhoe for a total cost of $935m.

Rio Tinto has acquired 133.571 million shares in Ivanhoe for a total cost of $935m.

The company has acquired 51% of the common shares available under the rights offering, which closed on Tuesday 31 July.

GE Mining has completed the purchase of the assets of Fairchild International for an undisclosed sum.

The company said the acquisition will expand its product offering to underground mining and increase its global customer base.

Bisha Mining Share Company has signed an agreement to acquire the Mogoraib Exploration License located in Eritrea from NGEx Resources.

Bisha will pay $5m in cash on closing of the transaction and an additional cash consideration of $7.50m will be payable subject to the start of commercial production from the license, which covers the Hambok copper-zinc deposit.

Wescoal will divest its Vlaklaagte mining rights located in South Africa to Xstrata for ZAR81.1m ($9.7m).

The company will also acquire the remaining 40% of the Vlaklaagte mining right owned by Proudafrique, and sell the entire Vlaklaagte prospecting right to Xstrata.

Keymark Resources' wholly-owned subsidiary Alabama Graphite Company has entered into a mining lease agreement and option agreement to acquire 17,280 acres in Coosa County, Alabama, US.

It will lease 27,720 acres for successive renewable five-year terms for an initial cash payment of $30,000 and annual advance royalty payments of $10,000 beginning 1 July 2015.