Deals this week: Vale, L&LEnergy, Chaarat Gold and more

28 June 2012 (Last Updated June 28th, 2012 18:30)

Vale has closed the sale of its thermal coal assets in Colombia to CPC, an affiliate of Colombian Natural Resources, for total consideration of $407m.

Vale has closed the sale of its thermal coal assets in Colombia to CPC, an affiliate of Colombian Natural Resources, for total consideration of $407m.

Vale's coal assets in Colombia include an integrated mine-railroad-port system, including 100% of the El Hatillo coal mine and the Cerro Largo coal reserves.

It also includes the sale of a 100% stake in the Rio Cordoba port on the Atlantic coast and an 8.43% equity stake in the Ferrocarriles Del Norte de Colombia or Fenoco railroad.

L & L Energy has signed a memorandum of understanding (MoU) with Union Energy to acquire a 50% stake in the LuoZhou Mine located in the HeZhang County in China's Guizhou province.

The company will initially pay an earnest deposit of CNY2.2m ($349,000) for LuoZhou, under the terms of the MoU.

The balance will be paid under other consideration, including payment-in-kind of non-strategically held interests, stock and/or cash once the terms are finalised.

Northair Mines has signed an agreement to acquire the surface rights to 1,098ha adjoining the La Cigarra Silver Project, located in the Mexican state of Chihuahua.

The agreement enables the company to make payments to the vendor of the property over a two year period.

Superior Copper Corp has entered into an agreement to acquire the Glenrock property located in Palmer and Ryan Townships, Ontario, Canada, for an undisclosed sum.

Under the terms of the deal, the company will acquire a 100% interest in the project for a 1.5% net smelter return previously granted to a third party by issuing 2.1 million shares to Hudson River Minerals.

Toledo Mining Corporation said it will exercise its pre-emptive rights in respect of the sale by ENK of its 18.7% interest in Berong Nickel Corporation (BNC).

The company's acquisition of shares will depend upon the extent to which the other shareholder in BNC exercises its pre-emptive rights.