Deals this week: Xinergy, Jindal, Yinfu and more

7 February 2013 (Last Updated February 7th, 2013 18:30)

US-based thermal and metallurgical coal producer Xinergy completed the sale of its Straight Creek and Red Bird thermal coal mining operations in Bell, Clay, Harlan, Knox and Leslie counties of Kentucky to affiliates of JW Resources for $47.2m.

US-based thermal and metallurgical coal producer Xinergy completed the sale of its Straight Creek and Red Bird thermal coal mining operations in Bell, Clay, Harlan, Knox and Leslie counties of Kentucky to affiliates of JW Resources for $47.2m.

Xinergy chief executive officer Matt Goldfarb said, "This divestiture furthers our efforts to position Xinergy's asset portfolio towards a greater mix of premium quality, mid-vol metallurgical coal production."

Canadian resource company Corex Gold completed an agreement with a wholly-owned subsidiary of Vale to enable the latter to acquire up to a 65% interest in the company's Santana project for $16m.

The agreement serves to develop the copper-gold porphyry target on the Santana project, in Sonora state, Mexico.

India's Jindal Steel and Power has withdrawn plans to acquire West-Africa focused iron ore development company Afferro Mining.

Negotiations between the companies failed after Afferro said that Jindal's offer undervalued the company, while the Indian firm cited several deterrents to the acquisition including a low-grade magnetite and changes in Cameroon's mining code.

Affero is seeking a strategic investment partner and has initiated negotiations with International Mining and Infrastructure Corp (IMIC) and others.

Mineral exploration and mining company Yinfu Gold signed an agreement to acquire 65% stake in the African Resources Copper Mine in Zambia for $2m.

Yinfu will acquire the interest in Zambia-based African Resources, which has a mining and processing permit and concession license, through its subsidiary Element Resources International.

Canadian mining exploration company Golden Share Mining acquired 100% interest in its Shebandowan Gold Project in north-western Ontario, Canada.

Shebandowan Gold Project comprises three adjacent properties including the Pistol Lake, Conacher and Band Ore.

Additionally, the company completed assessment work representing a total of $2.3bn in exploration expenditures in the fourth quarter of 2012.

Canadian gold exploration and mining company Canarc Resource entered into a Strategic Mine Acquisitions Partnership (SMAP) with Canford Capital to acquire expanding and operating gold mines in North America.

Following the closure of each acquisition, Canford will own a 51% interest and Canarc will own a 49% interest, until the repayment of debt financing.

Upon repayment, Canarc will then own a 51% interest and Canford will own a 49% interest.