Deals this week: Nkwe Platinum, Segue Resources, Western Mining and more

2 May 2013 (Last Updated May 2nd, 2013 18:30)

Nkwe Platinum has entered into an agreement with China's Zijin Mining to develop the flagship Garatau project.

Deals

Nkwe Platinum has entered into an agreement with China's Zijin Mining to develop the flagship Garatau project.

Under the terms of the deal, Zijin, through its wholly-owned subsidiary, will invest about A$20m ($20.4m) in Nkwe by way of three-year convertible bonds.

In exchange, Zijin will receive exclusive rights to participate in Nkwe's mining projects, including the right of first refusal to finance project development and receive offtake supply.

Segue Resources has signed an agreement to sell its 30% stake in South Africa's Emang Manganese Project to joint venture partner Emang Mmogo Mining Resources.

According to Segue, the decision to sell the stake was made in order to realise the value it had created in the project, as it was unable to provide funds to meet its expenditure commitments.

"Zijin, through its wholly-owned subsidiary, will invest about A$20m ($20.4m) in Nkwe by way of three-year convertible bonds."

Western Mining has announced that it has signed a Memorandum of Understanding (MOU) to obtain exclusive rights to explore and, if warranted, mine potentially high calorific value thermal coal projects in South Kalimantan, which are 100% owned by PT. Pancareka Utama Engineering (PUE).

On 30 April, Western Mining signed a MOU to carry out due diligence and detailed exploration for a 90-day period on PUE's Exploration Licences.

Amarium Technologies has signed a Letter of Intent (LOI) with Minerales Consolidados (MCSA), to acquire 100% of the Jovita Mine (Jovita), a producing copper concentrate mine in Michoacan, Mexico.

As per the terms of the deal, Amarium will acquire 100% ownership of the Jovita Mine for aggregate expenditures of $6.1m during the next three years.

South American Gold has announced that it has signed a MoU to acquire 80% stake in the Kelly Project, with an option to acquire 100% interest.

The company considers the Kelly project, located in the Marysville Mining District, to be an early-stage gold, silver and copper prospect.


Image: Several mining deals were signed in the industry this week. Photo: Jeroen van Oostrom.

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