Vale has made an offer to buy the total share capital of Metorex for a total value of R7.52bn ($1.12bn).
Metorex’s assets include Chibuluma mine in Zambia, which has an estimated copper capacity of 18,600 tons per year; Raushi mine, which consists of a hydrometallurgical SX-EW plant; and three more projects in development and exploration phases in the Republic of Congo.
Platinum producer Aquarius Platinum will acquire South Africa’s Afarak Platinum for a total value of $109.7m.
Aquarius will pay cash of $70.2m and issue 6,804,162 fully paid common shares in Aquarius to receive 74% of the outstanding share capital of Afarak Platinum.
Aquarius will have the right to further acquire 100% of Afarak by spending $15m on the exploration at Kruidfonte, a property of Afarak.
Godawari Power and Ispat (GPIL) is planning to acquire a high-grade mineral mine overseas with investment ranging between $80m to $100m, which will be funded through internal accrual and debt.
GPIL has got two captive iron ore mines in Chhattisgarh – one at Ari Dongri, with reserves of 7 million tons, and another at Boria Tibu, which has 8 million tons worth of reserve capacity.
RAP Acquisition has signed a letter of intent with Ferrum Americas Mining, following which Ferrum Americas will complete a going public transaction by way of a reverse takeover of RAP for a total value of C$22.725m ($23.6m).
Los Santos will form the key asset of a new company that will focus on the development of a strategic tungsten business and be up and running by third quarter 2011.
Heemskirk will retain an exposure to the tungsten market with a direct equity interest of 22.7% through shares and warrants.