The offer will expire on 29 July 2011, subject to the extension or termination and is conditional upon acceptance by Breakwater shareholders.
Breakwater Resources has three producing zinc mines, the Myra Falls mine in British Columbia, Canada; the El Mochito mine in Honduras; and the El Toqui mine in Chile.
Chinese state-owned investment group Guangdong Rising Assets Management (GRAM) will acquire Australian coking coal mine operator Caledon Resources for an estimated $502m.
GRAM will now take ownership of the Cook coking coal colliery in Queensland, the nearby Minyango mine development project, which is currently undergoing feasibility studies, and port usage rights.
Polo Resources, which owns a 29.8% interest in Caledon, will receive £100m on the stake disposal.
The Philippines’ Atlas Consolidated Mining and Development Corp will buy out CASOP Atlas Corp and its 45.54% stake in the Carmen Copper Corp for $368m.
Atlas plans to raise $390m through debt and equity to finance the acquisition of Carmen Copper Corp, which operates the Toledo mine in Cebu, Philippines.
Berkeley Mineral Resources (BMR) has completed the purchase of the remaining stockpiles of tailings at the Kabwe mine in Zambia for $2.5m cash.
South America-based gold miner Orosur Mining has completed a private placing of shares to raise £8.25m to fund the acquisition of the Talca gold property in Chile.
The funds will also be used for exploration at Talca and further acquisitions and exploration in the Talca district.
Canada-based Denison Mines will commence its acquisition of the remaining shares in White Canyon Uranium, after securing a 97% interest in the company.