Japanese Bank Mitsubishi UFJ Financial Group has acquired a 9.99% stake in Australia’s rare earth developer Lynas Corp for a total value of $324m.

The shares acquired by Mitsubishi will guarantee its offtake of rare earth minerals, as Japan is one of the biggest importers of the material to sustain the requirements of companies for applications such as high-strength magnets and semiconductors.

Bradken has acquired Norcast Wear Solutions and Australian & Overseas Alloys for a total value of A$222m (US$238m).

Bradken has acquired Norcast Wear Solutions for A$202m (US$216.6m) and Australia & Overseas Alloys for A$20m (US$21.4m).

Arab Mining Company has acquired 10% interest in Al-Masane Al-Kobra Mining for $37.3m.

The amount will be used to finance the production of Al-Masane mining project, which is in the final stages of development in Najran Province of south-western Saudi Arabia.

TurkPower Corporation will purchase a 50% working interest in Maksor Madencilik Sanayi Ve Ticaret Anonim Sirketi, which owns the Kuluncak iron ore project in Turkey.

TurkPower is expected to complete the purchase of the stake for a value of €15m ($21m) and 73 million shares by December 2011.

Silver Standard Resources has signed a definitive agreement with Esperanza Resources to acquire a 30% interest in the San Luis joint venture in Peru for C$17m(US$17.6m).

Kagara Limited has made an offer to acquire Copper Strike‘s Einasleigh copper project in North Queensland for $16m in cash.

The Einasleigh project contains 15Mt of measured, indicated and inferred resource at 0.84% of copper in Kaiser Bill deposit and 1.1Mt at 2.9% copper at Einasleigh.