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September 8, 2011updated 28 Jul 2022 11:18am

Deals this week: Rio Tinto, Major Drilling, Nautilus Minerals and more…

Rio Tinto and Anglo American are planning to sell their stakes in Palabora Mining Company Limited and have initiated a commercial process to sell its shareholding. Anglo American currently holds a 16.8% interest in Palabora Mining, while Rio Tinto holds a 57.7% inter

By cms admin

Rio Tinto and Anglo American are planning to sell their stakes in Palabora Mining Company Limited and have initiated a commercial process to sell its shareholding.

Anglo American currently holds a 16.8% interest in Palabora Mining, while Rio Tinto holds a 57.7% interest.

Palabora Mining’s assets include a copper mine in South Africa, with a mine life until 2016 and a magnetite stockpile.

Metals and minerals contract drilling service firm Major Drilling Group International has entered into an agreement to acquire all of the issued and outstanding shares of Bradley Group for a total value of $80m.

Under the terms of the agreement, Major Drilling will pay cash of $72m at the closing of the acquisition with the balance of $8m being subject to a hold-back over three years.

MB Holdings Company‘s subsidiary Mawarid Mining is planning to acquire a stake in Canadian miner Nautilus Minerals.

Mawarid aims to invest about $50.1m to acquire 19.4 million shares equivalent to 9.98% of the expanded share capital of Nautilus Minerals.

The acquisition is proposed to be effected through Mawarid’s participation in a non-brokered private placement of common shares, which will help Nautilus raise around $100m to fund the development of its pioneering deepwater mining venture.

Compañía Minera Milpo has entered into a definitive arrangement to acquire all issued and outstanding common shares of Inca Pacific Resources for a total value of about C$34m (US$34.4m).

Under the terms of the agreement, shareholders of Inca Pacific will be entitled to receive C$0.61 (US$0.61) in cash for each common share of Inca Pacific held.

There are currently 56,647,728 shares and 1,444,198 options outstanding.

Chinese firm Zijin Mining has increased its stake in Australian firm Norton Gold Fields to 16.98% for $27.67m.

Norton Gold is mainly engaged in producing gold and exploring the West Australian goldfields near Kalgoorlie, with the Paddington gold mines and Mount Morgan project as main assets.

Barrick Gold has sold its 70% interest in the Pinson Mine in Nevada to Atna Resources for $15m.

Atna Resources has paid $15m and issued Barrick 15 million common shares, along with 10% net profits royalty that will be triggered after the first 120,000oz of gold are produced from the property.

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