In mining business this week, Zijin Mining made its presence known by creating a bigger stamp in the international mining space.
Zijin implemented its cash takeover bid for all of Indophil‘s issued shares for $498m.
Zijin also signed an agreement with Xstrata Queensland to acquire its 19.9% stake in Indophil for A$1.28 a share.
Indophil holds 34.23% interest, with a right to purchase another 3.27% in the Philippines-based Tampakan copper-gold project, and Xstrata owns a 62.5% stake.
Meanwhile, Sino Gold security holders approved the schemes of arrangement for a proposed takeover by Eldorado Gold.
The consideration involves 0.55 Eldorado shares to Sino Gold stakeholders for each share it owns, which amounts to $2.04bn.
Chinese steelmaker Wuhan Iron & Steel decided to shell out $400m to acquire a stake in Brazil-based MMX Mineracao e Metalicos to expand its iron ore supply.
Following the acquisition, Wuhan will hold a 21.52% stake in MMX.
In a separate development, global diamond producer De Beers said it will raise $1bn from its investors to decrease its $3.5bn debt.
The in-principle agreement for rights issue was made with the investors following a poor financial performance by the company in the first half of the year due to a decline in diamond prices.
Oromin Explorations sold 8,117,850 common shares at C$0.85 price per common share for C$6.9m gross proceeds, which will be utilised for exploration work at the Sabodala project in Senegal.
And while others rein funds in, PT Bumi Resources is considering spending its cash – it says it could invest $500m in the development of copper and gold mines located on Sulawesi island in Indonesia and $300m for iron ore development in Mauritania.
While Canada’s Taseko Mines plans to sell its 25% share in its Gibraltar copper/molybdenum mine to Sojitz Corporation for $170.5m.
The proceeds from the transaction will help Taseko develop its Prosperity gold/copper project.