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September 22, 2011

Deals this week : Agnico-Eagle, Franco-Nevada, Roxgold and more…

Agnico-Eagle has agreed to acquire all outstanding common shares of Grayd Resource for $275m, or $2.80 a share.

By Elisabeth Fisher

Agnico-Eagle has agreed to acquire all outstanding common shares of Grayd Resource for $275m, or $2.80 a share.

Grayd owns the La India project in Mexico, which has indicated gold resources of 26.8 million tons and an inferred gold resource of 19.7 million tons.

Franco-Nevada has entered into a agreement to acquire all of the common shares of Lumina Royalty for a total value of $66m.

Under the terms of the arrangement, Lumina Royalty shareholders will receive 0.03487 Franco-Nevada common shares and 0.01917 Franco-Nevada warrants for each Lumina Royalty common share held.

Lumina Royalty owns a portfolio of royalties on four development stage porphyry deposits in Chile and Argentina.

Roxgold has agreed to acquire the remaining interests in Yaramoko, Bissa West and Solna projects in Burkina Faso, West Africa, from Riverstone Resources.

Under terms of the agreement, Riverstone will receive total consideration of about $33.5m, consisting of $17m in cash and 16 million Roxgold common shares valued at $1.03 a share.

Indian firm Mercator Lines has acquired a 50% stake in a coal mine located in Kalimanthan province of Indonesia for a total value of $30m.

According to the firm, the coal mine has estimated reserves of 60 million tons of coal and is expected to produce about three million tons of coal per annum.

Century Iron Mines has signed a principal agreement and a royalty agreement with Altius Minerals to acquire four regional iron ore projects of Altius in the Labrador, Canada, for a total value of $28m.

Under the terms of the agreements, Century will acquire a 100% interest in the four projects for exploration expenditures of $7m per project and the issuance of five million Century shares cumulatively over a five-year period.

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