Anglo American Platinum has signed a three-year wage deal with the South Africa’s Association of Mineworkers and Construction Union (AMCU) to end the five-month strike carried out by more than 70,000 platinum workers.
As per the latest wage deal, the salaries of the workers will be increased to ZAR1,000 ($94) a month for the first two years and ZAR950 ($89.3) in the third year.
The deal is expected to increase the total labour cost to thecompany by 8.4% over the next three years.
The strike has resulted in a ZAR$11.27bn ($1.06bn) loss for the company from lost platinum production.
Far Resources has signed an option agreement with Alchemist Mining to sell up to 80% of its undivided interest in the Tchentlo Lake property in North Central British Columbia, Canada.
As per the agreement, Alchemist can form a 51:49 joint venture with Far Resources by spending $262,092 and paying $5,148 for 100,000 shares of the Tchentlo Lake property.
It also has an option to buy an additional 29% stake in the Tchentlo Lake property by spending $538,225 and paying $23,401 for 250,000 shares in first year and $46,802 for 250,000 shares in second year.
Located north-west of Fort St James, Tchentlo Lake property has the potential for both porphyry-type copper-gold mineralisation and vein-type gold mineralisation.
The agreement is subject to regulatory approval.
Talon Nickel (USA), a subsidiary of Talon Metals, has entered into an agreement with Rio Tinto’s Kennecott Exploration to buy its Tamarack Nickel copper-platinum project in Minnesota, US.
Under the deal, Talon can acquire a 30% stake in the Tamarack project over a period of three years by paying $7.5m to Kennecott and spending $30m in exploration expenditures.
Talon has option to also own 100% of the Tamarack project by paying Kennecott a purchase price of $107.5m.
The Tamarack project is located next to the Tamarack town in north-central Minnesota and has more than 35,000 acres of land that is rich in high-grade nickel deposits.
Coeur Mining has signed a letter of intent (LoI) with Franco-Nevada to end the existing royalty stream agreement on 50% of gold production from the Palmarejo operation.
The agreement will be effective after the completion of the 400,000oz minimum obligation, which is due to be completed in September 2016.
The companies have signed another LoI, under which Franco-Nevada will invest $22m for the development of the Guadalupe project and increase the cost contribution for 50% of the gold production from Palmarejo operation from the current $408 per ounce to $800 per ounce.
As per the LoI, Coeur will pay $2m to Franco-Nevada for ending the existing royalty stream agreement.
The deal, which is subject to completion of definitive agreement, is expected to close in the third quarter of the year.
Iberian Minerals has signed a joint venture agreement with a wholly owned subsidiary of Glencore for the Cehegin iron ore project located in Cehegin, in the Province of Murcia in Spain.
The joint venture plan was initiated in October 2013, when Iberian Minerals, previously Solid Resources, signed a co-operation agreement with Glencore’s subsidiary for joint due diligence of the Cehegin project.
In May, Glencore revealed its plans to buy a 20% stake in the Cehegin iron ore project.
Under the latest agreement, Glencore will hold a 20% stake in the Cehegin project, while Iberian will own an 80% interest.
The joint venture will carry-out exploration and development studies with an aim to identify and construct a new iron ore mine.
Image: Several deals were signed this week. Photo: courtesy of patrisyu / FreeDigitalPhotos.net.