Peabody Energy has signed an agreement with China’s Shenhua Group to create a Singapore-based joint-venture (JV) company.
The JV firm, dubbed Sino-Pacific Coal, will supply Shenhua’s import demand with thermal coal from Peabody’s global production and trading platform.
Sino-Pacific Coal will source coal from key global supply basins to provide thermal coal for Shenhua’s Chinese generating subsidiaries. It is scheduled to start operating in 2014, following regulatory review.
Shenhua is a large-scale energy company with coal as its foundation. It covers electrical power, railway, port, shipping, coal-to-liquids and coal-to-chemicals, and integrates production, transportation and sales.
Peabody serves metallurgical and thermal coal customers in over 25 countries on six continents.
Affinity Gold has entered into a formal JV agreement with Corizona Mining Partners to jointly develop the Cambalache project in Peru.
The silver and lead mine will be located in the District of Lircay, Province of Angaraes, Department of Huancavelica to the south-east of Lima, Peru.
Affinity, Corizona and the current project owner of the Cambalache project have agreed to establish a new legal entity to which the project, and all operational assets, will be transferred and held without encumbrances.
The entity, Compania Minera RyCor, is in the process of being finalised and assets transferred. The deal between Corizona and the project owner stipulated an earn-in of the existing entity where project is held. Affinity holds an immediate and undivided 49.9% interest.
RyCor will still have an option to purchase up to an additional 25% of the Cambalache project.
Strateco Resources has signed an option agreement with Denison Mines to acquire an interest of up to 60% in Denison’s Jasper Lake uranium property, in the eastern Athabasca basin of Saskatchewan.
Under the deal, Strateco can earn an initial 49% interest in the property by incurring exploration expenditures of CAD4m ($3.77m) and paying CAD1m ($944,091) to Denison by 31 December 2016.
Strateco may also acquire an additional 11% interest in the property by incurring exploration expenditures of CAD8m ($7.5m) and paying CAD2m ($1.8m) to Denison by 31 December 2019.
Strateco said the large and enviable land position is strategically located on the eastern side of the Athabasca Basin, straddling both the shallow eastern edge of the basin and the Wollaston-domain basement.
The 18 non-contiguous active claims cover an area of 45,271 hectares and are located near the prolific uranium deposits of Cigar Lake and Rabbit Lake, both less than 12km from the project boundary.
Superior Copper is planning to acquire the remaining 50% interest in the Coppercorp project in Canada from First Mineral Exploration.
The project is located 85km north of Sault Ste. Marie in Ontario.
The company now retains a 100% interest in 101 unpatented mining claims, covering 120km², together with other claims owned by Superior Copper; some of which are subject to underlying royalties.
Superior Copper and First Mineral have agreed to terminate the option and JV agreement regarding the property for no further consideration, pursuant to the agreement.
Superior Copper said the acquisition is subject to regulatory approval and shares issued pursuant to this acquisition will have a statutory resale restriction of four months and one day.
Monarques Resources has signed a purchase offer agreement with Critical Elements to acquire an undivided interest of 50% in the Croinor property located in the Val d’Or area.
Monarques has agreed to transfer ownership of 11 mining properties located in the James Bay area.
The properties to be transferred include Lemare, Caumont, Nisk, Bourier, Duval, Valiquette, Arques, Dumulon, Rosebay and Amiral.
The purchase offer is subject to the approval of the regulatory authorities and the acquisition of an undivided interest of 50% in the Croinor property, which is owned by X-Ore Resources.
In October 2013, Monarques signed an agreement with X-Ore Resources to acquire 50% undivided interest in the Croinor property.
Upon completion of the transaction, Monarques will own 100 % interest of the Croinor property.