Rio Tinto‘s Turquoise Hill Resources, through its Oyu Tolgoi firm, has signed a power sector cooperation agreement with the Government of Mongolia for the construction of a power plant to feed the Oyu Tolgoi copper mine in south Gobi desert.
The plant will be built near Mongolia’s state-owned Tavan Tolgoi coal mine.
Oyu Tolgoi mine will be the primary consumer of the power plant.
Mongolia will hold an open, international tender process to select an independent power provider to fund, construct, own and operate the power plant.
New Gold has signed a deal with a syndicate of banks led by The Bank of Nova Scotia and RBC Capital Markets for for a $300m loan.
Other banks in the syndicate include Royal Bank of Canada, Canadian Imperial Bank of Commerce, JP Morgan Chase Bank, The Toronto Dominion Bank, Bank of America Merrill Lynch, Bank of Montreal and Export Development Canada.
The credit facility is provided for four years and will replace the company’s earlier $150m revolving credit facility, which will expire in December.
As part of the deal, New Gold also has the option to raise an additional $50m above and beyond the base $300m.
EMED Mining Public has signed an agreement with Yanggu Xiangguang Copper and Orion Mine Finance to raise $22m equity fund by selling its 181,200,000 ordinary shares at 7.25 pence per share.
The financing will be done by Yanggu Xiangguang, through its wholly owned subsidiary, Hong Kong Xiangguang International Holdings, and Orion.
EMED Mining will use the proceedings for general working capital purposes and to carry out mining activities at the Rio Tinto copper project.
Shaw River Manganese has entered into a deal with Bryve Resources to raise up to $7.46m for its Otjozondu Manganese project in Namibia.
The company will use the amount for in-fill drilling, conducting metallurgical test work and developing a bulk sample for jig test trials at the mine.
Bryve Resources will fund in two separate secured facilities of up to $1.86m convertible loan facility and up to $5.59m of contingent working capital facility.
Castle Peak Mining has signed a letter of intent with CJP Capital to sell a 70% stake in the Nkwanta prospecting licence at the Apankrah project in Ghana.
Under the deal, CJP Capital can earn the stake by making cash payments of $1.5m and by spending $10.5m on exploration work over the next three years.
After purchasing the stake, Castle Peak and CJP Capital will form a joint venture and Castle Peak will start commercial production in the remaining assets.
Image: Several deals were signed this week. Photo: courtesy of stockimages / FreeDigitalPhotos.net.