The merger and acquisition activity in the Canadian mining sector continues at a great rate. Here is a short list of some of last week’s notable activities.
TECK COMINCO of Vancouver announced it had acquired 93% of AUR RESOURCES common shares. A compulsory acquisition is in the works for the remaining shares. Aur brings the Duck Pond copper-zinc mine in Newfoundland and the Quebrada Blanca and Andacollo copper-gold mines in Chile to the union.
The shareholders of Vancouver-based NORTHERN ORION have approved a plan of arrangement with YAMANA GOLD. Originally this was a three-way deal, but MERIDIAN GOLD’s directors have again recommended that Yamana’s unsolicited offer be rejected.
The offer made by LUNDIN MINING of Vancouver for the shares of RIO NARCEA GOLD MINES has expired with Lundin acquiring 93.1% of the outstanding Rio Narcea shares. Lundin will now take up the remaining Rio Narcea shares.
The shareholders of AUROGIN RESOURCES of Toronto and MORGAIN MINERALS of Vancouver have voted in favour of amalgamation, and the combined company will carry on business as CASTLE GOLD CORP to be located in Toronto.