Canadian Mining Journal

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MERGER UPDATES – Sherritt/Royal Utilities, Teck Cominco/Global Copper and Breakwater/Metco

The world of mining mergers continues to spin out news, including these three items.


The world of mining mergers continues to spin out news, including these three items.

SHERRITT INTERNATIONAL of Toronto has increased its offer to acquire all share of ROYAL UTILITIES INCOME FUND it does not currently hold. The $25 million change increases the deal to $250 million. The cash consideration portion of the offer is now $12.68 per unit of Royal Utilities. (www.Sherritt.com)

Vancouver’s TECK COMINCO and GLOBAL COPPER have agreed to the terms of a merger that will give Teck Cominco control of the Relincho copper-molybdenum deposits 660 km north of Santiago, Chile. Teck Cominco has agreed to pay the equivalent of between $12 and $14 for each Global Copper share in cash and shares. The deal is worth $415 million. (www.TeckCominco.com)

Shareholders of Montreal’s METCO RESOURCES have approved a business combination of their company and BREAKWATER RESOURCES of Toronto. The acquisition will allow Breakwater to consolidate its land position near Lebel-sur-Quevillon, Que., and secure potential feed for its Langlois base metal mill. Breakwater will also gain control of an underexplored land package near Matagami, Que. (www.Breakwater.ca)


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