M&A, Financing and Restructuring
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Osisko Mining to acquire Beaufield Resources
Osisko Mining (TSX:OSK) is stitching together a larger land package around its Windfall project in northern Quebec with its proposed $17.5 million all-share acquisition of Beaufield Resources (TSXV: BFD). Beaufield’s Urban property is adjacent to Osisko’s Windfall project in the Abitibi greenstone belt.…
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McEwen Mining borrows US$50M for Gold Bar construction
McEwen Mining (TSX: MUX; NYSE: MUX) has closed a US$50 million senior secured three-year term loan first announced in late May, with the funds earmarked for completion of construction at the company’s new Gold Bar gold mine in Nevada, and for…
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GOLD: Gold Fields restructures South Deep operation
SOUTH AFRICA – Johannesburg-based Gold Fields has announced a restructuring at its South Deep gold mine. The mine, located 45 km southwest of Johannesburg in the Witwatersrand Basin, has been a challenging operation since Gold Fields purchased it from Barrick…
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MERGER: Metal 7 acquires maker of shovel lifting equipment
SEPT-ILES, Que. – To broaden its range of highly specialized products and solutions for the mining industry, Metal 7 Inc. announces the acquisition of the manufacturer Megatraction Equipment, which is headquartered in Quebec City. Megatraction designs and builds the Megalifter,…
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GOLD: La Mancha injects $125M into Golden Star
TORONTO – Golden Star Resources is getting a cash injection of $125 million from La Mancha Holding of Luxembourg. The deal creates a long term, strategic relationship between the two companies. Golden Star will use the funds to accelerate development…
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ALUMINUM: Rio contemplates spenting $710M in Saguenay
QUEBEC – Rio Tinto Aluminium of Montreal and the Quebec government have renewed their partnership by updating certain parts of the agreement signed in 2006. The company has also agreed to update its Saguenay-Lac-Saint-Jean investment program, potentially spending as much…
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POTASH: Encanto, Muskowekwan secure federal funds for mine
SASKATCHEWAN – The Muskowekwan First Nation and Encanto Potash Corp. of Vancouver have confirmed that the government of Canada will provide funding for the upcoming engineering work for the Muskowekwan potash solution mine near the town of Lestock. The funds…
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Anaconda withdraws takeover bid for Maritime
Anaconda Mining (TSX: ANX; US-OTC: ANXGF) has withdrawn its hostile takeover bid for Maritime Resources (TSXV: MAE; US-OTC: MRTMF) after Maritime’s recently completed, $1.5-million private placement. It ends Anaconda’s five-month-long pursuit of Maritime. Anaconda launched its hostile bid in April.…
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ACQUISITION: Peregrine Diamonds Ltd. to be Acquired by De Beers Canada
VANCOUVER – Peregrine Diamonds Ltd. is pleased to announce that it has entered into an arrangement agreement with De Beers Canada Inc. under which De Beers will acquire all of the Company’s outstanding common shares for $0.24 per share in…
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SUPPLIERS: Weir completes acquisition of ESCO Corporation
The Weir Group PLC has completed the acquisition of ESCO Corporation, the world’s leading provider of ground engaging tools for surface mining and infrastructure markets, for an enterprise value of US$1,285m. It follows regulatory clearance for the transaction, which was…
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COPPER: Larger share of Grasberg to cost Inalum $3.9B
INDONESIA – There is now a non-binding heads of agreement covering the Grasberg copper mine in Papua state. When the details are worked out it will be signed by Freeport-McMoRan, Rio Tinto, the PT-FI joint venture, and state-owned Inalum. Inalum…
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GOLD: Lundin closes $350M debt facility, announces offtake deal
ECUADOR – Lundin Gold of Vancouver has closed a $350-million (all amounts are U.S. dollars) senior secured project finance debt facility with a syndicate of seven lenders. The funds will go toward development and construction of the Fruta del Norte…
