M&A, Financing and Restructuring
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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Anaconda Mining (TSX: ANX; US-OTC: ANXGF) has withdrawn its hostile takeover bid for Maritime Resources (TSXV: MAE; US-OTC: MRTMF) after Maritime’s recently completed, $1.5-million private placement.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…
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POTASH: Nutrien to buy Waypoint labs
SASKATOON – Nutrien Ltd. announced on July 9 that it has entered into a definitive agreement to acquire Waypoint Analytical of Memphis, Tenn. and its operating subsidiaries. Waypoint is the largest agriculture laboratory group in the United States and among…
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COPPER: Inalum said close to acquiring Rio interest in Grasberg mine
INDONESIA – The rumours are flying this week concerning who might buy out Rio Tinto’s share of the giant Grasberg copper mine in the province of Papua. Rio let it be known several weeks ago that it wanted to sell…
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South32 offers US$1.3B for Arizona Mining
After taking an initial 15% stake in junior zinc developer Arizona Mining (TSX: AZ) in April 2017 for US$81 million and boosting it to 17% over the next year for another US$23 million, South32 (LON: S32) is now offering US$1.3 billion in cash…
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COPPER: CITIC picks up 20% stake in Ivanhoe
BEIJING – Ivanhoe Mines of Vancouver and CITIC Metal has signed a long term strategic co-operation agreement that will give CITIC a 19.9% stake in Ivanhoe. CITIC becomes Ivanhoe’s largest investor, leaving chairman Robert Friedland with a 17% stake. The…
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Nutrien faces market challenges after mega-merger
World’s largest potash producer expects ‘huge’ synergies
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Five ways the industry is changing
CIM 2018 plenary session pinpoints complex challenges facing miners.
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ZINC-LEAD: New name as Canadian Zinc gears up for Prairie Creek fundraising
VANCOUVER – Canadian Zinc Corp. is gearing up for the final push of fundraising for its Prairie Creek zinc-lead-silver project in the Northwest Territories. Management will ask that the company be reorganized at its annual general and special meeting to…
