Tiger Resources has signed a deal to acquire a 40% stake in the Kipoi copper mine (SEK) for $111m, giving the company full control of the mine.
After completion of the deal, Tiger plans to give a 5% stake in SEK to the Congo Government to align Kipoi’s mining titles with the country’s Mining Code.
The company is also placing its 65 million new shares for sale with an offer price of A$0.30 ($0.28) per share, with an aggregate of approximately A$19.5m ($18.2m).
Intrepid Mines has entered into an agreement with Blackthorn Resources to merge their businesses.
Before the merger, Intrepid will buy back up to A$110m ($102.8m) worth of its shares at A$0.30 ($0.28) per share, where Blackthorn shareholders will receive 1.078 Intrepid shares for each of its share.
The merger will form a copper mine with a pro-forma cash balance of A$80m ($74.7m) in Zambia, which will be 52%-owned by Intrepid and 48% by Blackthorn.
Norton Gold Fields has secured a $40m loan from the Industrial and Commercial Bank of China, Perth Branch (ICBC).
The company will use the loan to pay off its existing loan facility with Gold Mountains International Mining, a wholly owned subsidiary of Norton’s major shareholder Zijin Mining.
The three-year loan facility was secured by Norton after Zijin issued a letter of guarantee. Norton will receive the funds within 12 months of entering into the facility.
Sandfire Resources has signed a deal with Tintina Resources to acquire its 80 million shares at a price of C$0.20 ($0.18) per unit, for gross proceeds of C$16m ($14.7m).
The closing of the deal will make Sandfire 36% owner of Tintina.
Proceeds generated through the sale will be used by Tintina to carry out a feasibility study at the mine and to apply foran operation permit at its Black Butte copper project in Montana.
Coal of Africa has signed a $10m settlement with Grindrod subsidiaries, Grindrod Corridor Management Proprietary and Terminal de Carvao da Matola Limitada, for its existing and future liabilities under the terms of the 2008 throughput agreement.
The company will pay the amount in two halves; a $6m payment at the end of October and a $4m payment at the end of December or five days after receiving the proceeds from raising equity.
Under the 2008 throughput agreement, Coal of Africa secured an initial export allocation of one million
tonnes of coal per annum (Mtpa) through the Matola Terminal in Maputo, Mozambique, which was operated by Terminal de Carvao da Matola.
The company has also been provided with the right to secure up to 100% of any increased capacity, providing it participates in funding any proposed expansion.
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