Diversified miner Rio Tinto on Monday confirmed that China-controlled Yancoal Australia was the preferred buyer for its Australian Coal & Allied unit. Yancoal at the weekend increased its offer to $2.69-billion, adding $240-million in unconditional guaranteed royalty payments to a previous cash offer of $2.45-billion.
China-controlled Yancoal Australia added new incentives to its offer for Rio Tinto Group’s Australian coal assets to fend off a last-minute challenge by rival Glencore, according to a person with knowledge of the situation.
Brazil-focused fertiliser developer Aguia Resources has raised C$10.8-million through a share placement to institutional and sophisticated investors to complete a bankable feasibility study on its Tres Estradas phosphate project.
ASX-listed junior Energia Minerals is hoping to raise A$3.12-million through a non-renounceable rights issue to fund work at its Gorno zinc project, in Italy.
Triple-listed Coal of Africa (CoAL) has announced that all conditions precedent for its R275-million buy of South Africa's Pan African Resources Coal Holdings have been fulfilled, after a supply agreement was signed over the Uitkomst colliery.
Diversified major Rio Tinto on Monday confirmed that it had received an improved offer from fellow diversified miner Glencore for its Australia subsidiary Coal & Allied (C&A).
In light of reports on Tuesday that diversified miner Rio Tinto urged its shareholders to vote in favour of the sale of its wholly-owned subsidiary Coal & Allied Industries (C&A) to Yancoal Australia, as opposed to electing the counter offer from Glencore, the latter has raised its offer to $2.67-billion, including a coal price-linked royalty.
BMR Group has, through the placement of 9.3-million new ordinary shares at 3.75p apiece, raised £350 000 before expenses. The Aim-listed company will use the proceeds to further its Kabwe lead and zinc mine, in Zambia, where civil construction works are under way.
Triple-listed Glencore on Friday reported it had paid some $4-billion in taxes and royalties to governments in 2016. Some $1.78-billion related to payments in respect of the extractive activities under the reporting requirements of the European Union (EU) directive, the mining giant’s yearly ‘Payments to Governments’ report for 2016 showed.
Red Rock Resources has entered into agreements to acquire a 30% interest in strategic alloy producer Steelmin and to fund the completion of refurbishment and recommissioning of Steelmin’s ferrosilicon smelter in Jajce, Bosnia. Red Rock has agreed to provide Steelmin with a €3.8-million eight-month secured loan note.