There were 29 deals recorded involving top mining industry operations and technologies companies in the three months to August with a number of high profile acquisition, private equity, asset transaction and venture financing deals.
That’s according to GlobalData’s Financial Deals database, which tracks market activity across a variety of sectors and deal types.
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By GlobalDataThe deals below only include those that have been completed – so excludes rumours or those that have been agreed but not yet executed.
The figures, which cover the top mining industry operations and technologies companies, show the market in Canada to be the most active, with nine deals taking place over the last three months. That was followed by the US, which saw five deals.
Below are some of the largest completed deals to have taken place in the last quarter.
Acquisitions
Asante Gold Acquires 100% Stake in Mensin Bibiani - 04 August ($90m)
Asante Gold Corporation, a gold exploration and development company, has acquired 100% stake in Mensin Bibiani Pty Ltd in Ghana-based company, from Resolute Mining Ltd (Resolute), an Australian company, for a total cash consideration of USD90 million. Mensin Bibiani and Resolute Mining are metal exploration and mining companies.
As per the agreement, Resolute Mining has received the initial payment of USD30 million while the second payment of USD30 million will be paid on or before 6 months from completion and the final payment of USD30 million will be paid on or before 12 months from completion.
To fund the initial payment, start up and working capital, Asante has accepted Subscription Receipts from accredited investors for CAD80 million which on completion will convert to 118,857,143 Asante common shares at CAD0.70 per share. A finder's fee of 4% of the total subscription receipts, is payable in shares.
Deal History:
Announcement: On Aug 4,2021 Asante Gold Corporation entered into an agreement to acquire 100% stake in Mensin Bibiani from Resolute Mining.
Sandvik Acquires 67% Stake in Chuzhou Yongpu Carbide Tools - 28 July ($76m)
Sandvik AB, a Sweden-based engineering company, has acquired 67% stake in Chuzhou Yongpu Carbide Tools Co Ltd, a China-based solid round tools manufacturing and machining solutions.
Deal History:
Announced: On July 28, 2021, Sandvik AB, a Sweden Engineering company has signed an agreement to acquire 67% of Chuzhou Yongpu Carbide Tools Co Ltd, a Chinese solid round tools manufacturing and machining solutions.
Eldorado Gold Acquires 11.5% Stake in Probe Metals - 21 July ($19m)
Eldorado Gold Corporation (Eldorado), a gold and base metals producer, has acquired 15041746 common shares in Probe Metals Inc. (Probe), a gold exploration company. Both companies involved in the transaction are based in Canada.
The transaction value is CAD1.575 per share for an aggregate purchase price of CAD23.69 million.
Eldorado owns 11.5% of the outstanding Shares of Probe.
Kinross Gold Acquires Goldpath from Rockcliff Metals - 20 July ($2m)
Kinross Gold Corp, a mining company and it carries out extraction and processing of gold and silver ore, has acquired Goldpath Resources Corp, a non-distributing corporation and gold property company from Rockcliff Metals Corp, formerly Solvista Gold Corp, a resource exploration company that offers discovery, resource growth and monetization of its mineral properties, for a consideration of CAD3 million (USD2.35 million). All the companies involved in the transaction are based in Canada.
Glencore Acquires Stake in Britishvolt - 17 August
Glencore plc, a Switzerland-based diversified natural resource company, has acquired a stake in Britishvolt Ltd, a UK-based lithium-ion battery producer.
Britishvolt will produce batteries for electric vehicles, with demand set to grow as the UK bans sales of new gasoline- and diesel-powered cars by the end of the decade.
Venture financing
Jetti Resources Secures USD50 Million in Series C Venture Funding - 04 June ($50m)
Jetti Resources LLC, a US-based natural resources company that has developed a novel hydrometallurgical technology to extract metals, has secured USD50 million in Series C venture funding led by Mitsubishi Corporation.
In addition, Freeport-McMoRan Inc, BHP Ventures, Orion Resource Partners (USA) LP and T. Rowe Price Associates also participated in the funding round.
Mike Outwin is the CEO of Jetti Resources.
Form Energy Raises USD25 Million in Series D Venture Funding - 22 July ($25m)
Form Energy, Inc, a developer of energy storage solutions, has raised USD25 million in Series D venture financing, led by ArcelorMittal's XCarb innovation fund.
Alongside the USD25 million investment, ArcelorMittal and Form Energy have signed a joint development agreement to explore the potential for ArcelorMittal to provide iron, tailored to specific requirements, to Form Energy as the iron input into their battery technology.
Isorg Raises USD19.04 Million in Series C Financing - 30 June ($19m)
Isorg SA, a France-based developer of printed organic photo-detectors and large-area image sensors, has secured EUR19 million in Series C financing led by Sumitomo Chemical Co Ltd, Mitsubishi Corporation, Integrated Systems Development SA and five new French investors represented by fund manager Financiere Fonds Prives. Bpifrance, New Science Venture, CEA Investment and Sofimac Innovation have also participated in the funding.
Tre Tau Engineering (Tau Group) Secures USD12 Million in Series A Funding - 22 July ($12m)
Tre Tau Engineering s.r.l. (Tau Group), an Italy-based manufacturer of cables and components for electric motors with applications in the automotive, energy and agriculture sectors, has secured EUR10.25 million (USD12 million) in Series A funding round from Finindus, ArcelorMittal and ALTANA.
Beijing Yikong Zhijia (Easy Control Smart Driving, Easy-Control Intelligent) Secures Series B1 Venture Funding - 03 August
Beijing Yikong Zhijia Technology Co Ltd (Easy Control Smart Driving, Easy-Control Intelligent Driving), a China-based technology enterprise focusing on unmanned driving technology for mining vehicle, has secured Series B1 venture funding led by Zijin Mining.
In addition, Chentao Capital, Xinghang State Investment, Stow Capital, Weilai Capital and Sri Lanka Dao Capital also participated in the funding round.
Yunxiu Capital acted as financial advisor to Easy Control Smart Driving.
Private equity
LB Private Equity Acquires 100% Stake in Klean Korea - 18 June ($28m)
LB Private Equity Inc, a private equity firm, has acquired 100% stake in Klean Korea Corp, a company engaged in producing fuel oil by refining waste lubricating oil from Korea Zinc Co., Ltd, for consideration of KRW32,000 million (USD28.1 million). All the companies involved in the transaction are based in South Korea.
LB Private Equity Acquires 100% Stake in Korea Zinc - 21 June
LB Private Equity Inc, is a private equity frim has acquired 100% Stake in Korea Zinc Company, Ltd. Electric services.
Aurelius Equity Opportunities Acquires 100% Stake in Hydro Precision Tubing Lichtervelde from Norsk Hydro - 05 July
Aurelius Equity Opportunities SE & Co. KGaA, a German asset management group, has acquired 100% stake in Hydro Precision Tubing Lichtervelde (HPTL) from the Norsk Hydro ASA, a Norwegian aluminium and renewable energy company.
Deal History:
Announced: On July 5, 2021, Aurelius Equity had agreed to acquire aluminum precision tubes business from the Norsk Hydro.
Asset transactions
Nucor Acquires Insulated Metal Panels (IMP) Business from Cornerstone Buildings Brands - 07 June ($1,000m)
Nucor Corp, a producer of steel and related products, has completed the acquisition of insulated metal panels (IMP) business from Cornerstone Buildings Brands Inc, a manufacturer of exterior building products, for a cash consideration of USD1 billion. All the companies are based in the US.
Moelis & Company LLC and Rothschild & Co Us Inc acted as financial advisors to Nucor and Cornerstone Buildings, respectively.
Moore & Van Allen PLLC and Debevoise & Plimpton LLP acted as legal advisors to Nucor and Cornerstone Buildings, respectively.
Deal History:
Announced: On June 7, 2021, Nucor has entered into an agreement to acquire Insulated Metal Panels (IMP) business from Cornerstone Buildings for a cash consideration of USD1 billion.
Apollo Gold & Silver Acquires Waterloo Silver-Barite Project from Pan American Silver - 13 July ($31m)
Apollo Gold & Silver Corp, an exploration company, has acquired 100% interest in the Waterloo Silver Barite Project from Pan American Minerals Inc, a company that owns and operates silver and gold mines. Both the companies are based in the US.
The consideration for the transcation is USD25 million. Pan American will retain a 2% net smelter royalty on any future production of minerals from the project. In addition, within 15 days of the close of the transaction, Apollo will issue to Pan American notice providing Pan American with ten business days to elect to receive either by 1) an additional USD6 million in cash or 2) the equivalent of USD6 million in common shares of Apollo at the higher of (i) the 10-day VWAP calculated 10 trading days following the close of the transaction and (ii) CAD0.71 per share.
Yamana Gold Acquires Fortune Gold Property of Globex Mining Enterprises - 14 June ($12m)
Yamana Gold Inc, a company that owns and operates gold, silver and copper mines has acquired the Francoeur/Arntfield/Lac Fortune gold property of Globex Mining Enterprises Inc, a mining and exploration company for a total cash and share consideration of CAD15 million. Both the companies are based in Canada.
As a part of transaction, The Francoeur/Arntfield/Lac Fortune property adjoins Yamana's Wasamac Gold Mine project.
At closing, Globex received an initial payment of USD4 million which will be satisfied by Yamana issuing 706,714 shares to Globex at a deemed price of USD5.66 per share. Based on the closing price of Yamana's shares on the Toronto Stock Exchange on Friday, June 11, 2021 of USD6.22, the 706,714 Yamana shares have a current market value of USD4.3 million.
Under the agreement, Globex will receive USD3 million on first anniversary of closing, in second anniversary of closing a cash consideration of USD2 million will be paid, in third anniversary of closing a cash consideration of USD3 million will be paid, and in fourth anniversary of closing a cash consideration of USD3 million will be paid.
Deal History:
Announced: On June 14, 2021, Yamana Gold Inc, entered into a definitive purchase agreement to acquire the Francoeur/Arntfield/Lac Fortune gold property of Globex Mining Enterprises.
Maverix Metals Acquires Portfolio of Six Royalties from Pan American Silver - 29 June ($10m)
Maverix Metals Inc., a mining royalty company, has acquired a portfolio of six royalties from Pan American Silver Pan American Silver Corp, a mining company. Both the entities involved in this transaction are based in Canada.
As part of transaction, Maverix Metals issued 491,071 common shares of Maverix and paid cash payment of USD7 million as consideration.
Nova Royalty Acquires 1.0% Net Proceeds Royalty on West Wall Copper Project - 18 June ($4m)
Nova Royalty Corp. (formerly BatteryOne Royalty Corp.), a Canadian royalty company focused on acquiring royalties on copper and nickel deposits, has acquired the rights to be granted a 1.0% net proceeds royalty (Royalty) on the West Wall copper-gold-molybdenum project (West Wall) for USD4.2 million in cash. West Wall is owned by a 50/50 joint venture between Anglo American plc and Glencore plc.
West Wall is a copper-gold-molybdenum porphyry deposit located in the Valparaiso Region of Chile, approximately 100km to the northeast of Santiago and 70km north of the Rio Blanco-Los Bronces mineralized district.
