Galaxy Resources has entered into a binding share purchase agreement to sell its Jiangsu Lithium Carbonate plant to Sichuan Tianqi Lithium Industries in a $230m deal.
The Jiangsu Lithium Carbonate plant is owned by Galaxy Jiangsu, which is operated by Galaxy’s wholly owned Hong Kong subsidiary, Galaxy Lithium International.
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Subject to Galaxy and Tianqi shareholder approvals and Chinese regulatory approvals, the transaction is expected to be completed in three months.
With this transaction, Galaxy will have a cash balance of approximately A$62m, which will be used for the development of its Sal de Vida lithium brine and potash project (Sal de Vida) in Argentina.
SILCOM SYSTEMS has signed two agreements for options to acquire Les Etchemins and Sainte Sabine gold properties in the south-east of Québec City, Québec.
The Etchemins property comprises 208 claims totalling 9,986ha, while the Sainte Sabine property has 125 claims totalling 4,827ha.
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By GlobalDataThe properties are claimed to have the potential for a significant gold discovery along with year-round road access, water, hydro power and communications.
As per the terms, SILCOM SYSTEMS will pay $102,500, issue 1.15m common shares and spend $2.775m in exploration expenditures over six years for the Etchemins property and pay $102,500, issue 1.15m common shares and spend $1.725m in exploration expenditures over six years for the Sainte Sabine property.
Each property will be subject to a 2% net smelter royalty with a 1% buy-back for $1m.
Additionally, SILCOM SYSTEMS has announced a non-brokered flow-through unit private placement of up to five million flow-through units, at $0.12 per flow-through unit.
Proceeds from the placement will be used to fund exploration programmes on the Etchemins and Saint Sabine gold projects.
Avanti Mining has signed an offtake agreement with SeAH M&S to supply up to 20% of its molybdenum concentrate production from its Kitsault mine over a 13 year period.
The deal represents $800m of potential molybdenum revenues based on price assumptions by Avanti in its NI 43-101 feasibility study update.
As per the agreement, Avanti will provide 4,200t of molybdenum concentrate a year to SeAH M&S over a 12 year period, with an additional quantity up to 4,200t in the year prior to the start of the 12 year period.
Liqhobong Mining Development and the Lesotho Government have entered into a revised mining lease agreement in relation to the development of the Liqhobong Diamond mine.
The mining lease is valid for an initial period ending 30 June 2021 and entitled to be renewed for two further ten year periods.
The deal represents an important milestone for Firestone Diamonds, which owns 75% of the Liqhobong Mining Development, while the Lesotho Government holds the remaining 25% share.
Firestone plans to commence construction of the main treatment plant and supporting infrastructure at the diamond mine.
About $24m has been budgeted in two separate contingency funds for the work on the main treatment plant.
Depending on the utilisation of funds and ability to manage construction costs and minimising withholding tax payable, Firestone would raise funds of up to $12m to bridge the cashflow timing mismatch.
The wholly owned subsidiary of ALLETE BNI Coal has signed a deal with Minnkota Power Cooperative to extend the current lignite coal supply contract through 2037, along with an option for an additional five years through to 2042.
BNI Coal runs a surface lignite mine in Center, North Dakota, where it produces around four million tonnes each year.
Most of the BNI’s lignite production is utilised by the Milton R Young Station, the primary source of electrical generation for Minnkota.
The deal represents a strong sign of BNI and Minnkota’s commitment to the Center mine and North Dakota coal.
The parties had signed the original cost plus fixed-fee agreement to supply the Young station in 1974.
Image: Several deals were signed this week. Photo: courtesy of adamr / FreeDigitalPhotos.net.
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