Novo Resources has signed a binding memorandum of agreement (MoA) to acquire a major interest in the Kangan gold project located in the Pilbara region of Western Australia from Pioneer Resources through a farm-in arrangement.
Novo Resources, along with one of its Australian subsidiaries, has agreed to pay A$200,000 ($143,401) in cash and issue 100,000 common shares to Pioneer for acquiring 70% interest in precious metal rights on four exploration tenements in the Egina region.
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By GlobalDataThe company also agreed to subscribe to A$1m ($710,000) in Pioneer ordinary shares, priced at A$0.02 ($0.01) a share, in a private placement.
Furthermore, Novo Resources will provide $500,000 ($350,000) towards exploration expenditure within two years in exchange for a 70% earned interest, with an option to form a joint venture (JV) with Pioneer.
Novo has simultaneously agreed to acquire all the issued and outstanding shares of Farno-McMahon, an Australian exploration company, which holds 100% interest in four key tenements in the Egina region, including two mining leases.
The company has already paid A$150,000 ($107,551) to Farno as initial payment and will pay further A$2.35m ($1.68m) and issue common shares worth A$5.5m ($3.94m) to the shareholders of Farno.
Based in Canada, Novo is engaged in evaluating, acquiring and exploring gold properties, while Pioneer Natural Resources is an American petroleum, natural gas, and natural gas liquids exploration and production company.
CIMIC Group subsidiary Thiess has secured an A$420m ($303m) contract from Antofagasta Minerals (AMSA) to extend its mining services at the Encuentro open-pit mine located in northern Chile for four years.
The contract scope includes provision of drilling and mine services and maintenance of mine equipment.
Based in Australia, Thiess is engaged in providing mining services, while Antofagasta Minerals is a Chile-based company focused on developing and operating copper mines.
The contract extension will enable AMSA to initiate future improvements at the mine, including investment in a fleet management system and transfer of mine planning activities to Thiess.
Mercuria Energy has signed a memorandum of understanding with Mesabi Metallics Company for providing a $650m financing package to the latter. Mercuria will gain majority interest in Mesabi, in exchange for the investment.
Mesabi will use financing package for funding the development of a 7Mtpa mine-to-plant pelletisation project in Minnesota.
Based in Switzerland, Mercuria Energy is a commodity trading firm, while Mesabi Metallics is an iron ore producer based in the US.
Tango Mining has reached an agreement with West Mining (WML) to acquire 80% interest in the Mano River diamond project in the Republic of Liberia.
The acquisition will also include a recently granted 104.3km² diamond mineral exploration licence.
Based in Canada, Tango Mining is a diversified junior mining company, while WML is a Liberia-based mining company.
Panoramic Resources has agreed to sell its Lanfranchi nickel project in Western Australia to a wholly owned subsidiary of Black Mountain Metals for A$15.1m ($10.85m).
Black Mountain Metals will acquire all issued shares of Panoramic’s wholly owned subsidiary Cherish Metals, which holds a complete interest in the Lanfranchi nickel project.
The sale is part of Panoramic’s plan to focus on the development and exploration of its Savannah Ni-Cu-Co project and re-commence concentrate production in the third quarter of 2019.
Panoramic intends to use proceeds raised for general working capital and for exploring other opportunities.
Based in Australia, Panoramic Resources is a base metal exploration and development company, while Black Mountain Metals is a private equity firm based in the US.
