10 mining investments that caught our eye in 2016
Across the mining industry of 2016 there has been a number of key acquisitions and purchases from industry leaders all over the world. Here we look at 10 mining investments that caught our eye this year – from $1 to $1.1billion.
1: Blair Athol thermal coal mine sold for $1
In July, Terracom Limited proposed a deal to buy the Blair Athol thermal coal mine, once one of Australia’s richest thermal coal mines, for just $1. The deal includes $80 million from previous owner Rio Tinto, to ensure rehabilitation of the mine, as well as the mining lease, licenses, lands contracts and all equipment.
2: Centerra Gold and Thompson Creek Metals reach $1.1 billion agreement.
In July, Canadian mining company Centerra Gold agreed to buy U.S. company Thompson Creek Metals. The deal is worth around $1.1 billion in shares of cash. Thompson Creek has been described as ‘unstainable’ by Deutsche Bank analysts, and the deal was said to have paid off around $900 million of debt.
3: StratMin Global Resources buy Bass Metals graphite mine
In July, StratMin Global Resources announced it had entered a sales agreement with Bass Metals regarding its Graphmada Mauritius mine. The sale is worth around A$15.25 million, in a combination of cash, shares in Bass and a net smelter royalty.
4: Strongbow Exploration completes acquisition of the South Crofty Tin Project
In July, Strongbow Exploration announced it acquired the UK based South Crofty Tin Project and associated mineral rights in Cornwall. The deal was completed on July 11th and means that the Canadian company will now own the whole mine until 2071.
5: Ausdrill wins contract to work on Edikan gold mine
For the large price of A$157m, in July of this year Australian mining company was awarded a contract to provide additional mining work at the Ghana based Perseus Edikan gold mine. The work will be carried out over a 42- month period and will be carried out by Ausdrill’s owned contract mining African Mining Services and will create jobs for up to 280 people. The work on the mine started last month.
6: IronRidge Resources Limited acquires Ghana project
Global mineral exploration company IronRidge Resources Limited announced in September that it had acquired the promising hard rock lithium tenement package in Ghana, West Africa. The project is based on the southern margin of the Cape Coast Batholith.
7: Harmony Gold takes over Newcrest stake in Hidden Valley mine
In September, South – African gold mining company Harmony Gold announced that the company will now own the Hidden Valley mine in Papau New Guinea. This means that Harmony Gold now assumes all liabilities and expenses related to the mine, including rehabilitation costs and remediation obligations.
8: Colombian mines strikes gold with Pamlico
In September, Colombian Mines announced it had signed an agreement to acquire Pamlico Gold Project in Nevada. This means Colombian Mines has the option to buy 100% interest at US$7 million or an ‘Early Exercise Option’ of US$4 million if paid within 4 years.
9: Rinehart turned sweetheart as she invests in Sirius Minerals potash project
In October, it was announced that the richest woman in Australia, Georgina Rinehart, had invested around £245m into the biggest potash mine development in the UK from Sirius Minerals. Georgina Rinehart is one the most powerful women in the world, currently sitting at number 51 on the aptly named Forbes list of the 100 most powerful women in the world, with a net worth of $11.7 billion.
10: Fortescue Metals buys the Nullagine Iron Ore Joint Venture for $1
In October, it was announced that another company is being bought for just $1, this time it involved Fortescue Metals Group, who were buying BC Iron’s 75 percent interest in the Nullagine Iron Ore Joint Venture. Fortescue will inherit all assets and rehabilitation obligations of the venture, which is located in the Pilbara region of Western Australia.
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Get in touch with our editor Dale Benton at [email protected]