BlueScope Steel Ltd.'s agreement to buy a U.S.-based metal painter led the metals and mining transactions during the week ended April 15, according to a screener on S&P Capital IQ Pro.
The Melbourne, Australia-based steel producer will pay $500 million to acquire the coil coatings business of North Carolina-based Cornerstone Building Brands Inc., with closing expected by the end of 2022. BlueScope said the acquisition will nearly triple its U.S. metallic coating and painting capacity to more than 1.3 million tonnes per year.
In deal closings, United Arab Emirates-based Alpha Oryx Ltd. completed its purchase of a 21.52% stake in Egypt-focused Abu Qir Fertilizers and Chemical Industries Co. (S.A.E.) for $391.9 million.
Atlas Biotechnologies Inc., Agmedica Bioscience Inc. and Cambrosia Ltd. signed a binding memorandum of understanding to acquire British Columbia-based Silver Phoenix Resources Inc. in a reverse takeover valued at $149.7 million. The resulting entity will be a cannabis company with operations in Canada and abroad, with closing anticipated by Oct. 31.
Billionaire investor Eric Sprott will pay $54.6 million to acquire a 5.02% stake in New Found Gold Corp. from Novo Resources Corp. In a related transaction, Sprott agreed to pay Novo $45.2 million for an additional 4.11% shareholding in New Found Gold, with closing scheduled for early August.
Novo said the funds will provide the company with the flexibility to advance exploration in Australia's Pilbara and Victoria regions while fast-tracking a feasibility study on the Fresh component of the Beatons Creek gold project in Western Australia.
Rounding out the top five transactions of the week, Newmont Corp. will consolidate ownership of the Yanacocha gold operation in Peru after reaching a $48 million deal to acquire the remaining 5% stake in mine owner Minera Yanacocha Srl from Sumitomo Corp.
In February, Newmont agreed to acquire a 43.65% stake in Minera Yanacocha from Peru-based Compañía de Minas Buenaventura SAA for up to $400 million.
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