A deal targeting China-based steelmaker Fangchenggang Jinxi Section Steel Technology Co. Ltd. emerged as the highest-valued transaction in the metals and mining space during the week ended Nov. 26, according to a screener on S&P Capital IQ Pro.

Guangxi Chiji Iron and Steel Co. Ltd., a unit of Qian'an City Jiujiang Wire Co. Ltd., agreed to acquire a 97.6% stake in Fangchenggang Jinxi from Hebei Jinxi Iron and Steel Group Co. in a deal valued at $548.2 million. China has been consolidating its steel industry in an effort to address overcapacity.

Meanwhile, Mitsubishi Materials Corp. will divest its aluminum business to Apollo Global Management Inc.-controlled Showa Aluminium Can Corp. for an undisclosed amount. Mitsubishi Materials flagged an extraordinary loss of about ¥29 billion in the fourth quarter of its fiscal 2022 as a result of the transaction.

India-based Kirloskar Ferrous Industries Ltd. offered to purchase a 25.05% stake in ISMT Ltd., a manufacturer and supplier of seamless tubes and engineering steels, for about $32.1 million.

An affiliate of Orion Resource Partners agreed to buy a 2.1% gross revenue royalty on Horizonte Minerals PLC's Vermelho nickel project in Brazil for $25 million.

Magni Investment Holdings reached a deal to reverse list mining assets in South Africa-based Sable Exploration and Mining Ltd. in a $12.6 million deal comprising a combination of shares, cash and claims on loan account.

Rounding out the top five transactions of the week, Canada Nickel Co. Inc. will pay $7.9 million to acquire 50 mining leases in Ontario from Glencore PLC subsidiary Glencore Canada Corp.