A Japanese steel deal emerged as the highest-valued transaction in the metals and mining space during the week ended Sept. 9, according to a screener on S&P Capital IQ Pro.
OE Holdings Corp. offered to acquire a 60.69% stake in steel producer Itec Corp. in a deal valued at US$178.5 million, with the tender offer scheduled to close Oct. 24. Both companies are based in Japan.
Osisko Gold Royalties Ltd. agreed to pay US$15.5 million to Marimaca Copper Corp. for a 1% net smelter royalty on certain claims forming part of the feasibility-stage Marimaca copper project in Chile. Osisko also secured a right of first refusal on any royalty, stream or similar interest associated with project financing. Both companies are based in Canada.
Shanghai Wolong Shunhe New Materials Co. Ltd. reached a US$10.1 million deal to acquire a 10.39% stake in Zhongxi (Guangxi) Jinyuan Rare Earth New Material Co. Ltd., a smelter of rare earth metals. Both companies are based in China.
West Cobar Metals Ltd. will acquire Salazar Minerals Pty. Ltd., the owner of the Salazar rare earth clay project in Western Australia, from an undisclosed seller in a deal valued at US$5.3 million. Both companies are based in Australia.
Rounding out the top five transactions for the week, Toronto-listed Vizsla Copper Corp. agreed to acquire Consolidated Woodjam Copper Corp. in a deal valued at US$2.2 million. The target company's main asset is its namesake Woodjam project in British Columbia.
In other developments, Rio Tinto Group entered into definitive agreements to acquire the remaining 49.2% of Turquoise Hill Resources Ltd. for C$43.00 per share. Turquoise Hill's top shareholder, Pentwater Capital Management LP, opposed the bid and has claimed the mining giant concealed delays and cost blowouts at the Oyu Tolgoi copper-gold mine in Mongolia.
China-based Yankuang Energy Group Co. Ltd. recently dropped plans to buy the remaining shares in its majority-owned Yancoal Australia Ltd. "in light of the recent market conditions." Yancoal Australia received an unsigned, nonbinding expression of interest from Yankuang Energy in April.
Great Bear Royalties Corp. secured final approval from the Supreme Court of British Columbia for the planned takeover of the company by Royal Gold Inc. at C$6.65 per share. Great Bear is based in Canada, while Royal Gold is based in the U.S.
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