Tenaris SA's agreement to acquire Benteler North America Corp.'s Benteler Steel & Tube Corp. subsidiary led transactions in the metals and mining space during the week ended July 8, according to a screener on S&P Capital IQ Pro.
Luxembourg-based Tenaris will pay $460.0 million to acquire the Benteler subsidiary, which produces up to 400,000 tonnes of seamless steel pipes per year at its Shreveport, La. plant.
Hecla Mining Co. agreed to acquire the remaining shares of Alexco Resource Corp. it does not already own in a deal valued at $77.1 million. Wheaton Precious Metals Corp. will also receive $135 million in Hecla stock for terminating its silver stream on Alexco's polymetallic Keno Hill mine in northern Canada's Yukon Territory, subject to the closing of Hecla's Alexco takeover.
Genesis Minerals Ltd. agreed to acquire Dacian Gold Ltd. in an all-share deal valued at $76.5 million. Dacian Gold's primary asset is the Mount Morgans gold mine in Western Australia.
Anglo American PLC's Anglo American Marketing Ltd. subsidiary entered a royalty agreement with Genmin Ltd.'s Gabon Iron Ore Ltd. unit over the latter's Baniaka project in Gabon. Anglo American will pay $10.0 million for a 1% sales revenue royalty on the first 75 million tonnes of iron ore produced from Baniaka.
Rounding out the top transactions of the week, Continental Potash Corp. signed a letter of intent to acquire Lida Resources Inc. for $7.0 million through a reverse merger. Both companies are headquartered in Alberta.
Meanwhile, Tata Steel Ltd. completed its acquisition of a 93.71% interest in Neelachal Ispat Nigam Ltd. in a transaction valued at $1.53 billion through its listed subsidiary Tata Steel Long Products Ltd.
SSR Mining Inc. also recently completed a transaction, closing the sale of the Pitarrilla silver project in Mexico to Endeavour Silver Corp. The deal is valued at $70.0 million, with consideration including $35 million in cash, $35 million in Endeavour Silver shares and a 1.25% net smelter royalty on the property.
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