Category: Mergers & Acquisitions

Mincor Resources urges shareholders to accept Wyloo’s takeover offer as deadline extended

Mergers & AcquisitionsNews

Mincor Resources urges shareholders to accept Wyloo’s takeover offer as deadline extended

Mincor Resources (ASX: MCR), an Australian mining company, has provided an operational update and emphasised the importance of shareholders considering Wyloo Consolidated Investments’ takeover offer. The offer, which has recently been extended until July 5, 2023, provides shareholders with additional time to evaluate the terms and benefits before making a decision. Mincor’s Kambalda Nickel Operations continue to perform exceptionally well, surpassing initial expectations. The company is on track to achieve nameplate mining rates in May 2023, earlier than planned. For the June quarter to date, Mincor has produced 1,839t of nickel-in-concentrate, bringing the year-to-date production to 5,16t. The total ore mined stands at 97,867t for the June quarter and 306,917t year-to-date, demonstrating the company’s strong operational performance. In terms of…

Metal Hawk

Mergers & AcquisitionsNews

Metal Hawk acquires 100% ownership of WA projects

Metal Hawk Limited has announced that it has secured 100% ownership of the Kanowna East, Emu Lake, and Fraser South projects in Western Australia by purchasing IGO Limited’s 51% Joint Venture interest. This transaction will increase IGO’s shareholding in Metal Hawk from 5.4% to 8.2%. Metal Hawk will now own all the projects, including the extensive maiden drill program that will begin shortly at Fraser South, targeting early-stage indicators of nickel-copper sulphides and rare-earth elements (REE). Metal Hawk is preparing for an extensive aircore drilling program at Fraser South, targeting Ni-Cu mineralisation hosted within zones of potential mafic and ultramafic stratigraphy. The project covers over 40km of strike along the interpreted structural extension of the western margin of the Albany…

Wyloo Metals

Mergers & AcquisitionsNews

Wyloo’s bid for Mincor Resources continues as deadline is extended

Wyloo Metals (ASX:WYL) has extended its takeover offer for Australian nickel explorer Mincor Resources (ASX: MCR) until May 22, according to an announcement made on May 3, 2023. The privately-held Wyloo offered $1.40 per share of Mincor, a 35% premium on the closing price before the offer, which values the company at $760m ($510m) on a fully diluted basis. Before the takeover bid, Wyloo owned a nearly 20% stake in Mincor. Since then, Wyloo has tightened its grip on the target, reaching a 61.64% ownership as of May 2, 2023. Like other top miners, Wyloo Metals wants to secure a steady supply of metals considered critical for a greener economy, such as nickel, copper, and platinum group metals. Mincor’s nickel…

Epiroc Radlink

Mergers & AcquisitionsNews

Epiroc completes acquisition of majority ownership in Australian mine connectivity provider

Epiroc has completed the acquisition of a majority stake (53%) of Radlink, an Australian company that provides mines with wireless connectivity solutions. Radlink, headquartered in Perth, Australia, designs, delivers, and integrates wireless data and voice communication networks and supporting infrastructure to surface and underground mines throughout Australia. Robust wireless networks are vital to support mining automation, including autonomous and teleremote solutions, which in turn strengthen safety and productivity. The company has approximately 330 employees and had revenues in the fiscal year ending June 30, 2022, of about AU$145 million. Epiroc announced on September 19, 2022, that it had agreed to acquire the majority stake. The transaction is not subject to a disclosure obligation pursuant to the EU Market Abuse Regulation.…

Epiroc Acquiring Australian Mining Electrification Infrastructure Provider

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Epiroc Acquiring Australian Mining Electrification Infrastructure Provider

Epiroc has agreed to acquire JTMEC. The Australian company specialises in providing mines with electrical infrastructure, supporting the industry’s transition to battery electrification. JTMEC, based in Perth, Australia, is an electrification infrastructure solutions provider for both underground and surface mines. The company’s offerings include high voltage installation and maintenance work, transformer servicing and testing, engineering design, feasibility studies, and training. It also manufactures electrical products including substations and mine chargers. JTMEC has 190 employees and had revenues in the fiscal year ending June 30, 2021, of about MAUD 34 (MSEK 235). “Battery electrification represents the future in the mining industry, and the strong team at JTMEC is playing an important role in enabling this vital transformation,” says Helena Hedblom, Epiroc’s…

Weir to acquire Artificial Intelligence and Machine Vision technology leader Motion Metrics

Mergers & AcquisitionsNews

Weir to acquire Artificial Intelligence and Machine Vision technology leader Motion Metrics

The Weir Group has agreed to acquire Motion Metrics, a leading Canada-based global mining technology business, for an initial consideration of £89m1 payable in cash upon completion, subject to customary net debt and working capital adjustments. Motion Metrics is the market leading developer of innovative Artificial Intelligence (AI) and 3D rugged Machine Vision Technology used in mines worldwide. Its technology helps miners increase safety, efficiency and sustainability of their operations. As part of the agreement, Motion Metrics Vancouver headquarters will become Weir’s global centre for excellence in AI and Machine Vision technology. Motion Metrics applications are highly complementary to Weir’s product portfolio. It will join the ESCO division reflecting the early adoption of its technology in ground engaging tools (GET)…

Lithium proposed $4b merger

Mergers & AcquisitionsNews

Lithium proposed $4b merger

Orocobre Limited (ASX: ORE) and Galaxy Resources Limited (ASX: GXY) have agreed to a proposed $4b merger of equals that would create the fifth largest lithium chemicals company in the world. The proposed merger will create a portfolio of assets across brine and hard rock in Canada, South America, Japan and Australia, with production capacity around 40,000tpa LCE (lithium carbonate equivalent), as well as vertical integration across the supply chain. A new name for the merged is yet to be determined, with the group’s head office in Buenos Aires, Argentina, a corporate headquarters on the Australian east coast and an office in Perth. Galaxy chairman Martin Rowley says the transaction has the potential to provide significant value for Galaxy and…

Regis acquires IGO’s Tropicana stake

Mergers & Acquisitions

Regis acquires IGO’s Tropicana stake

IGO is selling its 30% stake in the Tropicana gold mine to Regis Resources so it can focus on commodities that align with its clean energy strategy. The $903 million deal will allow IGO to focus on battery metals, while Regis will inherit a Tier 1 gold asset and a ”world class” joint venture partner in AngloGold Ashanti. Located 330km northeast of Kalgoorlie in Western Australia, Tropicana is Australia’s fifth largest gold mine, producing 463,000 ounces of gold in the 2019-2020 financial year. IGO (ASX: IGO) managing director and chief executive Peter Bradford said Tropicana had been an important part of IGO’s history and a key driver of its sustained growth since its discovery in 2005. “While IGO continues to…

Alto shares halt on takeover bid

Mergers & AcquisitionsNews

Alto shares halt on takeover bid

TRADING was halted Tuesday in shares of ASX-listed gold company Alto Metals (ASX: AME) after it received a takeover approach from Goldsea Australia Mining, a subsidiary of Chinese company Shandong Goldsea Group. Alto Metals shares will stay in a trading halt until Thursday or pending its response to the takeover approach. The gold exploration company advised its shareholders on February 24 that Goldsea had offered to acquire all of its shares for the price of $0.065/share in cash. Alto noted that Goldsea’s approach was subject to conditions including Foreign Investment Review Board approval and due diligence to confirm the mineral resource in its Sandstone Gold project. The company stated that its directors advise Alto Metals shareholders take no action and…

Sprott invests in Victorian gold

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Sprott invests in Victorian gold

KALAMAZOO Resources, an Australian gold explorer with projects in Victoria, has attracted investment from Canadian gold bull Eric Sprott and Canadian-listed company Novo Resources, which has several Pilbara gold projects. Sprott and Novo will each subscribe to 10m shares in Kalamazoo at a price of 40c/share to raise $8m for Kalamazoo’s drilling programs in the Castlemaine, South Muckleford and Tarnagulla Central gold projects in Victoria. Kalamazoo chairman and CEO Luke Reinehr said in a statement to the ASX that he was pleased to welcome Mr Sprott and Novo as investors. “The investment of $8m by Novo and Eric Sprott is a terrific endorsement of our Central Victorian Goldfield’s strategy to explore smarter, using new technologies and innovations in a low…

Resolute closes Ravenswood deal

Mergers & AcquisitionsNews

Resolute closes Ravenswood deal

RESOLUTE resources (ASX: RSG) has inked definitive agreements for the $300m sale of its Ravenswood gold mine in Queensland to Golden Energy and Resources. The cash will be split up into a $100m upfront payment and up to $200m in potential payments contingent with gold prices, future gold production from the mine, and the investment outcomes for the mine for EMR Capital. This includes up to $50m linked to the average gold price over a four-year period, and up to $150m linked to the investment outcomes of Ravenswood for the EMR Fund through upside sharing payments. Since purchasing the mine in 2004, Resolute has processed more than 40mt ore, resulting in about 2moz gold. The company said that there would…