Takeovers, financings, listings and country risk in mining, dated and sourced. Each item says why it matters and links to the course module that explains it. New items are added every Monday.
SSR agreed to pay $100m in cash at closing and two payments of $87.5m tied to pending regulatory approvals for the Colorado gold mine. Newmont will also fund 90% of any closure costs above $500m. Newmont said its announced sales could now raise up to $3.9bn.
De Grey holders were offered 0.119 Northern Star shares per share, worth A$2.08 and a 43.9% premium to the 30-day average price. The target is Hemi in the Pilbara, one of the largest undeveloped gold projects in the world. The deal is a scheme of arrangement recommended by De Grey’s board.
Barrick said four employees of its Loulo-Gounkoto mine had been charged and held pending trial in Bamako, and that it refutes the charges. The arrests came amid a dispute with Mali’s military government over a new mining code, taxes and the state’s share of the mine.
Peabody agreed to pay up to $3.775bn: $2.05bn at completion, $725m deferred, up to $550m in a price-linked earn-out and $450m if the Grosvenor mine reopens. With the earlier sale of its Jellinbah stake, Anglo expected up to $4.9bn from leaving steelmaking coal.
London-based Dhilmar agreed to pay $795m in cash for Éléonore, one of Quebec’s largest gold mines with output of about 215,000 ounces a year. Closing was expected in the first quarter of 2025. It was the second Canadian mine Newmont sold in a week, after Musselwhite.
Centamin holders received 0.06983 new AngloGold shares and $0.125 in cash per share, a deal that valued Centamin at about $2.5bn. They own 16.4% of the enlarged group. The prize is the Sukari gold mine in Egypt.
Orla agreed to pay up to $850m for the Musselwhite underground gold mine in Ontario, including payments linked to the gold price. The deal more than doubles Orla’s production, adding to its Camino Rojo mine in Mexico. It was the first in a run of Newmont mine sales after the Newcrest takeover.
Gold Fields paid about C$1.93bn net of cash received and now owns 100% of the Windfall gold project in Quebec, which it previously held 50:50 with Osisko. It funded the deal with cash, undrawn debt facilities and a new liquidity facility. Windfall is expected to produce about 300,000 ounces a year.
The US Department of Energy loan, made under its vehicle manufacturing programme, carries the long-dated Treasury rate with no spread and a 24-year tenor. It funds the first phase of the Nevada project, 40,000 tonnes a year of lithium carbonate. General Motors holds a 38% stake in the project for $625m in cash and letters of credit.
The settlement with Brazilian authorities, signed in Brasília, is worth R$170bn, about $30bn. It includes R$38bn already spent, R$32bn of resettlement and environmental work and R$100bn of new payments over 20 years. Vale raised its provision to $4.7bn and BHP said the deal was broadly in line with its $6.5bn provision.
Rio offered $5.85 a share in cash, a 90% premium to Arcadium’s price before the approach was reported. The deal closed in March 2025.
Zijin Mining agreed to pay $900m in cash at closing, plus $100m once Ghana’s parliament ratifies an extended mining lease. Akyem was one of six non-core assets Newmont put up for sale after buying Newcrest.
Coeur offered 1.6022 of its shares for each SilverCrest share, worth $11.34 a share and about $1.7bn in total. The deal adds the high-grade Las Chispas silver mine in Mexico to Coeur’s Rochester and Palmarejo operations, for about 21 million ounces of silver a year from 2025. Closing was expected late in the first quarter of 2025.
After three rejected proposals worth up to about $49bn, BHP said it would not make a firm offer. Anglo had refused more time, calling the required spin-offs of Anglo Platinum and Kumba too complex.
The court unanimously ruled First Quantum’s new mining contract unconstitutional after weeks of protests. The mine, one of the world’s newest large copper operations, was halted.
Newcrest signed a scheme implementation deed at 0.400 Newmont shares per share plus a special dividend of up to $1.10, after rejecting 0.380 in February. Newcrest holders would own about 31% of the group.
Three-month nickel spiked above $100,000 a tonne in early trading, more than double the previous close, during a squeeze on a large short position. The LME halted trading and cancelled trades from that morning.
Jean-Sébastien Jacques and two senior executives left by mutual agreement after the company destroyed 46,000-year-old Aboriginal rock shelters in May. Investors had judged earlier bonus cuts insufficient.
Instead of pursuing a hostile bid for Newmont, Barrick agreed to pool both companies’ Nevada assets, with Barrick holding 61.5% and operating. The partners projected about $500m of annual pre-tax synergies.
A tailings dam at Vale’s Córrego do Feijão mine in Brazil failed, killing about 270 people. Vale said the collapse happened too fast for warning sirens to sound.
Goldcorp holders were offered 0.3280 Newmont shares plus $0.02 in cash per share, a 17% premium. Newmont and Goldcorp holders would own about 65% and 35% of the group.
Randgold holders were offered 6.128 Barrick shares for each share, giving them about 33.4% of the combined group. The ratio carried no premium to recent trading.
The Fundão dam at Samarco, a Vale and BHP joint venture in Brazil, collapsed, killing 19 people and polluting the Doce river. Compensation claims are still being settled years later.
Xstrata holders received 3.05 new Glencore shares for each share. The deal had been delayed by Chinese regulatory approval, which required the sale of the Las Bambas copper project.
Rio Tinto announced about $10bn to $11bn of impairments on aluminium and about $3bn on Mozambique coal. Chief executive Tom Albanese stepped down and Sam Walsh replaced him.
Spot gold touched about $1,920 an ounce as investors sought safety from the world economy. The record stood until 2020.
BHP’s board said completing the offer was no longer in its shareholders’ interests after commodity prices fell and the European Commission sought divestments in iron ore and coal. BHP wrote off about $450m of costs.
Rio Tinto offered US$101 per share, topping Alcoa’s hostile bid of about US$76. It was then the largest acquisition in mining history.
BHP Limited and Billiton Plc combined as a dual-listed company with identical boards and a single management team. The group had an enterprise value of about US$38bn at completion.
Independent testing showed that core samples from the Busang project in Indonesia had been salted with gold. Bre-X had been worth over C$6bn at its 1996 peak; it went bankrupt in November 1997 and no one was criminally convicted.