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Hudbay Acquires 100% of Rockcliff Metals

Hudbay Minerals has announced a definitive agreement to purchase 100% of the shares of Rockcliff Metals that it does not already own. With current Rockcliff shareholders receiving 0.006776 of a Hudbay share for each common Rockcliff share they hold, the deal will represent around $13m (C$17.25m) in enterprise value. The purchase of Rockcliff will allow Hudbay to consolidate operations at its Talbot copper/gold project. Rockcliff holds 49% of the Talbot project.

Source: Mining Technology

Oceana Lithium acquires 100% of Monaro Lithium Canada

Australian lithium explorer and developer Oceana Lithium has announced the purchase of 100% of Monaro Lithium Canada from Noranda Royalties (Redevances Noranda. Noranda will receive $225,000 ($170,000) alongside as many as 9.5 million Oceana Lithium shares, bringing the deal’s total value to around A$3.45m ($2.6m). Oceana will receive Monaro Lithium Canada, the holding company for 207 mineral claims.

Source: Mining Technology

Idemitsu Kosan increases lithium investment in Western Australia

Japanese Petrochemicals company Idemitsu Kosan has increased its stake in Australian miner Delta Lithium to 15%, up from just 2.3% in January. The $32.9m share purchase was made through Idemitsu’s wholly-owned subsidiary, Idemitsu Minerals Australia, taking the company’s total investment in Delta up to $36.4m (JPY4.64bn).

Source: Mining Technology

Rio Tinto to expand aluminium smelter in Quebec

Global mining group Rio Tinto will invest $1.1bn (CAD$1.4bn) into the expansion of its AP60 aluminium smelter at Complexe Jonquière in Quebec, Canada, the company announced. The total investment includes another $113m of financial support from the Quebec government. The expansion will coincide with the gradual closure of potrooms at the Arvida smelter on the same site. 

Source: Mining Technology