Latest Deals

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Mining company South32 has secured approval from the Australian Foreign Investment Review Board for the divestment of its Illawarra metallurgical coal assets to an entity owned by Golden Energy and Resources and coal trader M Resources. The deal, valued at $1.65bn (A$2.45bn), includes an upfront cash payment of $1.05bn and an additional $250m deferred until 2030. Furthermore, a contingent payment of up to $350m is linked to future coal prices. The transaction, first announced in February, is expected to close in the first quarter of the 2025 financial year.

BCI Minerals has completed the sale of its Iron Valley iron-ore assets in the Pilbara to Polaris Metals, a unit of Mineral Resources (MinRes), in a deal valued up to A$73m. The deal aligns with BCI’s strategy to focus on industrial minerals, particularly salt and sulphate of potash. Iron Valley received A$26m at deal closing in July. It will receive a final payment of A$34.1m in July 2025 and another A$12.5m contingent on the start of mining by Polaris.

MACH Metals Australia has signed a scheme implementation deed with Rex Minerals to acquire all outstanding shares of Rex for A$0.47 per share. The transaction values Rex Minerals at approximately A$393m. MACH Metals Australia currently holds a 15.8% stake in Rex. The move is a culmination of Rex’s global search for funding partners to develop its Hillside copper-gold project in South Australia, which requires capital of A$854m. The stage 1 mine plan anticipates an average annual production of 151,500t of copper concentrate, containing 42,000t of copper and 30,500oz of gold.

GBM Resources has announced a conditional term sheet with Olary Gold Mines for the sale of its White Dam gold-copper heap leach project in South Australia. Under the terms of the agreement, GBM will receive A$2.95m in cash and a 1.5% NSR from Olary, capped at a maximum of A$2.5m. The White Dam project has produced around 175,000oz of gold since 2010, according to the company website.