Latest Deals
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Alcoa signs binding $2.2bn deal for Alumina buyout
US aluminium producer Alcoa has agreed to take over Australia-based joint venture partner Alumina in an all-stock transaction valued at $2.2bn (A$3.33bn). The acquisition will be executed through a scheme of arrangement, with Alumina reaching a binding SID with Alcoa. Alumina shareholders are set to receive 0.02854 shares of Alcoa for each share held. Upon deal completion, expected in Q3 2024, Alumina shareholders will own around 31.6% of the merged entity, while existing Alcoa shareholders will own around 68.4%.
Vulcan makes takeover bid for Australia’s MC Mining
MC Mining has received a non-binding, off-market cash buyout proposal from Vulcan Resources, at an indicative price range of A$0.17 to A$0.20 a share. The proposal values the equity of MC Mining between A$69.3m and A$81.5m. It is higher than Goldway Capital Investments’ A$0.16 takeover bid, which valued MC Mining’s capital at A$65.3m. MC Mining called on its shareholders to dismiss Goldway’s proposal.
Delta Lithium signs joint venture deals for WA projects
Delta Lithium has signed binding farm-in JV agreements with Voltaic Strategic Resources and Reach Resources, expanding its footprint in the Gascoyne region of Western Australia. The agreements come with an upfront cost of A$4.5m ($2.9m), granting Delta the right to earn up to an 80% equity position in three projects adjacent to its existing Yinnetharra Lithium Project.
Magmatic and Fortescue agree to explore Myall project in Australia
Magmatic Resources has entered a farm-in and joint venture agreement with Fortescue subsidiary FMG Resources for the exploration of the Myall Project in central-west New South Wales. Fortescue has committed up to A$14m in investment over six years to earn a majority stake in the project. It will also become a cornerstone investor in Magmatic with a share placement that will raise approximately A$3.71m.
