Latest Deals

Hydro's Alunorte alumina refinery in Brazil. Credit: Norsk Hydro ASA.

Glencore has completed the acquisition of a 30% stake in Norsk Hydro’s Hydro Alunorte alumina refinery in Brazil and its 5% stake in bauxite producer Mineracão Rio do Norte (MRN). The deal also included Vale’s 40% interest in MRN, which was acquired by Hydro and immediately sold to Glencore. Glencore is now the largest shareholder in MRN (45%). The remaining 55% interest is owned by South 32, Rio Tinto and CBA. Hydro remains the largest shareholder in Alunorte, with a 62% stake. 

Cobalt One Energy, which is owned by Blackstone Minerals, is to acquire the Bucko Lake nickel mine in Manitoba, Canada, from CaNickel Mining for approximately C$80m ($59.1m). Bucko Lake is a past-producing class 1 nickel sulfide mine located in Manitoba, which began production in 2009 and was operational until 2012. Under the agreement, Cobalt One has an exclusive right and option for a one year period to purchase the Bucko Lake project by making payments in tranches.

Canadian uranium exploration company IsoEnergy has concluded the acquisition of Consolidated Uranium. Under the merger agreement, IsoEnergy acquired all the issued and outstanding shares of Consolidated Uranium that it did not own earlier. The deal valued Consolidated Uranium at almost $669.4m (C$903.5m). IsoEnergy is now expected to have the scale to boost its commercial participation in the nuclear fuel market.

Denarius Metals has signed a definitive agreement to acquire a 50% stake in Rio Narcea Recursos (RNR) for a cash consideration of €25m ($27m). RNR holds rights to exploit the past-producing Aguablanca nickel-copper mine in Monesterio, Extremadura, Spain. Denarius Metals’ wholly owned subsidiary, Alto Minerals will acquire 50% of all of the issued and outstanding shares of RNR. Of the total consideration, Alto Minerals paid €2.5m to RNR Shareholder Group.