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JSW Steel eyes stake in Australia’s Blackwater mine

JSW Steel is reportedly in discussions to acquire a stake in the Blackwater metallurgical coal mine, owned by Australia’s Whitehaven Coal, according to a Reuters report. The Indian steel giant is seeking to secure its supply of coking coal, a vital ingredient in steel production. Whitehaven is considering the divestment of around 20% of its interest in the Blackwater mine and looking to engage global steel producers as strategic joint venture partners. Sources indicate that JSW Steel might be interested in acquiring a larger share than the proposed 20%.

Diatreme Resources maks buyout offer for Metallica

Australian silica developer and explorer Diatreme Resources has made a takeover proposal for all ordinary shares in Metallica Minerals. Under the offer, Metallica shareholders would receive 1.3319 fully paid ordinary shares in Diatreme for every ordinary share held. The exchange ratio is based on Diatreme’s stock close of $0.022 on 15 February 2024, indicating a 22.08% premium over Metallica’s closing price.

Polymetal to offload Russian business for $3.69bn

Precious metals miner Polymetal International has agreed to sell its Russian business in a deal worth around $3.69bn. The transaction involves the sale of 100% of the share capital of JSC Polymetal to JSC Mangazeya Plus. Completion is contingent on several conditions. The deal is poised to focus the company’s efforts on its operations in Kazakhstan, potentially leading to an enhanced valuation of its regional assets and a reduction in risk and debt its activities there.

Source: Pharmaceutical Technology

Prosper Gold granted option to acquire Cyprus project

Prosper Gold has signed a definitive option agreement with several optionors to acquire full interest in the Cyprus project, comprising the Kaza and Northstar properties in Canada. To exercise this option, Prosper Gold must pay C$725,000, issue 1,650,000 common shares and incur C$2m in work expenditures over four years. The Cyprus Project in British Columbia spans 1,368 hectares and includes the historical Kaza and Northstar copper prospects.