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Abu Dhabi’s IRH vies for Vedanta’s copper assets in Zambia

The mining investment arm of Abu Dhabi’s International Resources Holding (IRH) is in discussions to acquire a majority stake in the Zambian copper assets of Vedanta Resources, Reuters reported. Two sources told Reuters that IRH’s unit recently offered more than $1bn to buy a 51% stake in KCM from India’s Vedanta. IRH’s offer for a controlling stake is non-binding and talks are ongoing, one of the sources said. The offer is said to be part of a broader strategy by the UAE to secure critical metal supplies from Africa.

GMining Ventures and Reunion Gold agree merger

GMining Ventures (GMIN) and Reunion Gold (RGD) have agreed to merge, forming a ‘leading’ intermediate gold producer focused on the Americas. GMIN will acquire RGD’s flagship Oko West project in Guyana, one of the most significant gold discoveries in the area. GMIN and RGD shareholders will receive shares in a newly established company. RGD shareholders will also receive shares in a new gold exploration entity, SpinCo, which will inherit all RGD assets except for Oko West.

Energy Fuels enters A$375m deal to acquire Base Resources

Energy Fuels will take over Base Resources and acquire all its issued shares in a deal valued at A$375m ($243m). Shareholders of Base Resources will receive both Energy Fuels shares and a cash dividend. Upon completion, Base Resources shareholders will own around 16.4% of the merged entity, with a pro forma market capitalisation of nearly $1.14bn.

Source: Pharmaceutical Technology

Andromeda divests remaining 25% stake in Wudinna gold project

Andromeda Metals has closed the sale of its remaining 25% stake in the Wudinna gold project to Lady Alice Mines (LAM) and Cobra Resources. The transaction includes a A$500,000 cash payment and A$1m in Cobra shares to Andromeda’s subsidiary, Peninsula Resources This marks the end of Andromeda’s involvement in the project, which began in October 2017 when Peninsula Resources entered into a farm-in and joint venture agreement with LAM.