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SQM revises offer to acquire Azure Minerals
Chilean Sociedad Química y Minera de Chile (SQM) has signed a binding transaction implementation deed to acquire all the shares it does not already own in Australia’s Azure Minerals. Earlier this year, Azure rejected SQM’s buyout bid that valued it at A$901.4m.
The deal implies A$1.63bn ($1.03bn) in fully diluted equity value for Azure, in which SQM already owns a 19.99% interest. Azure owns a 60% stake in the Andover lithium project in Australia.
Russia’s Rusal to acquire $262m stake in China’s HWNM
Russian aluminium producer United Company Rusal International has agreed to acquire a 30% stake in Chinese alumina producer Hebei Wenfeng New Materials (HWNM) in a deal worth $261.6m. HWNM owns and operates a refinery in the Chinese province of Hebei with an annual capacity of 4.8 million tonnes of metallurgical grade calcined alumina.
Allegiant closes sale of New Mexico silver-gold property
Precious metals exploration company Allegiant Gold has completed the divestment of its Mogollon property in New Mexico, US, to Summa Silver. Summa Silver now owns a 100% stake in the property. The deal was completed after Summa issued 8.9 million of its shares to Allegiant Gold, at $0.4579 each, to complete the $3m phase two option payment.
Valor grows footprint around Athabasca Basin, Canada
ASX-listed exploration company Valor Resources has entered an agreement to acquire a 500km² land package sitting next to its Surprise Creek uranium copper project in the Canadian province of Saskatchewan, in a strategic move to expand its footprint around the Athabasca Basin. Valor is acquiring the land package through the acquisition of 1325020 BC, a private company that owns it.