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Deals This Week: Massey Energy, Molycorp, North American Palladium and More

Published: Apr 24,2010 09:21:11

 

Troubled Massey Energy has completed the acquisition of Cumberland Resources Corporation and its affiliated companies for $640m.

 

Cumberland is one of the largest privately held coal producers in the US with 2009-produced coal revenue of $550m generated from the production and sale of 7.8 million tons of high-quality Central Appalachian coal.

 

Molycorp plans to raise $350m from an initial public offering of stocks.

 

The money will be used to modernise and expand its Mountain Pass, California, mining and production facility and for general corporate purposes that include developing new products.

 

Meanwhile, JSW Energy, a subsidiary of JSW Group, will acquire a controlling stake in South African Coal Mining Holding for about R85m.

 

Under the arrangement, JSW Energy will acquire a stake in the issued ordinary share capital of the South African mining company and provide finance to reopen the closed mine.

 

In a process to step up its pace in the mining industry, international flight-training specialist CAE has acquired the Datamine Group, a leading supplier of software and services to mining companies worldwide.

 

Russia’s SteelOrbis – Intergeo has acquired a controlling stake in Russia's Far Eastern coking coal producer Kolmar.

 

Kolmar has a total of 400 million metric tons of coking coal reserves in the south of the Yakutia territory.

 

And lastly, North American Palladium has acquired the Vezza gold project from Agnico-Eagle Mines.

 

Source: mining-technology.com

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