Jul. 30, 2015, 4:54 PM
- Barrick Gold (NYSE:ABX) agrees to sell a 50% interest in its Zaldivar copper mine in Chile to Antofagasta (OTC:ANFGF) for ~$1B.
- ABX has been trying to sell the mine as it looks to pay down at least $3B of debt by the end of this year.
- The Zaldivar mine produced 222M lbs. of copper in 2014, while proven and probable copper reserves as of December 2014 were 5.56B lbs.
Mar. 30, 2015, 4:33 PM
- Teck Resources (NYSE:TCK) -7.3% AH after saying it is not in any type of deal discussions with Antofagasta (OTC:ANFGF), and there are no other corporate developments that justify any significant movement in its share price.
- TCK was responding to earlier reports that the two companies were exploring a potential merger that would create one of the world's largest copper miners.
Mar. 30, 2015, 3:49 PM
- Teck Resources (TCK +10.9%) and Antofagasta (OTC:ANFGF +4.1%) are exploring a merger that would create one of the world’s largest copper producers, Bloomberg reports.
- The mining companies reportedly have held early-stage talks, and any agreement is said to hinge on the approval of the families that control each company.
- With a market value of ~C$11.3B, TCK is Canada’s third-largest mining group and London-listed Antofagasta has a market value of ~£7.3B ($10.8B), so a purchase of either company would be one of the mining industry’s largest deals over the past five years.
Antofagasta plc owns and operates copper mines in Chile and conducts exploration activities in Chile and Peru. The group also operates a rail network servicing the mining region of northern Chile, as well as operates a concession for the distribution of water in this region.
Sector: Industrial Goods
Industry: Industrial Metals & Minerals
Country: United Kingdom
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