Reservoir Minerals: How Big Can Timok Get?
The Critical Investor
The Critical Investor
Fri, Jun. 17, 5:56 PM
- Nevsun Resources (NYSEMKT:NSU) fell 9% in today's trade after it said Reservoir Minerals (OTCPK:RVRLF) shareholders approved its sweetened takeover offer.
- The deal was clinched after NSU increased the original $365M cash-and-scrip offer by an additional $75M in cash, or $2/share.
- The successful takeover gives NSU control of Reservoir's portfolio of development projects in Africa and Europe, including the flagship Timok copper and gold project in Serbia.
Mon, Apr. 25, 8:17 AM
- Nevsun Resources (NYSEMKT:NSU) agrees to acquire Reservoir Minerals (OTCPK:RVRLF) for ~$365M in cash and stock, valuing Reservoir at ~C$9.40/share.
- NSU says the combination creates a diversified mid-tier base metals company with a cash producing operating asset in Bisha, a high grade open pit copper-zinc mine, and 100% ownership in the upper zone of the Timok copper project in Serbia.
- The deal allows Reservoir to exercise its right of first refusal on Freeport McMoran's stake in the Timok project, ending Lundin Mining's (OTCPK:LUNMF) previously announced acquisition of the stake.
- Now read Nevsun Resources: Don't read too much into the 'delayed' commissioning phase
Fri, Mar. 4, 8:48 AM
- Freeport McMoRan (NYSE:FCX) agrees to sell part of its stake in a copper-gold project in Serbia to Lundin Mining (OTCPK:LUNMF) for as much as $263M.
- The current partners in the Timok project are FCX, operator of the project with a 55% interest, and an affiliate of Reservoir Minerals (OTCPK:RVRLF), and the deal is expected to close in Q2 if Reservoir declines to exercise a right of first refusal.
- Lundin will acquire 100% of FCX's interest in the upper zone of the deposit and 28% of FCX's interest in the lower zone; Lundin will become the operator.
Thu, Jan. 28, 3:49 PM
- BHP Billiton (BHP +2.1%) signs a letter of intent to help fund exploration at Aston Bay Holdings' (OTC:ATBHF) Storm copper project, Reuters reports.
- Under the terms of the preliminary deal, BHP could earn a 75% interest in Storm, located in Canada's Nunavut territory, if it spends a minimum of C$40M on exploration over the next few years.
- BHP's move comes shortly after similar steps by rival Rio Tinto (RIO +1.6%), which signed deals involving the copper assets of Canadian junior miners Avala Resources (OTC:AVLRD) and Reservoir Minerals (OTCPK:RVRLF).