Evolution Mining's Ernest Henry deal tops metals M&A for week ended Nov. 19

Evolution Mining Ltd.'s deal to acquire the Ernest Henry copper-gold operation in Queensland, Australia, topped metals and mining transactions for the week ended Nov. 19, according to a screener on S&P Capital IQ Pro.

Evolution agreed to take full control of mine owner Ernest Henry Mining Pty. Ltd. from Glencore PLC in a deal valued at $731.3 million. The company recently priced a $200 million private placement to help fund the Ernest Henry deal. Evolution's Executive Chairman Jacob Klein said the company took advantage of a "small window of opportunity" to strike the deal as Glencore shifts focus to its copper operations in Africa and South America.

The transaction came as Lithium Americas Corp. signed a definitive agreement to acquire Millennial Lithium Corp. for about $400 million, following an unsolicited nonbinding proposal in early November. Millennial Lithium's assets include the Pastos Grandes lithium development in Argentina.

Meanwhile, Wheaton Precious Metals Corp. offered to purchase half of the silver produced at Artemis Gold Inc.'s preproduction-stage Blackwater gold-silver project in British Columbia for $141 million, up to 18 million ounces, after which the silver stream will reduce to a third of production. Wheaton subsidiary Wheaton Precious Metals International Ltd. also recently signed a definitive agreement to acquire a gold stream on Rio2 Ltd.'s planned Fenix gold mine in Chile for $50 million.

In other transactions during the week, Kingston Resources Ltd. signed a $16.5 million deal to acquire the Mineral Hill gold property in New South Wales, Australia, from Quintana MH Holding Co. LLC.

Hancock Prospecting Pty. Ltd. signed a nonbinding letter of intent to acquire up to 51% of the Mount Bevan iron ore project in Western Australia from Legacy Iron Ore Ltd. and Hawthorn Resources Ltd. for $6.6 million.

Level 14 Ventures Ltd. agreed to a $6.4 million deal with undisclosed sellers to acquire Bridle Capital Ltd., which owns an option to acquire the Colpayoc gold project in Peru.

GuangDong Leary New Material Technology Co. Ltd. agreed to pay $3.1 million for a 28% stake in Fo Shan Da Wei Technology Co. Ltd., which manufactures carbon-coated aluminum foil and carbon-coated copper foil used in lithium-ion batteries.