IGO's Western Areas deal tops mining M&A for week ended Dec. 17

IGO Ltd.'s planned takeover of Australia-based nickel miner Western Areas Ltd. led the top five metals and mining transactions for the week ended Dec. 17, according to a screener on S&P Capital IQ Pro.

Australia-based IGO agreed to pay about $688.8 million in acquiring Western Areas, owner of the Forrestania and Cosmos nickel operations in Western Australia. IGO CEO Peter Bradford said the deal boosts the company's efforts to become a major supplier of clean energy metals.

Wheaton Precious Metals Corp. signed a $300 million deal for an existing gold stream held by New Gold Inc. on Artemis Gold Inc.'s Blackwater gold project in British Columbia. The stream entitles Wheaton to 8% of payable gold production until the delivery of 279,908 ounces, and the stream will drop to 4% of payable gold production for the life of the mine.

In a related transaction, Wheaton will pay Artemis $141 million for a silver stream on Blackwater that grants Wheaton 50% of payable silver production until the delivery of 17.8 million ounces. The stream will fall to 33% of payable silver production for the life of the mine.

Ezz Steel Co. subsidiary Al Ezz Dekheila Steel Co. - Alexandria S.A.E. inked a deal to buy an 18% stake in Egyptian Steel Group for $159.2 million.

Rounding out the top five transactions for the week, Bear Creek Mining Corp. agreed to acquire the Mercedes gold project in Mexico from Equinox Gold Corp. for $129.2 million.