Rio Tinto's $825M lithium play tops metals, mining M&A for week ended Dec. 24

Rio Tinto Group's lithium play in Argentina headlined the top five metals and mining transactions for the week ended Dec. 24, according to a screener on S&P Capital IQ Pro.

Rio Tinto signed an $825 million deal with Rincon Mining Pty. Ltd. to acquire the Rincon project in the lithium triangle in Argentina's Salta province. Rincon Mining is a company owned by funds managed by Sentient Equity Partners.

Lundin Mining Corp. agreed to acquire Josemaria Resources Inc. and its Josemaria copper-gold project in Argentina for $491.2 million. Lundin expects its copper production to increase by nearly 50% and its gold output to jump by more than 140% compared to the company's 2022 guidance, once the Josemaria mine achieves commercial production, which is targeted in 2026.

Zhejiang Huayou Cobalt Co. Ltd. subsidiary Huayou International Mining (Hong Kong) Ltd. will pay $377.8 million to acquire an 87% interest in the Arcadia lithium project in Zimbabwe from Prospect Resources Ltd. unit Prospect Lithium Zimbabwe (Pvt) Ltd. In a related transaction, Zhejiang Huayou will pay $44.2 million to acquire the remaining interest from two Prospect Lithium Zimbabwe shareholders.

Jindal Group subsidiary Vulcan Minerals will pay $270.0 million for Vale SA's stakes in the Moatize coal mine and the associated Nacala Logistics Corridor in Mozambique. The deal also includes a 10-year royalty agreement that is subject to certain production and coal price conditions. The divestment is part of Vale's goal to become carbon neutral by 2050.

African Rainbow Minerals Ltd. agreed to buy the Bokoni platinum group metals mine in South Africa from Atlatsa Resources Corp. and Anglo American PLC subsidiary Anglo American Platinum Ltd. for $220.7 million. The Bokoni operations have been on care and maintenance since 2017.