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Aluminum sector deal tops metals, mining transactions in week ended Dec. 4

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Aluminum sector deal tops metals, mining transactions in week ended Dec. 4

An aluminum industry acquisition emerged as the highest-valued transaction in the metals and mining sector for the week ended Dec. 4, according to a screener of the top five mergers and acquisitions on S&P Global Market Intelligence's online platform.

Kaiser Aluminum Corp. signed a definitive agreement to buy Alcoa Corp. subsidiary Alcoa Warrick LLC in a $670 million transaction. Kaiser agreed to pay $587 million in cash and assume $83 million in liabilities to acquire the Indiana-based rolling mill business, including about 1,170 employees. The deal is expected to close by the end of the first quarter of 2021.

In the coal sector, Moscow-based A-Property OOO bought the remaining 49% interest in the Elga coking coal mine in Russia from AO Gazprombank in a $594.8 million deal. A-Property acquired a 51% stake in the property earlier in the year, after outlining plans in January to revive the acquisition.

Seabridge Gold Inc. unit KSM Mining ULC agreed to buy the Snowfield gold property in British Columbia from Pretium Resources Inc. in a $120 million transaction. The deal comprises $100 million in an up-front payment, a $20 million contingent cash payment and a 1.5% net smelter return royalty. Closing is scheduled for the fourth quarter.

In mergers, Serengeti Resources Inc. said it would acquire Sun Metals Corp., planning to exchange 0.43 of a Serengeti share for each Sun Metals share in a $17.8 million transaction. Sun Metals owns the Stardust and Lorraine copper-gold projects in British Columbia and recently consolidated its interest in the latter.

To round out the top five deals of the week, Clarity Gold Corp. entered into an option agreement to earn up to a 100% interest in the Destiny project in Quebec from Big Ridge Gold Corp. in a $6.6 million transaction comprising three years of cash and share payments.

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