Sintokogio's $285M Elastikos purchase tops metals M&A for week ended Aug. 18

Sintokogio Ltd.'s acquisition of Elastikos (France) SAS for $285.0 million topped metals and mining transactions for the week ended Aug. 18.

Sintokogio agreed to purchase 130.37 million Elastikos shares from three funds operated by Blackstone Inc. and other corporate and individual shareholders.

Sims Ltd. entered into a deal to acquire assets of metal recycler Baltimore Scrap Corp. for $177.0 million. Working capital and other adjustments will be determined at the closing of the deal, which is expected in October.

Chibougamau Independent Mines Inc. will sell mining properties in Quebec, including the Kokko Creek, Quebec Chibougamau, Copper Cliff, Grandroy, Bateman Bay, Virginia and Tommy Zones mines, to TomaGold Corp. in a deal valued at $8.3 million.

TomaGold said it is already in advanced discussions with potential financial and mining partners to fund the acquisition, exploration and development of the projects.

Mayo Lake Minerals Inc. signed a letter of intent to potentially acquire WestMountain Gold Inc. in a $7.45 million agreement. Mayo and WestMountain will finalize the deal after entering into a definitive agreement and securing regulatory and shareholder approvals.

Gold Mining Co. LLC will acquire the Kapan gold mine in Armenia from Chaarat Gold Holdings Ltd. for $5.0 million.

In other M&A developments, ArcelorMittal SA is reportedly considering a bid to acquire US Steel Corp. and is in talks with investment bankers about a potential offer, according to Reuters. US Steel has received offers from Cleveland-Cliffs Inc. and Esmark Inc.

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