Glencore Purchases Stakes in Mutanda and Katanga

Glencore has purchased the Fleurette group’s remaining 31% stake in Mutanda Mining Sarl for $922 million and a 10.25% stake in Katanga Mining Ltd. for $38 million. Fleurette and its affiliates owe outstanding loans to the Glencore group over the Mutanda shares, amounting to $556 million, of which $120 million comprises accrued interest. In addition, Glencore has acquired shareholder loans owed to the Fleurette group by Mutanda Mining Sarl of $130 million. Accordingly, the aggregate cash consideration payable by the Glencore group is $534 million.

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Seabridge to Acquire Snowstorm Project

Seabridge Gold has agreed to purchase a 100% interest in the Snowstorm project from Paulson Gold Holdings LP. The Snowstorm project consists of 31 square miles of land holdings strategically located at the projected intersection of three gold trends in northern Nevada: the Carlin Trend, the Getchell Trend and the Northern Nevada Rift Zone.

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Highland Launches Drilling Program at Copperwood

Highland Copper Co. initiated a drilling program at its Copperwood project in the Upper Peninsula of Michigan, U.S. This program is designed to upgrade the current inferred resources at the eastern section of the Copperwood copper-silver deposit, obtain metallurgical samples and carry out further geotechnical studies to refine a mining plan.

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Anglo Sells Union Mine to Siyanda Resources

Anglo American Platinum has agreed to sell its 85% interest in the Union mine in South Africa and 50.1% interest in MASA Chrome Co. to a subsidiary of Siyanda Resources. Anglo American Platinum will retain the Mortimer smelter operation.

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