Vale Acquires Phosphate Assets in Brazil

Vale and Bunge Ltd. announced on January 27, 2010, that Vale will acquire Bunge’s fertilizer nutrients assets in Brazil, including its phosphate mines and fertilizer production facilities and its 42.3% interest in Fertilizantes Fosfatados S.A. (Fosfertil), for $3.8 billion in cash. Of the total transaction value, $1.65 billion is attributed to Bunge’s phosphate rock and fertilizer production assets. The remaining $2.15 billion is for Bunge’s Fosfertil shares. The transaction is subject to customary closing conditions and receipt of Brazilian governmental approvals relating to mining concessions. It is expected to close in the second quarter of 2010.

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Exeter Spinning Off Argentine Assets

Canadian junior Exeter Resource Corp. announced a proposal in mid-January 2010 to spin off its Argentine assets into a new company, Extorre Gold Mines Ltd., while retaining its huge Caspiche porphyry gold-copper project in the Maricunga region of Chile as its core asset. Under the terms of the transaction Exeter will retain all assets relating to the Caspiche discovery, together with approximately $50 million in working capital. Exeter will transfer to Extorre the high-grade Cerro Moro gold-silver project and other Argentine exploration properties and approximately $25 million in working capital.

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Corriente Agrees to Buyout by China Joint-Venture Group

Corriente Resources and CRCC-Tongguan Investment Co. announced in late December 2009 the signing of an agreement whereby CRCC-Tongguan will acquire all of Corriente’s outstanding shares for approximately C$679 million in cash.

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