Molycorp Acquires Processing Facilities

In separate transactions announced in April 2011, Molycorp reported it had acquired a 90.023% controlling stake in AS Silmet, an Estonia-based rare metal and rare earth metal producer, and a 100% interest in Santoku America, Inc., a leading producer of high-purity rare earth alloys and metals based in Arizona. The Silmet transaction was valued at about $89 million; the Santoku America transaction was valued at $17.5 million. Silmet has changed its name to AS Molycorp Silmet. Santoku America has been renamed Molycorp Metals and Alloys, Inc.

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Iamgold, China National Gold Join Forces

Iamgold Corp. signed a memorandum of understanding in March with China National Gold Group Corp. to formalize the two companies’ cooperative efforts to find and develop mineral deposits in the regions of Iamgold’s focus—principally, in Africa, South America and North America.

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Teck Celebrates Startup of Production from New Chilean Copper Concentrator

Teck Resources held an inauguration ceremony recently to celebrate the start of operations at its new Carmen de Andacollo copper concentrator in Chile. The new concentrator, which reached commercial production in October 2010, has extended mine life by approximately 20 years, increased production capacity, and created approximately 350 new jobs.

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Barrick Makes a Bid Equinox

Barrick Gold made a friendly takeover offer for Equinox Minerals that valued Equinox at C$7.3 billion. Equinox’s board of directors unanimously recommended that shareholders tender shares. As part of its agreement with Barrick, Equinox said it would withdraw its bid for Lundin Mining, announced during February.

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