Canadian firm Caldera Resources (TSE: CDR) has signed a Farm In and Joint Venture Letter Of Intent with Barrick Gold (NYSE: ABX)’s Australian subsidiary for the Mt Carulina Project in South Australia, the target of which shows similar geophysical characteristics to the massive uranium/gold/copper Olympic Dam deposit. Under the agreement, Barrick may earn a 75% interest in the tenement by sole funding A$4 million in exploration expenditures within five years.
According to the Australian Financial Review, Lihir Gold (ASX: LHG) has secured support from Ballarat Goldfields (ASX: BGF) shareholders for a takeover of the company, leading Lihir to look to growth options which may include further acquisitions. The company plans to increase production by more than 50% to 1.25 million ounces in the next three years.
Beaconsfield Gold (ASX: BCD) has raised A$4.08 million through the placement of 12 million convertible notes. The company will use the proceeds from the raising to up its stake in the Beaconsfield Mine to at least 91%. As reported in the AFR, the miner has also unveiled a proposal with Beaconsfield Mine joint venture partner Allstate Explorations (ASX: ALX) that could have Allstate out of administration by the end of the month. Allstate went into administration in 2001. Shares in both companies have now been suspended from trading
The price of gold rose slightly following reports from The Times of London that Australian mining giants BHP Billiton (ASX: BHP) and Rio Tinto (ASX: RIO) will launch rival takeover bids for aluminium producer Alcoa (ASX:AAI) that value the company at USD$40 billion.
The Daily Reckoning