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Barrick to divest stake in Tongon gold mine and exploration properties to Atlantic Group
Yahoo Finance· 2025-10-07 09:35
Barrick Mining Corporation has signed an agreement to divest its stake in the Tongon gold mine, along with some of its exploration properties in Côte d’Ivoire, to Atlantic Group for up to $305m (C$425.56m). The consideration includes a cash payment of $192m, which encompasses a $23m shareholder loan repayment to be made within six months of closing. Additionally, there are contingent cash payments of up to $113m, payable based on gold prices over 2.5 years and resource conversions over five years. The ...
3M evaluating selling billions of assets in industrials business - report (MMM:NYSE)
Seeking Alpha· 2025-10-03 18:30
3M (NYSE:MMM) is considering selling billions of dollars of assets in its industrials unit as it tries to cut lower-growth businesses. 3M (NYSE:MMM) has been working with Goldman Sachs to review potential assets to sell, according to a ...
Hastings signs binding agreement with Metal Bank to divest gold assets
Yahoo Finance· 2025-09-30 11:20
Core Viewpoint - Hastings Technology Metals has entered into a binding agreement with Metal Bank for the divestment of its gold assets, which is contingent upon shareholder approval and other conditions [1][4]. Group 1: Agreement Details - Metal Bank will issue 160.02 million ordinary shares to Hastings, valued at A$2.3 million at the time of signing the term sheet, upon completion of the deal [1]. - Hastings will transfer its gold assets and A$300,000 in cash from its subsidiary Great Western Gold to Metal Bank upon deal completion [2]. - The acquisition includes Great Western Gold, which holds a 75% interest in the Whiteheads Gold Project tenements, and other tenements covering approximately 380 km² near Kalgoorlie [2][3]. Group 2: Additional Assets and Approvals - The acquisition also encompasses Ark Gold, which owns two exploration licenses around 40 km southeast of Hastings' Yangibana Project, and Darcy's gold tenements, comprising three exploration licenses covering around 100 km² adjacent to the Brockman Niobium and Heavy Rare Earths Project [3]. - Both Hastings and Metal Bank require shareholder approval for the issuance and distribution of shares, with Metal Bank seeking approval at its upcoming annual general meeting (AGM) [4]. - Hastings plans to seek approval for the "in-specie" distribution of shares at its AGM scheduled for mid-November 2025 [4]. Group 3: Strategic Implications - The executive chairman of Hastings stated that the agreement reflects a shared vision and cooperation between the two companies to create a gold-focused entity that benefits their shareholders [5]. - This divestment is seen as a transformational step for Hastings, allowing it to concentrate on developing its rare earth and niobium assets at Yangibana and Brockman [6]. - Hastings is also advancing its Whiteheads Project, with drilling initiated for an initial resource at the Seven Leaders prospect [6].
Occidental Weighs a $10 Billion Sale of Its Petrochemicals Division
Yahoo Finance· 2025-09-29 06:30
Core Viewpoint - Occidental Petroleum is in discussions to sell its petrochemicals division, OxyChem, potentially valued at up to $10 billion, which would result in one of the largest independent petrochemicals companies globally [1][2]. Group 1: Divestment and Financials - The divestment talks could conclude within weeks, although there is a possibility of complications arising [2]. - Occidental has been selling off assets to reduce its debt, which currently stands at approximately $24 billion, down from $48.75 billion in September 2019 after acquiring Anadarko for $55 billion [3]. - The company’s debt increased again in 2023 following the $12 billion acquisition of CrownRock [3]. Group 2: Production and Market Position - Occidental was recognized as one of the top 10 shale operators, with a daily production of 1.22 million barrels of oil equivalent, ranking third behind Exxon and Expand Energy [4]. - For the current year, Occidental aims for an average daily production of 1.422 million barrels, although lower international oil prices have negatively impacted earnings [5]. - The stock price has decreased by 8% over the past year and 4.5% year-to-date, reflecting the challenges posed by international oil prices [5]. Group 3: Petrochemicals Industry Outlook - The petrochemicals division generated nearly $5 billion in revenue over the 12 months leading to June [6]. - The petrochemicals sector is increasingly becoming a focal point for the oil industry, with expectations that it will drive overall oil demand growth in the future [6].
Nigerian regulator withdraws TotalEnergies’ asset sale approval
Yahoo Finance· 2025-09-25 14:53
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has withdrawn its approval for TotalEnergies' intended sale of a minority stake in a Nigerian onshore oil producer. The regulatory decision affects TotalEnergies' strategy to divest mature assets and reduce debt, reported Reuters. The initial agreement, made in July last year, involved TotalEnergies selling a 10% stake in a joint venture (JV) to Telema Energies Nigeria, owned by Mauritius-based Chappal Energies. The JV includes the Nigerian N ...
BAC Agrees to Buy Santander's 100M Euro Real Estate Portfolio
ZACKS· 2025-09-19 15:36
Core Viewpoint - Bank of America (BAC) has agreed to acquire a €100-million ($118 million) Spanish real estate loan portfolio from Banco Santander, marking its second deal with the Spanish lender this year as part of Santander's strategy to divest €40-€45 billion in risk-weighted assets by 2025 [1][7]. Group 1: Bank of America's Strategy - The acquisition provides BAC with a foothold in Spain's real estate lending market during a period of repricing of European property assets due to shifting interest rates [3]. - Earlier in the year, BAC purchased a portfolio of hotel-related loans from Santander, indicating a focused effort to expand in specialized real estate lending [3]. - This move is expected to help BAC diversify its asset base and capture higher yields from European commercial real estate loans [3]. Group 2: Santander's Balance Sheet Goals - Santander is utilizing this transaction to accelerate its de-risking efforts, actively selling loan portfolios to strengthen capital ratios and free up resources for core lending businesses [4]. - In addition to the deal with BAC, Santander has sold distressed loan portfolios to Goldman Sachs and Morgan Stanley in recent months [5]. - These transactions aim to improve capital efficiency while reducing exposure to cyclical sectors like real estate [5]. Group 3: Market Performance - Over the past six months, shares of BAC have gained 22.7%, compared to the industry's growth of 28.9% [6].
Fosun Returns Leaner With An Attractive Valuation
Benzinga· 2025-09-16 16:22
Core Viewpoint - Fosun International Ltd. is continuing its strategy of divestment to improve its capital structure and liquidity, as evidenced by the sale of 40% of its Luz Saúde healthcare group for 310 million euros ($364 million) while retaining a 60% stake in the company [2][3][4] Group 1: Strategic Benefits of the Sale - The sale of Luz Saúde is expected to enhance the company's capital structure and liquidity, facilitate business growth through collaboration with a strategic partner, and strengthen the shareholder base for mid-term expansion [3] - Luz Saúde operates 29 medical facilities in Portugal, serving 75% of the population, indicating its significant market presence [4] Group 2: Ongoing Investment Strategy - Fosun's divestment strategy is not a retreat from Portugal but rather a method to maintain market exposure while improving debt metrics and generating capital for further investments [6][9] - The company has previously sold stakes in other investments, such as 5.6% of Banco Comercial Português for 235 million euros and two towers in Lisbon for 192 million euros, while retaining control over these assets [5] Group 3: Financial Recovery and Debt Management - Fosun's total debt was reported at 222.1 billion yuan ($31 billion) as of June, with a slight increase from the previous year, while holding 67.8 billion yuan in cash and bank balances [10] - The company has been actively deleveraging since mid-2022, selling various assets to stabilize its finances and improve funding access [12] - Following its recovery, Fosun returned to the U.S. dollar bond market, issuing $300 million in notes, which was viewed positively by S&P, affirming its credit rating with a stable outlook [13][14]
Fuerte Metals to acquire Newmont’s Coffee Gold Project for up to $150m
Yahoo Finance· 2025-09-16 11:30
Core Viewpoint - Fuerte Metals has agreed to acquire Newmont Corporation's Coffee Gold Project in Yukon, Canada, for up to $150 million, which includes an initial cash payment and equity shares, along with a royalty agreement [1][2][3]. Transaction Details - The total acquisition cost is up to $150 million (C$206.47 million), consisting of an initial cash payment of $10 million and $40 million in equity [1]. - Newmont will receive a 3% net smelter return royalty on the Coffee Gold Project, which Fuerte can repurchase for up to $100 million [1]. - The transaction is expected to close by October 19, 2025, pending specific conditions [2]. Strategic Rationale - Newmont's CEO stated that the sale is part of a strategy to streamline its portfolio and focus on core operations [3]. - The divestment aligns with Newmont's previous announcements regarding the sale of non-core assets across various regions [2]. Project Overview - The Coffee Gold Project is located approximately 130 km south of Dawson in Yukon Territory and is part of a region known for significant gold deposits [4][5]. - The project is reported to host 3 million ounces (moz) of open-pit heap-leach measured and indicated resources, along with an inferred resource of 800,000 ounces [5]. Advisory Roles - BMO Capital Markets acted as the financial advisor for Newmont, while Goodmans served as legal advisor [5]. - Trinity Advisors Corporation was the financial advisor for Fuerte Metals, with Borden Ladner Gervais acting as legal counsel [6]. Community Engagement - Fuerte Metals emphasizes the importance of protecting the water and lands around the Coffee Creek area and pledges to build relationships with local First Nations [7].
Barrick Hands Hemlo Gold Mine To New Owner In $1.09 Billion Deal - Barrick Mining (NYSE:B)
Benzinga· 2025-09-11 12:06
Core Viewpoint - Barrick Mining Corporation has announced the divestment of its Hemlo Gold Mine in Ontario for a total transaction value of up to $1.09 billion, which includes various payment structures aimed at enhancing its financial position and shareholder returns [1][3][5]. Group 1: Transaction Details - The deal consists of an upfront cash payment of $875 million, equity in the acquiring firm valued at $50 million, and contingent payments linked to gold prices that could reach up to $165 million starting in 2027 [1][3]. - The buyer, Carcetti Capital Corp., plans to rebrand as Hemlo Mining Corp. after the acquisition [1][2]. Group 2: Management and Support - Hemlo Mining Corp. will be led by Robert Quartermain, who has significant experience in the mining sector and historical ties to the Hemlo deposit [2][3]. - The venture is backed by major resource-focused investors, including Wheaton Precious Metals and Orion Mine Finance Management [3]. Group 3: Strategic Implications - The sale is part of Barrick's broader strategy to streamline its portfolio, with total proceeds from recent asset divestments expected to exceed $2 billion this year [4]. - Barrick's president and CEO, Mark Bristow, emphasized the disciplined focus on enhancing value through a Tier One gold and copper portfolio [5]. Group 4: Next Steps and Market Reaction - The transaction is anticipated to close in the fourth quarter of 2025, subject to regulatory approvals [6]. - Following the announcement, Barrick's B shares experienced a slight decline of 0.61%, trading at $29.30 [6].
Scorpio Gold Completes Sale of Mineral Ridge Project
Newsfile· 2025-08-25 23:03
Core Viewpoint - Scorpio Gold Corporation has successfully completed the sale of its subsidiary Mineral Ridge Gold, LLC, which strengthens its financial position and allows for a focused strategy on its flagship Manhattan District project [1][3]. Financial Details - The total cash purchase price for the sale was US$7,500,000, with US$5,000,000 already advanced to the company, US$1,500,000 held in escrow for indemnification, and an additional US$1,000,000 to be paid in August 2026 [2]. Strategic Implications - The divestment of the non-core asset is expected to eliminate ongoing holding costs and provide non-dilutive capital to advance the Manhattan District project, which is considered one of Nevada's most promising gold districts [3]. Company Overview - Scorpio Gold holds a 100% interest in the Manhattan District project, which spans approximately 4,780 hectares and includes the Goldwedge Mine and four past-producing pits acquired from Kinross in 2021 [4].