KWG sells chrome smelter royalties for $18m

TSX V-listed KWG Resources on Tuesday said it agreed to sell smelter royalties in three of its chrome deposits in Northern Ontario’s Ring of Fire to Anglo Pacific Group for $18-million. KWG owns 28% of the Big Daddy chrome project, with US...

High carbon ferrochrome produced in KWG test melt

A test melt produced the first high carbon ferrochrome at TSX-listed KWG Resources’ Big Daddy chromite project in Canada on Thursday morning. The pilot plant test was conducted at the Xstrata Process Support facility in Falconbridge, which was...

Noront’s poor performance presents buying opportunity - analyst

TSX-V-listed Noront Resources, which has projects in Canada’s Ring of Fire region, has seen its share price plummet by 50% over the past year, in an environment of higher commodity prices and bigger risk appetites from investors, leading an...

KWG agrees to sell Spider shares to Cliffs

Canadian junior KWG Resources has notified Cliffs Natural Resources that it will accept the bigger firm's offer of $0,19 a share for its small interest in Spider Resources, KWG said on Wednesday. The company has decided to terminate its dissent...

Best still to come for Ring of Fire discoveries – Noront

Canada's bustling Ring of Fire mining camp is still in its infancy, and the big discoveries there are yet to be unearthed, the CEO of Toronto-based Noront Resources said on Thursday. “It's still a very early stage exploration camp and the major...

Cliffs owns 81,8% of Spider Resources

US-based Cliffs Natural Resources has taken up 195,5-million shares of Spider Resources, which were tendered by July 16 into its takeover offer for the smaller company. When combined with its previous holdings, Cliffs now owns about 81,8% of...

Spider backs Cliffs deal after breaking merger pact with KWG

Canadian junior Spider Resources has terminated its merger agreement with KWG Resources and has agreed to support US-based Cliffs Natural Resources’ takeover offer. KWG and Cliffs have been battling it out in recent weeks to gain Spider’s...

Cliffs’ bid for Spider provides ‘value certainty’ – adviser

Independent proxy advisory firm RiskMetrics has said that a vote against a merger with KWG Resources would be warranted by Spider Resources shareholders, saying that Cliffs Natural Resources’ all-cash offer provided value certainty. KWG and...

Resources Watch

This week: Wescoal will conclude deals this year that may treble coal reserves; high grades at Big Daddy project could cut processing requirements; and Transnet eyes an 81-million ton coal line despite a poor 2010 performance.

KWG defends Spider merger plan

A proposed merger between KWG Resources and Spider Resources is the “logical next step”, the former said in a statement on Monday. The junior company was responding to a statement from US coal- and iron-ore producer Cliffs Resources, which...

KWG, Spider plan merger to fend off Cliffs

KWG Resources and Spider Resources, the Canadian juniors being targeted by US coal and iron-ore miner Cliffs Natural Resources, have agreed on a merger transaction that would give the combined company a controlling stake in an attractive chromite...

Cliffs seeks control of Big Daddy chromite project

US coal and iron-ore miner Cliffs Natural Resources plans to make takeover bids to acquire the shares it did not already own in TSX-Venture Exchange-listed KWG Resources and TSX-Venture Exchange-listed Spider Resources. By acquiring either of...