M&A Deal Summary

Mitsubishi Development Pty and Cameco Acquire Kintyre Project

On July 10, 2008, Mitsubishi Development Pty and Cameco acquired metals/mining company Kintyre Project from Rio Tinto for 495M USD

Acquisition Highlights
  • This is Mitsubishi Development Pty’s 1st and Cameco’s 1st transaction in the Metals/Mining sector.
  • This is Mitsubishi Development Pty’s 2nd and Cameco’s largest (disclosed) transaction.
  • This is Mitsubishi Development Pty’s 1st and Cameco’s 1st transaction in Australia.

M&A Deal Summary
Date 2008-07-10
Target Kintyre Project
Sector Metals/Mining
Buyer(s) Mitsubishi Development Pty
Cameco
Sellers(s) Rio Tinto
Deal Type Divestiture
Deal Value 495M USD

Target

Kintyre Project

Subiaco, Australia
Kintyre is located in the East Pilbara region of Western Australia, approximately 270km north-east of Newman and 90km south of Telfer, on the south-west margin of the Great Sandy Desert. The Kintyre tenements comprise four granted Mining Leases, four Mining Lease Applications, a Miscellaneous Licence and 12 Prospecting Licences, which together cover a total area of approximately 52 km2.

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Buyer(S) 2

Buyer

Mitsubishi Development Pty

Melbourne, Australia
Category Company
Founded 1968
Sector Oil/Gas Exploration
Employees3,125
DESCRIPTION

Mitsubishi Development Pty Ltd owns coal mines in Australia. The company offers coal for manufacturing steel, and thermal coal for generating electrical power and general industrial use.

DEAL STATS #
Overall 1 of 2
Sector (Metals/Mining) 1 of 2
Type (Divestiture) 1 of 1
Country (Australia) 1 of 2
Year (2008) 1 of 1
Size (of disclosed) 2 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-02 Clermont Mine

Australia

Clermont now produces approximately 12 million metric tonnes of high energy thermal coal with relatively low ash and sulphur using a truck and shovel method. Clermont is a large scale open-cut operation, located approximately 12 kilometres from the town of Clermont in central Queensland.

Buy $1.0B
Buyer

Cameco

Saskatoon, Saskatchewan, Canada

website

Category Company
Founded 1987
Sector Oil/Gas Exploration
Revenue 1.9B USD (2022)
DESCRIPTION

Cameco is a uranium producers providing about 16% of the world's production from mines in Canada, the US and Kazakhstan. Company hold about 429 million pounds of proven and probable reserves, extensive resources and have focused our exploration programs on three continents. Cameco was founded in 1987 and is based in Saskatoon, Saskatchewan.

DEAL STATS #
Overall 1 of 2
Sector (Metals/Mining) 1 of 1
Type (Divestiture) 1 of 1
Country (Australia) 1 of 1
Year (2008) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-03 Westinghouse Electric

Cranberry Township, Pennsylvania, United States

Westinghouse Electric is providing nuclear energy technologies, products and services to utilities around the world. Its mission is to focus on a much broader goal; using the power of intellect, collaboration and innovation to build on the legacy of our founder, and to create a cleaner, safer and sustainable carbon-free future for generations to follow. Westinghouse Electric was founded in 1884 and is based in Cranberry Township, Pennsylvania.

Buy -

Seller(S) 1

SELLER

Rio Tinto

London, United Kingdom

website

Category Company
Founded 1873
Sector Metals/Mining
Employees47,500
Revenue 55.6B USD (2022)
DESCRIPTION

Rio Tinto is a mining and metals company. Company engages in finding, mining and processing the Earth's mineral resources. Company take a long-term, disciplined approach, developing and running long-life, low-cost, expandable operations that are capable of delivering value throughout the cycle. Rio Tinto was founded in 1873 and is based in London, the United Kingdom.

DEAL STATS #
Overall 1 of 14
Sector (Metals/Mining) 1 of 11
Type (Divestiture) 1 of 12
Country (Australia) 1 of 5
Year (2008) 1 of 1
Size (of disclosed) 5 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-12 Alcan

Montreal, Quebec, Canada

Alcan, Inc. is a Canadian mining company and aluminium manufacturer. The Company also offers engineered products and packaging industries primarily in North America, Europe, and Asia.

Buy $38.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-01-30 Rio Tinto - Corumbá Iron Ore Mine & River Logistics Operations

Brazil

Corumbá iron ore mine comprises iron ore reserves and is located in Mato Grosso do Sul, Brazil. Rver logistics operations provides logistic services in Paraguay.

Sell $1.6B
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