Canada’s move to protect mining sector shields takeover targets
Teck Resources spent much of last year fending off Glencore’s $23 billion takeover attempt before the Swiss company opted instead to just buy the company’s steelmaking coal business.
UK-based mineral explorer Fulcrum Metals (LON: FMET) announced Monday that its wholly owned Canadian subsidiary has agreed to acquire a 100% interest in the Charlot-Neely Lake, South Pendleton and Snowbird uranium projects in Saskatchewan, covering 114.81 square kilometres.
Upon exercising an option agreement on June 28, 2024, Fulcrum has paid a cash consideration of C$60,000 for full ownership of the three projects. Last fall, it paid C$5,000 in cash to obtain the option on these projects.
This transaction takes the company one step closer to a definitive agreement with Terra Balcanica Resources Corp. over the sale of all of its uranium projects totalling over 590 square kilometres, Fulcrum said in a news release.
Fulcrum also has three gold projects in Ontario: the Big Bear project situated over the western end of the Schreiber-Hemlo greenstone belt, the Jackfish Lake project, and the Tully project, located 25 kilometres northeast of Timmins, Ontario.
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