Canada’s largest diversified miner has rejected an unsolicited acquisition proposal from Glencore Plc.

Barrick must make cash payments of C$1.02m and exploration work totalling C$16.57m over eight years, to earn up to a 75% stake in Patris.

The Act permits anyone with a free miner certificate to acquire mineral claims online through an automated system in First Nations’ territories, without their consultation or consent.

CEO Gary Nagle said Glencore's offer creates better value for shareholders all around than the one Teck is currently proposing.

The Teck proposal “shows that Glencore do see merit in spinning off coal, which they’ve never said before,” a portfolio manager said.

JOGMEC is to cover as much as $483,000 annually for two years in the search for deposits of the nickel-iron alloy at the Klow project in British Columbia.

The demonstration plant will process 40,000 tonnes of ilmenite per year, making it the largest of its kind in the world.