When
the dollar gets weak, gold prices soar, according to conventional
wisdom. That's been the case over the last year, and global
mining firms are racing to mineral-rich Latin America for a
piece of the action. Vista Gold, a U.S. gold miner, agreed to
sell its Amayapampa gold mine in Bolivia to Luzon Minerals,
a Canadian miner.
Luzon
will pay Vista US$100,000 in cash and 2 million of its shares,
followed by another $850,000 payment either in cash or half
in cash and half in equity. Ross River Minerals, a Canadian
mining company, reached an agreement with Almaden Minerals,
another Canadian miner, to buy 100% of the El Pulpo gold mine
in Sinaloa, Mexico. Ross River will pay Almaden in its own equity
based on output levels.
