Midvale Mining Co. is looking to diversify its portfolio with a $50 million takeover of the Midvale mining company.
The company has acquired mining company ARK Energy and the Perth-based mining drill arm ARK Mining for $60 million, the Australian Financial Review reported.
The deal is a joint venture between the Australian and Perth-listed mining company, according to a person familiar with the transaction.
It comes after a $60-million deal to buy Perth-owned company Kincardine Minerals, according the same person.
Midvale, based in Perth’s city centre, owns the largest copper mine in Australia.
The takeover offers an opportunity for the company to become an early player in Australia’s booming copper industry, according company chief executive Peter Larkins.
The sale of ARK’s assets means the Perth company will now be a standalone entity in the country.
Mr Larkin said the deal was a natural fit for the Perth region.
“It’s a strong fit for us and a strong win for Perth,” he said.
“I’m delighted that Midvale will be able to continue as a Perth-headquartered company.”
Mr Larpin said he hoped to have more information on the transaction in the coming weeks.