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With Glencore lurking, Rio Tinto stake gives Chinalco global clout

By: Reuters A seat on the board, a bigger role in the world's largest mining company, a copper project in Peru or full control of an iron-ore project in Guinea. Those are the sort of prizes Chinese aluminium firm Chinalco, the top shareholder in Rio Tinto, is likely to be looking for as trading giant... 

MMG confirms Las Bambas talks, no binding agreement yet

By: Esmarie Swanepoel Hong Kong-listed MMG has confirmed that it was in discussions with mining major GlencoreXstrata regarding the acquisition of the Las Bambas copper project, in Peru. MMG, the Australia-based offshore arm of Chinese State-owned Minmetals, stated that it formed part of a larger consortium, which... 

Anvil sees lower DRC copper output

By: Esmarie Swanepoel Minmetals takeover target Anvil Mining on Tuesday warned its 2011 production would be lower than expected owing to technical difficulties at its Democratic Republic of Congo (DRC) project. The ASX- and TSX-listed miner said 2011 production would be 29 000 t, slightly below the 30 000 t to 31 000... 

Minmetals to launch formal Equinox offer before month-end

By: Esmarie Swanepoel China’s Minmetals could make a formal offer for ASX- and TSX-listed Equinox Minerals in the next three weeks. A spokesperson for Minmetals told Mining Weekly Online on Friday that the formal offer would be launched before Equinox’s takeover offer for Canada’s Lundin Mining closed, on April 29. 

Daily Podcast - August 27, 2009

By: Jonathan Faurie State-owned power utility Eskom, which posted a record R9,7-billion loss in its 2009 financial year to end-March, spent R7-billion more on coal than in the previous year, Australia's Oz Minerals posted a loss of A$580,7-million in the six months ended June 30, after it incurred a loss on the sale... 

Oz Minerals posts A$580m interim loss on asset sale

By: Esmarie Swanepoel Australia's Oz Minerals posted a loss of A$580,7-million in the six months ended June 30, after it incurred a loss on the sale of assets, lower revenue and higher costs associated with its refinancing plan. The company, which owns the Prominent Hill mine, reported on Thursday that it had... 

HAPPY DAYS

Zhou Zhongshu, president of China's Minmetals, left, shakes hands with Andrew Michelmore, the CEO of the newly-launched Minerals and Metals Group (MMG), at a function in Melbourne, Australia, last week. The company emerged following a $1,4-billion deal through which Minmetals bought mines from OZ... 

$1,39bn OZ Minerals deal secures Chinese entry into Australian mining

By: Bloomberg Shareholder in OZ Minerals last week approved a plan to sell $1,39-billion of assets to China Minmetals Group to cut debt after the Chinese company sweetened its offer yesterday to fend off rival proposals. About 92% of shareholders voted in favour of the plan at the Melbourne-based company’s... 

Shareholder approval only condition outstanding in Oz-Minmetals deal

By: Esmarie Swanepoel Diversified Australian miner Oz Minerals on Wednesday received approval from the Chinese government for its $1,2-billion deal with Minmetals. The only condition still to be met for the transaction was approval from Oz Minerals shareholders. “With all other conditions precedent now met, we look... 

Australia rejects Chinese Minmetals’ A$2,6bn bid for Oz Minerals

By: Mariaan Webb Australian diversified miner Oz Minerals said on Friday that it was in discussions with China’s Minmetals, after Treasurer Wayne Swan rejected a takeover transaction. MD Andre Michelmore said that it would look at possible changes to the proposed A$2,6-billion deal. The transaction was rejected... 

Australia’s probe into Oz Minerals-Minmetals deal extended

By: Esmarie Swanepoel The Australian Foreign Investment Review Board has extended the evaluation period for Chinese State-owned firm Minmetals’ takeover bid for diversified miner Oz Minerals to late June. The evaluation period for the approval of the A$2,6-billion deal between the two companies has been extended by... 

Chinese investments worry Australian mine unions

By: Esmarie Swanepoel Australian mine unions have called for a revitalised national debate on the use of export licences in the resources sector, which were abolished in the 1990s. The Australian Workers’ Union (AWU) and the Construction, Forestry, Mining, and Energy Union (CFMEU) have expressed concerns that the... 

Fortescue in talks with investors, appoints advisers

By: Mariaan Webb Australian iron-ore producer Fortescue held discussions with possible investors, and has appointed advisers to evaluate approaches, the company confirmed on Wednesday. In a response to an ASX price query, Fortescue confirmed that it had held recent meetings and site visits with representatives... 

Daily podcast – February 17, 2009

By: Shannon de Ryhove In today's podcast: Kumba Iron Ore plans to increase its production by 10% in 2009; and Shares in Oz Minerals jump 29% after it agrees to a $1,7-billion takeover bid from Chinese state-owned trading group Minmetals. 

Oz Minerals jumps 29% after China takeover bid

By: Reuters Shares in Oz Minerals, the world's second-largest zinc miner, jumped 29% on Tuesday after it agreed to a $1,7-billion takeover bid from Chinese state-owned trading group Minmetals. The deal is a rescue for the Oz Minerals business, which has struggled to refinance debts as prices for its main... 

Copper-miner Palabora producing one-third of the world’s vermiculite, emerging as iron producer

By: Martin Creamer Rio Tinto’s Palabora Mining Company, South Africa’s only major copper producer, also produces a third of the world’s vermiculite and is an emerging iron-from-magnetite supplier.  

Rio Tinto’s Palabora to sell more magnetite, conclude BEE – MD

By: Martin Creamer The Rio Tinto copper-mining company Palabora Mining would be stepping up the export of its mountain of low-cost magnetite and would also be presenting its final black economic empowerment (BEE) proposal to the board next week, Palabora MD Matt Gili said on Tuesday. Gili told journalists on a... 

Anglo American may get new neighbours in Peru

By: Liezel Hill Two Chinese companies - one publicly listed and the other State-owned - have offered to buy TSX-listed Northern Peru Copper, which owns the Galeno project in Peru, for C$13,75 a share in cash. 

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