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Renco Group Inject $165 million Into Mining Companies
Once the Renco Group injects $165 million into Doe Run Peru, El Brocal Mining Company, Buenaventura Mining Company, Glencore and, among others, Volcan are to supply Doe Run with copper, zinc and lead concentrates worth an estimated $100 million and $75 million in credit. This will allow Doe Run to quickly resume its operations.
Several Mining Companies Hold Plans New Mines Onstream
The global financial crisis and sharp falls in metals prices have forced several companies to abandon or put on hold their plans to bring new mines onstream.
OZ Minerals Scramble To Refinace, 1200 Mine Worker Job Losses
Melbourne-based OZ Minerals will today detail 1200 job losses for staff and contractors at its Australian, Indonesian and Laotian operations, while Swiss-based Xstrata has decided to bite the debt bullet and pull in $US5.9 billion ($A8.8 billion) from a heavily discounted 2-for-1 rights issue.
FACTBOX-Recent metals mergers
Mining merger activity continues to hot up with Russia’s Norilsk Nickel upping its bid on Wednesday for Canadian miner LionOre International Ltd. and topping rival Xstrata’s latest offer.
Norilsk’s revised C$6.8 billion ($6.3 billion) bid for the world’s 10th largest miner was 10 percent higher than Xstrata’s.
Canada’s Alcan rejected Alcoa Inc.’s unsolicited $27 billion bid on [...]
Alcoa Offers $27B For Canada’s Alcan
Alcoa Inc., seeking to keep pace with growing Russian rival Rusal, launched a hostile $27 billion bid for Canadian aluminum rival Alcan Inc. on Monday, after failing in almost two years of private talks to reach a negotiated deal.
Alcan’s U.S. shares rose 34.5 percent, well above the offered price, suggesting investors think the bidding could [...]
BHP, Minara Halt Output at Australian Nickel Mines
BHP Billiton Ltd. and Minara Resources Ltd., Australia’s two largest nickel producers, halted output at mines after heavy rain, which may add to supply shortages that have driven prices to a 19-year high.
Pit operations at the mines in BHP’s Nickel West division, the third-largest producer of nickel in concentrate, in Western Australia have halted, Emma [...]
oaring commodity prices drive mining and power stocks to biggest FTSE gains
As the year draws to a close, the number of gainers in the FTSE100 far outstrips the losers.
Mining and power stocks were the clear winning sectors on the London stock market this year as companies cashed in on record oil, gas and metals prices.
But the windfall was not evenly shared, with some firms failing [...]
