Recent news
Minmetals on the prowl
China’s Minmetals Resources is looking for more acquisitions after sealing the $1.3-billion takeover of Africa-focused Anvil Mining, CEAndrew Michelmore has said. The company will continue looking for copper, zinc and nickel sulphide assets in Africa, North and South America, parts of Asia as well as Australia, he said, after failing in a $6.5-billion bid for Equinox Minerals last year.
Yanzhou Coal gets a breather in Australian takeover bid
China’s Yanzhou Coal Mining has crossed a key hurdle in the takeover of Australia’s Gloucester Coal and got an additional 12-month lifeline to bring down its stake in its Australian unit to less than 70%. Australian federal treasurerWayne Swan approved the deal between Yanzhou’s unit Yancoal and Gloucester Coal with some conditions and cited global market volatility as the reason for giving the Chinese more time to cut its stake.
RUSAL sees more aluminium cuts in 2012
Top aluminium producer RUSAL Plc has said that it expects more companies to cut aluminium output this year, with China accounting for about a third of global cuts, but still forecast that global output would top demand.
Venezuela picks Chinese company to develop gold project
Venezuela will develop its huge Las Cristinas gold project in partnership with Chinese state investment company CITIC. The Government last year cancelled Canadian company Crystallex International’s permit to develop the long-troubled mine project south of the Orinoco river.
China’s Economic Slowdown and Mongolian Stocks
Mongolian mining stock prices have been falling during the last six months, although not much has changed in Mongolia besides the talk of increasing the government share in Oyu Tolgoi in October. The reason for this cool-down is mostly due to the change in demand expectations for Mongolian mine products, because recent drops in key commodity prices and China’s declining industrial output indicate that China may be headed towards significant slowdowns.
Winners of the different categories at the first-ever Asia Mining
Mining Journal and Beacon Events are pleased to introduce the Asia Mining Awards for the first time at the 5th Annual Mines and Money Hong Kong. The awards, announced at a black tie Gala Dinner on 22th March 2012, were received by some of the top executives and companies in the exploration, mining, mining finance and investment areas with Australia and Mongolia the big winners.
