London-listed Eurasian Natural Resources Corporation Plc has been on a takeover spree over the past year, using its cash pile to buy assets mostly in Africa to build up a broad-based mining house focused on emerging markets. “ENRC’s objective… is to build the foundation of a large scale, long-life, integrated iron ore business within Brazil — a new, additional operating geography to underpin the diversification of the group,” ENRC said. It will pay $670 million to Swiss group Zamin Ferrous for the 50 percent of iron ore developer Bahia Minerals BV it does not already own and also got an option allowing it to buy an adjoining project for up to $150 million.
See http://www.mineweb.com/mineweb/view/mineweb/en/page39?oid=111555&sn=Detail.
ENRC is in dispute with Canadian company First Quantum over operations in Democratic Republic of Congo. See http://londonminingnetwork.org/2010/09/dr-congo-nationalises-one-of-its-largest-copper-mines/.