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Glencore and Xstrata announce $90bn merger deal
Mining firm Xstrata has formally announced plans to merge with Glencore, the world's biggest commodity trader. The deal would value the combined new business at $90bn (£56bn), of which Xstrata would comprise $39bn. The announcement came as Xstrata revealed a 20%...
The market likes the Glencore / Xstrata deal but Money Morning doesn't
London Mining Network's concerns about Glencore and Xstrata involve the companies' environmental and human rights impacts. But not even all the financial commentators are happy about the proposed merger. Money Morning says: Xstrata is a good fit for Glencore. The two...
Fears Xstrata tailings dam could fail
AN INDEPENDENT monitor's report into Xstrata's McArthur River mine has said there were extreme risks of a tailings dam bank breaking as well as acid draining into one of the river's tributaries. Environment Centre NT director Dr Stuart Blanch said the independent...
Philippines: 'Defending the Dignity of Life, Securing our Future' – against Xstrata
A conference on mining in Davao in the Philippines, organised by the Ateneo School of Government, concluded with the "Mindanao Declaration: Defending the Dignity of Life, Securing our Future". The national Chamber of Mines was critical of the conference, and speakers...
Dominican Republic: Fears over the Future with Xstrata's Falcondo
The Loma Miranda mineral deposit is located some 17km southeast of the city of La Vega and 22km north of the city of Bonao. According to its owner, Xstrata-Falcondo, the deposit contains 22.9 million tonnes of ore grading 1,44% of nickel. Development of Loma Miranda...
Glencore CEO is South Africa’s richest
The Rich List has been published, showcasing South Africa’s wealthiest business men and women. Topping the list for 2011 Ivan Glasenberg from Swiss-based, London-listed Glencore International, who has an estimated net worth of R61.48 billion. See...
GCM Resources in the red with loss of £690,000
GCM Resources plunged into the red in the six months to the end of December posting an after-tax loss of £690,000 against a profit of £3.3m last time. GCM says the Phulbari coal project remains the company's key opportunity and it continue to pursue approval of the...
Rio Tinto Agrees to Buy BHP’s Stake in Richards Bay Minerals
Rio Tinto Group, the third-biggest mining company, will gain control of Richards Bay Minerals, or RBM, on South Africa’s east coast in a deal that sees BHP Billiton Ltd. exiting the titanium minerals industry. Rio, operator of the RBM venture, will double its stake to...
Rio firms up a pipeline jewel
While it may only be a formality, Rio Tinto’s $US302 million purchase of another two per cent of Ivanhoe Mines finally cements its control of the group and its prize asset, the giant Oyu Tolgoi copper-gold prospect in Mongolia. By moving to 51 per cent of Ivanhoe, and...
Mining threatens herders in Mongolia: report
Mining in southern Mongolia is threatening the livelihoods of herders and straining water supplies, a report said recently, as foreign companies race to exploit the country's rich mineral deposits. Mongolia has opened up it vast reserves of natural resources to...