As World Bank projects fail to reduce corruption in the mining sector in the Democratic Republic of Congo (DRC), International Finance Corporation (IFC) investments in extractive industries are provoking complaints and protests around the world. See...
Billionaire financier Nat Rothschild exposed his friend Peter Mandelson to accusations of a conflict of interest while the Labour peer was an EU trade commissioner, the High Court has ruled. The Swiss-based hedge-fund manager had launched a libel battle against the...
The two companies are some of the biggest borrowers of syndicated loans globally and bankers say the combined entity would need to do something to restructure banks’ exposure. See ...
Moves by unknown shell companies to control lucrative natural resources may have cost Democratic Republic of Congo $1 billion in lost revenue, as UK-listed mining company Glencore comes under pressure to explain deals. See...
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%...
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...
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...
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,...
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...
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 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...
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...
