1. The Associated Press: Guinea signs $7B mining deal with Chinese firm
Chinese company signs a $7 billion agreement to become a strategic partner in Guinea’s mining projects. Guinea’s military government did not disclose the company. America’s Guinea Bauxite Company and Russia’s RUSAL are competing for mining developments within the country.
2. Reuters: UPDATE 1- Consolidated Thompson offers to buy Wabush Mines
Consolidated Thompson Iron Mines offers to buy out U.S. Steel Canada, ArcelorMittal and Cliffs Natural Resources for a 100% stake of the Wabush Mines. Wabush Mines operates iron ore mining and pellet facilities across Canada. Consolidated Thompson is offering $120 million for the buy-out.
3. Bloomberg.com: BHP-Rio Venture Should Be Blocked, World Steel Says (Update 1)
The World Steel Association lobbies the European Commission to block the joining of Rio Tinto and BHP Billiton’s Western Australian operations. The group includes 19 of the biggest steelmakers and produces nearly 85% of global output.
4. The Associated Press: Raucous pro-coal crowds pack mining hearings
U.S. coal miners fear job losses, thousands of miners argue against environmentalists at public hearings. Hearings were held in West Virginia and are scheduled for Ohio, Pennsylvania, and Virginia. The miners spoke about the merits of coal and were trying to convince the administration to allow federal permits necessary to blast away mountains.
5. Reuters India: China’s Shandong makes big but deep iron ore find
A Chinese news agency reports an iron ore discovery in the eastern province of Shandong. The deposit has confirmed iron ore reserves of about 1 billion tonnes and estimate reserves between five and eight billion tonnes. The ore body lies between 1,000-2,500 meters underground, making the deposit prohibitively expensive to develop.
6. AFP: Xstrata announces sale of stake in Chilean mine
Barrick Gold Corporation to acquire Xstrata’s 70% stake in El Morro SCM for $465 million. The transaction should be completed by the end of January 2010. The mine is located in northern Chile.
7. Economic Times: Essar sweetens Aussie coal miner bid
India’s Essar Minerals and Jindal Steel & Power seek the acquisition of Rocklands Richfield, an Australian coal and coke producer. Jindal’s earlier bid of 42 cents a share was overshadowed by Essar’s comeback bid of 50 cents. The offer values the company near A$144 million. Jindal officials declined to comment the company was planning to enter a bidding race.
8. AFP: China’s Yanzhou to resubmit Felix offer again
Yanzhou resubmits its takeover offer for Felix on Monday. The Chinese coal-miner submitted a $3.2 billion offer for the Australian miner last month. Australia’s Foreign Investment Review Board has taken the stance that it prefers investments below 50% for new ventures.
9. Reuters: UK government criticizes Vedanta on bauxite mine
Survival International criticizes London-listed Vedanta for failing to consult the Dongria Kondh people when developing its proposed for a bauxite mine in India. India’s Supreme Court approved the project and the company has said that the local people were happy with the plans.
10. The Australian: Rio Tinto unit soars on coal rebound: Coal & Allied
Coal & Allied reports its best quarterly production in nearly three years. The Rio Tinto coal subsidiary’s production rose nearly 12% from the previous quarter. Coal & Allied officials claim the increased production was due to steady demand and higher quality product in their coal seams.
