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Caracal drops plan to acquire TransGlobe Energy following Glencore takeover bid

CALGARY - Caracal Energy Inc. (LSE:CRCL) has terminated plans to merge with a Calgary company and reached a friendly deal to be acquired by Glencore Xstrata PLC. (LSE:GLEN), one of the world's largest commodities companies. Caracal says it has paid a US$9.25-million termination fee to TransGlobe Energy Corp. (TSX:TGL) under their March 15 agreement, which had envisioned creating in independent company focused on Africa. Instead, Glencore has agreed to pay 5.50 British pounds cash per share of Caracal, which would be delisted from the London Stock Exchange.

China consortium buys Peru copper mine stake for $5.85 bn

China Minmetals said Monday that a consortium led by one of its subsidiaries MMG has agreed to buy Glencore Xstrata Plc's stake in the Las Bambas copper mine project in Peru for $5.85 billion. China Minmetals, a state-owned mining giant and the parent company of MMG, called it the largest overseas acquisition by China's metal mining industry. "The Las Bambas project is in line with the long-term strategy of Minmetals and MMG," Minmetals President Zhou Zhongshu said in a statement. "(The acquisition) will further optimise the mining asset portfolio of Minmetals."

China consortium buys Peru copper mine stake for $5.85 bn

China Minmetals said Monday that a consortium led by one of its subsidiaries MMG has agreed to buy Glencore Xstrata Plc's stake in the Las Bambas copper mine project in Peru for $5.85 billion. China Minmetals, a state-owned mining giant and the parent company of MMG, called it the largest overseas acquisition by China's metal mining industry. "The Las Bambas project is in line with the long-term strategy of Minmetals and MMG," Minmetals President Zhou Zhongshu said in a statement. "(The acquisition) will further optimise the mining asset composition of Minmetals".

Chinese companies buy GlencoreXstrata mine in Peru for $5.85 billion

BEIJING, China - A group of Chinese state-owned companies is buying a Peruvian copper mine from Glencore Xstrata Plc for $5.85 billion, adding to a wave of Chinese resource acquisitions abroad. Glencore, based in Switzerland, said Sunday it signed an agreement to sell its entire interest in the Las Bambas copper mine to a consortium led by MMG Ltd., a mining company controlled by state-owned China Minmetals Nonferrous Metals Co. Ltd. The other buyers are Guoxin International Investment Corp. and Citic Metal Co., also state-controlled.

Chinese companies buy GlencoreXstrata mine in Peru for $5.85 billion

BEIJING, China - A group of Chinese state-owned companies is buying a Peruvian copper mine from Glencore Xstrata Plc for $5.85 billion, adding to a wave of Chinese resource acquisitions abroad. Glencore, based in Switzerland, said Sunday it signed an agreement to sell its entire interest in the Las Bambas copper mine to a consortium led by MMG Ltd., a mining company controlled by state-owned China Minmetals Nonferrous Metals Co. Ltd. The other buyers are Guoxin International Investment Corp. and Citic Metal Co., also state-controlled.

Chinese companies buy GlencoreXstrata mine in Peru for $5.85 billion

NEW YORK, N.Y. - A group of Chinese state-owned companies is buying a Peruvian copper mine from Glencore Xstrata Plc for $5.85 billion, adding to a wave of Chinese resource acquisitions abroad. Glencore, based in Switzerland, said Sunday it signed an agreement to sell its entire interest in the Las Bambas copper mine to a consortium led by MMG Ltd., a mining company controlled by state-owned China Minmetals Nonferrous Metals Co. Ltd. The other buyers are Guoxin International Investment Corp. and Citic Metal Co., also state-controlled.

Glencore Xstrata sells stake in Peru mine for $5.85 bln

Glencore Xstrata announced Sunday it will sell its entire stake in the Las Bambas copper mine in Peru for about $5.85 billion to a Chinese consortium. The consortium is "owned 62.5 percent by MMG Limited, 22.5 percent by GUOXIN International Investment Corporation Limited and 15.0 percent by CITIC Metal Co.," the Anglo-swiss mining giant said in a statement. The deal is contingent on regulators' approval. "Today's announcement demonstrates our commitment to maximising value for our shareholders," Ivan Glasenberg, CEO of Glencore said.

Blast kills 7 miners in Ukraine

Seven miners were killed on Friday when a blast tore through a mine in the eastern Ukrainian region of Donetsk, officials said, blaming the accident on safety rule violations. The explosion occurred in the morning hours at a depth of 1,300 metres (4,250 feet) with 52 miners in the shaft, the local prosecutor's office said Ukrainian Energy Minister Yuriy Prodan told a session of parliament that "the tragedy occurred because basic safety rules were ignored."

Veolia sees growth as miners seek better waste water treatment

By Geert De Clercq PARIS (Reuters) - France's Veolia Environnement expects its revenue from treating waste water from the mining and metals industries to double to 1.5 billion euros ($2.1 billion) by 2020, as it seeks a growing share of an expanding market, its CEO said on Tuesday.

Exclusive: Chile expects 2014 Codelco funding to top last year's

By Alexandra Ulmer and Fabian Cambero SANTIAGO (Reuters) - State copper producer Codelco should get more government funds this year than Chile allocated for the world's No. 1 red metal miner in 2013, the country's mining minister told Reuters on Tuesday. The previous conservative government handed Codelco $2 billion in two separate tranches last year, but the company said that was not enough to comprehensively fund the ambitious and costly overhaul of its tired mines.
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