Connect to share and comment

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."

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.

Chile mines dodge quake harm, but Collahuasi workers evacuated

By Alexandra Ulmer and Fabian Cambero SANTIAGO (Reuters) - Mines in world No. 1 copper producer Chile appear to have emerged unscathed from a major quake that struck near the mineral-rich north of the Andean country on Tuesday. Most mines in quake-prone Chile, which supplies around a third of the world's copper, are designed to withstand tremors. The Collahuasi copper mine and port did not report any damage, but some workers were evacuated to be with their families following the 8.2-magnitude earthquake.

China's MMG confirms in talks to acquire Glencore mine in Peru

MMG Ltd, the overseas arm of Chinese state-owned Minmetals, confirmed Wednesday it was in talks with mining giant Glencore Xstrata to buy its Las Bambas copper mine project in Peru. But Australia-based MMG admitted there was no guarantee a deal could be agreed. The company is part of a consortium bidding for the project which includes Hong Kong-registered Guoxin International Investment Corporation and China's CITIC Metal.

Glencore Xstrata 'to pull out' of Philippine mining project

Swiss mining giant Glencore Xstrata is expected to pull out of a $5.9 billion gold-copper mining project in the Philippines, its Australian partner Indophil said. Melbourne-based Indophil Resources NL said in a quarterly report released this week that "Glencore Xstrata has advised Indophil of its preference to pursue divestment of its interest in Tampakan." "All indications point to Glencore Xstrata seeking to divest its majority interest in the Tampakan Copper-Gold Project," the report added.

Klesch awards German refinery supply deal to Barclays

By Emma Farge and Dmitry Zhdannikov DAKAR/LONDON (Reuters) - Swiss industrial group Klesch has agreed that Barclays <BARC.L> will supply crude oil to its German refinery in a deal worth hundreds of millions of dollars a month that boosts the bank's drive to increase its commodities business. New regulations have forced many of the biggest banks in commodities to scale back their activities, especially proprietary trading.

Rio sells Australian coal mine stake for $1.02 bn

Resources giant Rio Tinto announced the US$1.02 billion sale of its stake in Australia's Clermont thermal coal mine Monday as it seeks to shore up its ailing bottom line. Anglo-Australian company Rio said it had reached a binding agreement to sell its 50.1 percent share of the project in Queensland to Swiss commodities giant Glencore Xstrata and Japan's Sumitomo as part of its drive to streamline operations.
Syndicate content