Glencore bids for Australian nickel miner August 24, 2011 SWISS mining giant Glencore has launched a A$268m (£171.5m) bid to gain outright control of one of Australia’s largest nickel miners, Minara Resources, in a move that marks its second acquisition since its flotation in May. The global commodities trader said yesterday it is offering A$0.87 in cash for Minara shares, of which it already [...]
Miners and energy firms push FTSE to week’s highest close August 24, 2011 Strong miners and energy stocks helped drive Britain’s top share index to its highest close in a week yesterday in choppy trade as investors jostled for position ahead of a speech by Federal Reserve Chairman Ben Bernanke on Friday. Traders pointed to continued speculation that the Fed could unveil a further round of US quantitative [...]
BHP posts record profit and raises dividend August 24, 2011 BHP Billiton reported a record second-half profit driven largely by iron ore, but just missed market forecasts and sounded a warning over costs and longer-term demand. The global miner also sought to appease investors with a big hike in its dividend. BHP, the last of the major miners to report results, was confident on the [...]
BHP sews up Petrohawk acquisition August 21, 2011 MINING giant BHP Billiton has sealed its $12.1bn (£7.35bn) of US shale gas specialist Petrohawk, just days before it is expected to report record-breaking profits. BHP said yesterday it has approval from 97.4 per cent of Petrohawk shareholders, a month after agreeing the deal with the firm’s board. The Anglo-Australian firm hopes to complete a [...]
The silver lining to losing out on Potash August 21, 2011 THIS time last year, BHP Billiton shareholders were struggling to understand the mining giant’s rationale behind bidding $40bn (£24.3bn) for a fertiliser company. Investors were left aghast after the firm became embroiled in an ugly, and ultimately unsuccessful, hostile bid for Potash Corp that cost them $350m in advisory fees alone. After they raised concerns [...]
THE WEEK AHEAD in association with GFT August 21, 2011 COMPANY NEWS ● Petrofac posts its interim results today. With oil prices dropping from their recent highs coupled with a market slump, oil companies have taken a bit of a knock of late, with their interim reports reflecting this downturn. Petrofac will be hoping that its results buck this trend. ● Another energy industry player, [...]
Miners eye Colombia growth August 18, 2011 ANGLO American, Xstrata and BHP Billiton have approved a $1.3bn (£789m) expansion of the Cerrejon mine, home to one of the world’s largest coal deposits, in Colombia. The diversified miners said yesterday they would invest equal amounts in the project that will increase production and export capacity by 8m tonnes per annum (mtpa) to 40 [...]
Global growth fears drain confidence from markets August 18, 2011 Renewed fears over spluttering global economic growth dragged back world markets with commodity and financial stocks suffering in the increasingly bleak climate. Morgan Stanley cut its forecast for global growth, citing “recent policy errors” in the US and Europe, plus prospects of further fiscal tightening in 2012. MSCI’s world equity index fell 0.8 per cent [...]
Anglo American, Xstrata and BHP agree mine expansion August 18, 2011 Anglo American, Xstrata and BHP Billiton have approved a $1.3bn (£787m) expansion of the Cerrejon mine, home to one of the world’s largest coal deposits, in Colombia. The diversified miners said they would invest equal amounts in the project that will increase production and export capacity by 8 million tonnes per annum (mtpa) to 40 [...]
Eco-warrior pipe dream gets real August 16, 2011 LEONARDO DiCaprio has one. In fact, diCaprio has the first production Fisker Karma plug-in hybrid sports car ever built. And he paid for it. That one of the world’s biggest film stars is driving the world’s most eco-friendly sports car is perhaps not so surprising. But the man that built it is car designer Henrik [...]