Glencore posts 23pc increase in copper output October 31, 2013 GLENCORE Xstrata said yesterday that third-quarter copper production had soared by 23 per cent and that profits for its trading arm are broadly in line with expectations. The mining and trading group, which completed a long-awaited merger earlier this year, said that there had been strong growth at the Collahuasi mine, which rose 43 per [...]
Chile blocks Glencore Xstrata dam October 28, 2013 A Chilean appeals court has preventively blocked a recently approved $733m hydroelectric dam to weigh an environmental appeal, a surprise setback for owners Origin Energy and Glencore Xstrata. Opponents of the 640-megawatt Rio Cuervo project planned in the remote southern Aysen region say it would harm the environment and would be built above a geological [...]
Glencore and Sumitomo buy Rio’s Clermont coal mine stake for $1bn October 28, 2013 RIO Tinto has agreed to sell its majority stake in Australia’s third-largest thermal coal mine to Glencore Xstrata and Japan’s Sumitomo Corporation for just over $1bn (£618m), pushing ahead with plans to focus on larger, core operations. Rio put its 50.1 per cent stake in the Clermont mine in Queensland on the block earlier this [...]
What the other papers say this morning – 22 October 2013 October 21, 2013 FINANCIAL TIMES Bundesbank warns on apartments The Bundesbank has warned that apartment prices in Germany’s biggest cities could be overvalued by as much as 20 per cent, stepping up its concern about a real estate boom there. Obama admits botched health launch Barack Obama, who forged his political career by harnessing the power of the [...]
Infinis to lure investors with £55m payout October 21, 2013 INFINIS Energy, the UK’s biggest independent wind power generator, yesterday unveiled plans to pay a healthy £55m maiden dividend to investors as part of its stock market flotation plans. The business, which is owned by Guy Hands’ private equity firm Terra Firma, is floating a third of the business on the London market next month [...]
Public offered a ride on theme park flotation October 21, 2013 ALTON Towers owner Merlin Entertainments yesterday said members of the public will have the chance to become shareholders in the company when it floats in London next month, with a minimum investment of just £1,000. The business, which also owns Madame Tussauds and Legoland, plans to raise £200m in an initial public offering of shares. [...]
Chinese companies square up in Glencore Xstrata mine sale October 10, 2013 Two rival Chinese miners, Chinalco and Minmetals, have made it onto a shortlist to buy Glencore Xstrata's $5.9bn (£3.7bn) Peruvian copper mine, Las Bambas, say Reuters' sources. The mines are two of four Chinese groups who made initial bids for the mine, and lead a series of interested groups. Las Bambas is being sold by [...]
Women land a quarter of new directorships October 6, 2013 WOMEN are taking a quarter of new appointments to the boards of FTSE 100 companies, according to figures released today by a group pushing for greater equality at the top of public companies. All but six firms at the top level of British business now have a women on their board. Campaigners said business is [...]
Hochschild Mining plans to buy remaining Peru assets for £172m October 2, 2013 FTSE 250-listed Hochschild Mining said yesterday it plans to raise up to $96m (£59m) through an equity placing to help it buy the remaining 40 per cent stakes in its Peruvian assets for $280m. The Latin America-focused precious metals miner said it has agreed to buy the 40 per cent stakes held by International Mineral [...]
Davis returns to haunt Glencore with $3bn miner October 1, 2013 FORMER Xstrata chief executive Mick Davis reinforced his comeback into the mining sector yesterday, with the announcement that his new mining venture has raised $1bn (£618m). Private equity firm TPG and commodities trading house Noble have invested $500m each in X2 Resources, which aims “to create a new mid-tier diversified mining and metals group by…identifying [...]