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The board of Andean Resources Ltd has recommended a US$3.4 billion cash and share bid from Goldcorp Inc, just hours after Eldorado Gold Corp announced that its own all-scrip offer had been rejected.
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Positive data, including lower stockpiles of warehoused metals and better than expected jobs data in the US, has helped support base metals prices this week.
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Ernst & Young has published the first ever half-year update of its annual 'Mergers, Acquisitions and Capital Raising' report.
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The drilling of a 38cm pilot hole had reached a depth of 25m by the end of Wednesday in the attempt to rescue 33 miners trapped underground since August 5 at the San Jose copper-gold mine in Chile.
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The pace of deal activity is intensifying in the mining and metals sector. The value of pending deals is already four times the US$40.6 billion generated in the first half of the year, and the pace of this activity "will continue to accelerate", according to Ernst & Young in its latest Global Mining & Metals Transactions Report.
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Copper concentrate will be in short supply for at least five years, forcing Sumitomo Metal Mining Co, Japan’s second-biggest smelter, to keep producing at a reduced rate, the company said.
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All companies featured in the latest issue of the Mining Journal are listed below for your convenience.
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Rio Tinto will spend about US$1 billion on a new iron-ore mine in Australia, a joint venture with Gina Rinehart’s Hope Downs Iron Ore Pty.
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Pan African Resources plc, the South African gold miner, generated £18.3 million (US$28 million) in cash from operating activities in the year to end-June, boosting the bank balance to £12.8 million, over five times what it was a year ago.
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Again suffering from negative press, Vedanta Resources plc was this week’s biggest loser on the London main market, falling a further 9% to continue a dreadful August.
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Video footage of the 33 miners trapped in the San Jose gold-copper in Chile since August 5 has been released showing them in good spirits and singing the country’s national anthem.
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The Mining Journal website this week includes a recently-published report by Sydney-based Ophir Partners on Mining Company Boards.
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New World Resources NV (NWR), the Czech coal and coke producer, has reinstated its dividend. Despite a '50% of earnings' dividend policy, the company paid out less than half in 2008 and nothing last year, blaming "market conditions".
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Commodity trader Glencore has reported a 42% increase in profits for the first half of calendar 2010 compared with a year earlier. Revenue was up 55% to US$70 billion leading to net income of US$1.56 billion.
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Chilean authorities will prescribe antidepressants to miners trapped in an underground copper mine should an estimated three-month rescue effort take its toll on their mental wellbeing, Health Minister Jaime Manalich said
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Fortescue Metals Group, Australia’s third largest producer of iron ore, has reported a 14% rise in net profit for the year to end-June.
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