Articles By Section: Finance
Deals intensify
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.
Pan African generating strong cash flow
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.
Stockpile: Vedanta hurt by Indian government rejection
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.Oz Minerals profit higher
A strong performance from Oz Minerals Ltd’s Prominent Hill gold-copper mine in South Australia has guided the company to a A$405.7 million (US$350 million) net profit for the first half of 2010.Lihir approves merger
Lihir Gold Ltd’s shareholders have overwhelmingly approved an A$10 billion (US$9 billion) takeover by Newcrest Mining Ltd.Glencore profit
Commodity trader Glencore has reported a 42% increase in profits for the first half of calendar 2010 compared with a year earlier.Kolwezi controversy deepens
The controversy surrounding the disputed Kolwezi tailings project in the Democratic Republic of Congo (DRC) has deepened following a deal that provides Eurasian Natural Resources Corp (ENRC) with indirect control of the venture.Chalco H1
Aluminium Corporation of China Ltd (Chalco) achieved an attributable profit of RMB531 million (US$78 million) in the six months to end-June as revenue increased by 114% to nearly RMB60 billion.Hyundai, Samsung buy into Ambatovy nickel mine
State-owned Korea Resources Corp has sold a 5% stake in the Ambatovy nickel project to three Korean companies for US$140 million. The buyers are Samsung C&T, Hyundai Heavy Industries and Hyundai Corp.Agrium bid recommended
Australia’s AWB Ltd has recommended a A$1.2 billion (US$1.1 billion) cash offer from Agrium Inc, North America’s third-largest fertiliser producer.Wesizwe gets Bank of China support
Wesizwe Platinum Ltd has received an interim funding facility of R91 million (US$12 million) from the Bank of China ahead of more comprehensive funding from recently announced Chinese partners.Site Search
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