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India Mining Companies, India’s Sterlite Not Agree Acquire $2.6 billion From Asarco
The acquisition of copper miner Asarco LLC for $2.6 billion by India-based Sterlite Industries Ltd. is in doubt after Sterlite said it was backing out of the deal.
Lawyers for Asarco told a federal bankruptcy judge in Texas on Tuesday that Sterlite “cannot and will not” close the sale unless Asarco agrees to a price reduction.
Metals, Mining Companies Tumble in Europe on Severstal Output
Metals and mining companies slumped in European trading after OAO Severstal, Russia’s largest steelmaker, said it will slash output as much as 30 percent, showing the global financial crisis is eroding industrial demand.
ArcelorMittal, the world’s biggest steelmaker, declined 12 percent in Amsterdam. Severstal will cut output in the U.S. 30 percent, at the Cherepovets steel [...]
Iron Ore Mining Producer, BHP and Rio May Have to Share Australian Ore Railroads
BHP Billiton Ltd. and Rio Tinto Group, the second- and third-largest iron ore exporters, may be forced to slow deliveries after the nation’s highest court upheld a ruling that favors sharing their rail networks with rivals.
The High Court today rejected BHP’s effort to block Fortescue Metals Group Ltd. from using parts of its Mt. Newman [...]
London Mining Plans to Produce 20m metric tonnes Iron Ore
London Mining and Saudi-based National Mining Company have announced the formation of their 50:50 held joint venture company, Saudi London Iron Limited (”SLI”), with registration number 1/1026 issued by the Saudi Arabian General Investment authority (SAGIA). SLI is targeting production of up to 20mtpa of DRI pellets from facilities near Tabuk in North-western Saudi Arabia [...]
Mining Company Share on Trade and Market, What happen Rio’s Shares Dropped Slightly on London Trading
Why are Rio shareholders so anxious when growth is sizzling? They’re worried that the record runup in global commodity prices may finally have peaked. They also fret that the booming Chinese economy—the major driver of soaring costs for resources like iron ore and copper—could slow or even slump now that the 2008 Beijing Olympics are [...]
Mining Company, BHP Billiton Doubts’ Control More The World’s Iron Ore
Rio Tinto Group Chief Executive Officer Tom Albanese is proving to be an elusive target for BHP Billiton CEO Marius Kloppers now that the slowing economy, fading stock and commodity markets and a skeptical European Union are undermining the $US142 billion ($156 billion) hostile bid that four months ago was considered inevitable.
India Iron Ore Mining Company Exploration Reported, Vedanta Profit Rises 6.3%
Vedanta Resources Plc, the mining company controlled by India billionaire Anil Agarwal, said fiscal first-quarter profit rose 6.3 percent on record iron ore output.
Earnings before interest, tax, depreciation and amortization advanced to $739 million in the three months ended June 30, from $695.4 million a year earlier, the London-based company said today in a statement. [...]
Mining Exploration Companies In Asian Trade and Market
Most Asian stocks rose, as gains by oil producers countered a drop among mining and financial shares.
Cnooc Ltd., China’s biggest offshore oil producer, advanced after starting output at a new field and after crude climbed above $138 a barrel. Catcher Technology Co. climbed in Taipei after Goldman, Sachs & Co. upgraded the stock.
BHP Billiton Ltd. [...]
Chinese deal sends iron ore stocks soaring
Asian Mining Exploration News, China’s largest steel maker Baosteel and Rio Tinto have agreed on the highest price hike in at least over a decade in iron ore term contracts, the companies announced today.
Baosteel has agreed to pay up to 96.5 per cent more for its iron ore under a term contract with Australian miner [...]
