mineral exploration project – commodity prices – mining stock- trade and market

Brazilian mining giant Vale is not preparing a bid for Canada’s Potash Corp, two sources close to Vale told Reuters on Monday.

Potash, the world’s largest fertilizer supplier, is fighting off a $39 billion takeover offer from Australian mining company BHP Billiton and is seeking a white knight.

One source with direct knowledge of the situation, asked about a possible Vale bid, said, “I’m not seeing any movement in that direction. It’s a very big operation. If there were an offer, there would have to be some kind of movement.”

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Sirius Exploration Plc, a diversified mining and exploration holding company, said it bought an Australian firm holding salt and potash permits for 13 million pounds ($21.60 million) in stock, sending its shares up as much as 11.6 percent.