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Category: International

Glencore Mulls Approach for Anglo American, Igniting Speculation of Bidding War 1 International 

Glencore Mulls Approach for Anglo American, Igniting Speculation of Bidding War

Constance
Sources reveal that commodities giant Glencore is considering a potential bid for Anglo American, a move that could trigger a competitive takeover battle for the 107-year-old mining firm. According to insiders, Glencore has yet to initiate discussions with Anglo, with internal deliberations still in early stages and no guarantee of a formal approach. While declining to comment on market speculation, a Glencore spokesperson refrained from confirming or denying the reports. The development comes after Anglo rejected a $39 billion all-stock offer from BHP, prompting speculation of potential rival bids. BHP’s… Read More Here
Anglo CEO meets South Africa's mines minister after BHP's takeover proposal 2 International 

Anglo CEO meets South Africa’s mines minister after BHP’s takeover proposal

Constance
Anglo American CEO Duncan Wanblad is meeting on Friday South African mines minister Gwede Mantashe for the first time since the miner rejected BHP Group’s $39 billion takeover bid, a source familiar with the matter told Reuters. BHP, the world’s biggest-listed mining group, is privately talking to investors as it weighs up its next move after Anglo’s rejection of its initial proposal. Commodities giant Glencore is also studying an approach for Anglo, sources told Reuters, a development that could spark a bidding war for the 107-year old mining company. Anglo declined to comment on the meeting with Mantashe.… Read More Here
China could hinder BHP’s bid to become top copper producer 3 International 

China could hinder BHP’s bid to become top copper producer

Constance
BHP Group Ltd.’s $39 billion bid to create a global copper giant risks irking its biggest customer China, where authorities have a history of intervening to stymie or water down international mergers. A takeover of Anglo American Plc. would catapult BHP into the top spot for copper producers, with 10% or more of the world’s output. That could be a red flag for Beijing, which has long bemoaned China’s weak purchasing power against the miners that dominate trade in raw materials. “This may invite close scrutiny from a competition perspective,… Read More Here
Winston Chitando Reappointed as Zimbabwe's Mines Minister 4 International Mining Personality News in Brief 

Winston Chitando Reappointed as Zimbabwe’s Mines Minister

Constance
President Emmerson Mnangagwa has reinstated Winston Chitando as Zimbabwe’s Mines Minister, a position he previously held before the elections last year. Chitando, who previously served as the Minister of Local Government, has been appointed back to his former role in a series of changes announced by Chief Secretary to the President and Cabinet Martin Rushwaya on Wednesday. Among the reshuffles, Soda Zhemu, who replaced Chitando, is now the Minister of National Housing and Social Amenities. According to Rushwaya’s statement, all appointments are effective immediately. Read More Here
Vedanta's Fourth-Quarter Profit Slips 27% Due to Metal Price Weakness 5 International 

Vedanta’s Fourth-Quarter Profit Slips 27% Due to Metal Price Weakness

Constance
Indian mining conglomerate Vedanta reported a 27% decline in fourth-quarter profit, attributed to softer prices of key metals such as aluminium and zinc, coupled with rising finance costs. Led by billionaire Anil Agarwal, Vedanta’s consolidated net profit stood at 13.69 billion rupees (approximately $164 million), missing analysts’ estimates of 21.10 billion rupees, according to LSEG data. Finance costs surged nearly 34%, contributing to increased expenses. Weak domestic zinc and aluminium prices, influenced by subdued global metal prices amid demand uncertainties from China, affected revenues during the January-March period. The zinc… Read More Here
Anglo’s copper assets worth $35bn, report shows 6 International Copper 

Anglo’s copper assets worth $35bn, report shows

Constance
Anglo American’s copper assets are valued at about $35-billion and, if BHP aims to clinch these prized operations, the miner must substantially enhance its offer for its competitor. This is according to a report by CreditSight analysts Wen Li and Michael O’Brien, who estimate Anglo’s enterprise value at $63-billion. BHP’s initial offer of $32 a share (£25) falls short of the mark, considering that CreditSight’s valuation corresponds to a share price of $39 (£31). Market sentiment, as gauged from analysts and traders surveyed by Bloomberg converge around an average price of £30.43 a share for a potential… Read More Here
BHP woos South Africa in pursuit of $39bn Anglo takeover 7 International 

BHP woos South Africa in pursuit of $39bn Anglo takeover

Constance
BHP Group has deployed a team of senior executives to South Africa as the world’s largest miner ramps up efforts to win over government officials, regulators and local shareholders, all of whom could yet determine the outcome of its proposed tie-up with rival Anglo American. The executives have already begun conversations with key stakeholders, focusing on explaining the detail of the existing $39-billion proposal – currently back on the drawing board after it was rapidly rejected by its target – and its benefits, according to people familiar with the matter.… Read More Here
Ivanhoe Mines announces redemption of $575 million 2.50% convertible senior notes due 2026 8 Press Release International 

Ivanhoe Mines announces redemption of $575 million 2.50% convertible senior notes due 2026

Constance
Ivanhoe will reduce debt to below $150 million following redemption of the convertible notes VANCOUVER, CANADA – Ivanhoe Mines (TSX: IVN; OTCQX: IVPAF) (“Ivanhoe Mines” or the “Company”) has announced that it will redeem all of its outstanding 2.50% Convertible Senior Notes due 2026 (the “Notes”) on July 11, 2024 (the “Redemption Date”) at a price equal to 100% of the principal amount of the Notes redeemed plus accrued and unpaid interest on such Notes to, but not including, the Redemption Date (the “Redemption Price”). As at April 29, 2024,… Read More Here
Barrick Announces Extensive Exploration Partnership with Geophysx Jamaica 9 International Exploration Gold 

Barrick Announces Extensive Exploration Partnership with Geophysx Jamaica

Constance
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) is pleased to announce that its subsidiary Barrick Gold (International Holdings) Ltd. (“Barrick”) has entered into an exploration earn-in agreement with Geophysx Jamaica Ltd. (“Geophysx”) with respect to certain properties located in Jamaica (the “Agreement”). The Agreement initially provides Barrick with access to approximately 4,000 square kilometers of consolidated land positions throughout the country, with a favorable geological setting comparable to the Dominican Republic, where Barrick operates the Pueblo Viejo mine. Barrick will have the right to work with Geophysx to earn up to an 80%… Read More Here
Vale & Caterpillar sign deal to test battery trucks & conduct ethanol studies 10 International Mining Equipment 

Vale & Caterpillar sign deal to test battery trucks & conduct ethanol studies

Constance
Vale and Caterpillar have signed an agreement to test battery electric large trucks and energy transfer systems, as well as conduct studies on ethanol-powered trucks. The aim is to support Vale in achieving its goals of reducing scope 1 and 2 (direct and indirect) carbon emissions by 33% by 2030 and zeroing its net emissions by 2050. Haul trucks powered by batteries are being developed by Caterpillar. A battery powered truck with capacity of 240 tons will be tested by Vale at its operations in Minas Gerais. Caterpillar is also… Read More Here

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