Posts Tagged ‘Australian mining companies’

Rumours of BHP offloading nickel operations

Friday, June 26th, 2009

In business news today speculation is building that BHP Billiton is about to offload its nickel operations.

Among the assets being discussed are the Ravensthorpe operation in W.A., which has been a less than successful investment, and the Yabulu refinery near Townsville.

Xstrata and Gladston Pacific Nickel are thought to be interested in Yabulu, and the the Ravensthorpe shire president has reported seeing several investors and companies looking at the mine in recent weeks.

There is also renewed speculation that BHP will sell its Nickel West business, including the Kalgoorlie smelter and Kwinana refinery.

ASX Code: BHP
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Rio, the dishonourable woman

Tuesday, June 9th, 2009

“Rio Tinto is like a dishonourable woman: once she loved the money in Chinalco’s pocket but she actually did not love the man himself. Now she is breaking faith and kicking down the ladder.”

Or at least, so says China s official news agency, Xinhua.

In the wake of the collapse of the $24 billion deal between Rio Tinto and Chinalco, one commentator in the Chinese press is spicing up the finance pages with a rare flash of theatrics.

Most other Chinese analysts however are attributing the failure of the deal to political pressure exerted by the Australian government, underpinned by a general anti-Chinese sentiment.

Meanwhile, Chinese steelmakers are voicing concerns that the tie-up between Rio and BHP for iron ore operations in the Pilbara will create a monopoly. The deal has still to be approved by competition regulators.

Rio has resumed trading this morning, following a halt on Friday.

ASX Code: RIO
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What s the latest with the miners?

Tuesday, February 24th, 2009

Rio Chinalco

  • As Rio s board of directors discusses the Chinalco alliance, only one Australian voice remains. Rod Eddington has chosen to stand aside from voting on this issue, due to a perceived conflict of interest.
  • Shares were sold off yesterday, following concern that shareholder backlash could lead to a shakeup of board and management positions, according to a report in the Herald Sun.
  • Rio is thought to be working on an arrangement to allow institutional investors access to bonds on similar terms to those offered to Chinalco, in an effort to appease the dissenting shareholders.

Fortescue Metals

  • Trading has been halted while the company seeks to raise $500 million to fund the expansion of operations at its Pilbara iron ore mine. Investment is expected to come from institutional investors and Chinese steel group Hunan Valin.

OZ Minerals

  • OZ has met the first of two conditions required for Minmetals to proceed with its takeover bid. The second condition, an agreement by OZ s banks to a debt facility extension, is expected to be met by Friday.
  • Unconfirmed rumours suggest OZ is planning to sell its Martabe gold project in Indonesia, and that BHP Billiton may bid for the Prominent Hill mine.

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