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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