Royal Alliance Focus On Mining

Focus on Mining                                                                                                                                                                                                                              

 Anthony Chapman                              
 Mining Analyst
 Royal Alliance Capital
 September 8, 2011


The board of directors at Australian producer Macarthur Coal Ltd has backed an improved takeover offer for the company by Peabody Energy Corp and ArcelorMittal SA. The offering price has increased to A$ 16/share for Macarthur, up from the A$ 15.50 share bid made earlier this month.

South African miner Optimum Coal Holdings Ltd has confirmed it recently received unsolicited non binding expression of interest from third parties reported to be Glencore to acquire a controlling interest in the company.

Glencore International Plc has made an off-market cash takeover offer for all of the shares of Minara Resources Ltd that it does not already own.

UC Rusal has rejected an offer by OAO Norilsk Nickel to buy back just over half of its’s 25% stake in the company.

BHP Billiton’s full year profit has surged by 86%.

The Eritrian National Mining Corporation will pay US$ 253.5 million for a 30% interest in the Bisha Polymetallic Mine owned by Nevsun Resources Ltd.

Canada’s Aurico Gold Inc has trumped an offer from Primero Mining Corp., for Northgate Minerals Corp by counter-bidding $ 1.5 billion USD for the company in the latest North American gold consolidation.

A feasibility study has concluded development of Indo Mines Ltd’s 70% owned Jogjakarta iron sands project on Java, Indonesia, would be technically and economically viable.

Stratex International Plc has intersected significant widths of gold mineralisation at the joint-venture Oksut property in Turkey.

Dimaond drilling at Atac Resources Ltd’s Rackla gold property in Canada’s Yukon Territory has intersected mineralisation at the Osiris zone, one of four Carlin type targets.

Strait Resources Ltd has reached an agreement with Ancoa NL for the latter to acquire Straits 100% owned Hillgrove antimony gold project in New South Wales.

GGG Resources Plc has reached an agreement with Auzex Resources Ltd to consolidate ownership of their Ballabulling gold joint venture in Western Australia.

Rangold Resources Ltd’s production guidance for 2011 has been cut due to the effect of heavy rainfall at its Loulo and Gounkoto operations in Mali.

Anglo American Plc is reported to be blocking a 10 year diamond marketing agreement between DeBeers and the government of Botswana.

Gem Diamonds Ltd has recovered a 553ct diamond from its Letseng mine in Lestho.

Voyager Resources Ltd is continuing to follow up the discovery of copper-silver mineralisation at the Cughur prospect of its KM property in Mongolia’s South Gobi region.

Rio Tinto has increased its stake in Ivanhoe mines by 2% for C$ 529.5 million.

Silver Wheaton Corp has announced a year on year doubling of revenue in the three months to end June 2011.

 

Focus On Mining

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