Here is an article on the completion of Jinchuan Group takeover of South African miner Metorex. Previously was rumoured Jinchuan was one of the parties looking at the data room of Lundin Mining (TSX code: LUN) and in discussions of a deal. That deal didn't go through, as I think Jinchuan was more interested in 100% ownership of its DRC's copper assets, where Lundin only has around 25% interest in the project. Jinchuan beat Vale in taking over a cheaper option Metorex than Lundin.
http://www.miningweekly.com/article/cobalt-focus-may-follow-jinchuan-takeover-of-metorex-2011-09-05
Also interesting was previously Minmetals Resources (the HK-listed entity of state-owned China Minmetals) is still on the lookout for opportunities beyond Equinox. We may not rule out PNA, as on a state visit by China's Vice President Xi Jinping to Chile, a whole bunch of executives from China Minmetals went with Xi and they signed a strategic cooperation (whatever that means) with Chile's state-owned Codelco. Don't forget we have a JV with Codelco in Chile exploration projects.
Previously an article that mentioned Anvil (both listed in Canada and Australia) was a likely takeover target, well here is an article about its biggest shareholder interested in divesting this non-core asset.
"Meanwhile, Anvil?s 39% shareholder Trafigura Beheer recently informed the country that they no longer considered Anvil as a core asset, and were considering alternatives to maximise value."
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Anvil mulls further expansion at DRC copper mine
By: Esmarie Swanepoel
2nd September 2011
PERTH (miningweekly.com) − ASX- and TSX-listed Anvil Mining CEO Darryll Castle said on Friday that the copper miner would announce a decision on expanding its Kinsevere project, in the Democratic Republic of Congo, by the fourth quarter of this year.
The expansion would increase output from the Stage 2 expansion of 60 000 t/y to between 80 000 t/y and 90 000 t/y.
He noted that multiple scenarios for this expansion were currently being analysed and modelled, with initial cost estimates completed.
The Anvil board already gave the go-ahead for purchase of long-lead items, which Castle said would be used in assisting debottlenecking operations at the plant if the expansion decision was negative.
The current $400-million Stage 2 development at Kinsevere was expected to be completed by the end of the year.
Meanwhile, Anvil?s 39% shareholder Trafigura Beheer recently informed the country that they no longer considered Anvil as a core asset, and were considering alternatives to maximise value.
Castle said that the Anvil board had created a special committee, which consisted of members from Trafigura and two independent Anvil directors, to review alternatives in order to maximise value for all shareholders including minority shareholders.
BMO Capital Markets have been appointed as financial adviser, and was assisting with this strategic review, which was continuing.
Edited by: Mariaan Webb
http://www.miningweekly.com/article/anvil-mulls-further-expansion-at-drc-copper-mine-2011-09-02
Here is an article on the completion of Jinchuan Group takeover...
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