The Ministry of Mines has shown that five foreign mining companies, including Allana Potash, NOVA Potash, BHP World Exploration Belton, Saynic Potash, G and B Central Africa Resources Limited, have invested in potash mining in Ethiopia. According to the Ministry, the potash mining projects located in Dalol. Last week, Allana Potash stated that she has three zones of potash deposits in the northwestern parts intersected in Hole DK-11-28. The Allana management believes that the potash in the region is expected to be amenable to open pit mining. The region where the new holes Allana has discovered, along with the old, is rich in potassium minerals, which occur at greater depth below the surface. Read more
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MINING giant Rio Tinto has approved the Canadian uranium miner Hathor Exploration for $ C578 million ($ 555m) – about 11 percent more per share than an earlier offer by Canada-based Cameco rival. Some analysts consider Rough Rider Hathor deposit in northern Saskatchewan, Canada as one of the richest undeveloped uranium deposits in the world. Cameco Hathor offered to buy in August for $ C3.75 a share. Hathor when the name of the offer inadequate. Rio this morning offered $ C4.15 per share in cash. Cameco said it revised the Rio announcement.
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BHP Billiton Ltd., the world’s largest mining company, resumed the repurchase of shares after leaving the 40 billion U.S. dollars cash offer for Potash Corp. of Saskatchewan Inc. of Canada following rejection of the bid.
BHP will be 4.2 billion U.S. dollars to buy shares under a buyback of $ 13,000,000,000 shares was suspended in 2007, the Melbourne-based company said today in a statement. BHP, which said the offer could not Canada’s requirements, had 30 days to appeal after November 3 rejection.
Prime Minister Stephen Harper government said that sales of the world’s largest fertilizer would not benefit Canada. It is the third time Chief Executive Officer Marius Kloppers, 48, has failed to consummate a deal in the past two years, scoring at least $ 800 million in transaction costs. Read more
Rio Tinto Group, the world’s third largest mining company, it is unlikely that a bid Potash Corp. of Saskatchewan Inc. make UBS AG said after a meeting with the Chief Executive Officer Tom Albanese.
“A bid or even a joint bid for Potash Corp., as stated in the press, much of it done,” UBS analysts led by Glyn Lawcock and Olivia Ker said in a report yesterday. The company is focused on growth through expansion and acquisitions of a “small to moderate” size, Ker said, citing Albanian. Read more
Tags: <BHP Billiton, BHP Billiton (BHP) and Rio Tinto (RIO), largest mining company, Potash Corp., Rio Tinto Group, Saskatchewan Inc., ubs ag>, Potash Corp, Albanian Mining Industry, Albanian Nickel Production, Potashcorp Underground Mining Pictures
BHP Billiton Ltd investors would increase free cash flow per share gain from a stock repurchase program of own shares than the proposed acquisition of Potash Corp. of Saskatchewan Inc., Citigroup Inc. said.
Buy potash for an assumed $ 145 per share, compared with the current hostile bid from BHP’s $ 130, would be “dilutive” Citigroup analysts led by Richard Heath Jansen said in a report in London yesterday. When comparing a stock purchase of equal value to the deal and Potash funded on the same credit terms, free cash flow per share is higher in the purchase of own shares, said Jansen. Free cash flow is cash from operating activities after capital expenditures left. Read more
GOLDCORP INC. (TSX:G)(NYSE:GG) is pleased to provide an update on recent operating milestones achieved at Peñasquito in advance of an upcoming analyst and investor tour of the mine in Zacatecas, Mexico.
Project Status Highlights
* Lead and zinc concentrate grade and quality meets or exceeds expectations.
* Mill throughput from first sulphide process line (Line 1) ramping up on or ahead of schedule. (more…)
Precious-metals were generally positive in Asian trade Wednesday with silver registering a small drop in the session as other metals chalked up modest gains as traders awaited data from the U.S. and Europe.
Gold rose $ 2.10 to $ 1,433.90 a troy ounce at 0630 GMT, while silver lost two cents to $ 37.65/oz. Platinum climbed $ 8 to $ 1,772 / oz, while palladium gained $ 3 to $ 765/oz.
The poor showing came against a background of local share markets, which mostly higher on the back of the news of increased production in China, in March, the first of a series of releases from production data during the day. (more…)
Gold sales up 29 percent; Cash Flow $0.38 per share; Earnings $0.26 per share. Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation, is pleased to report on the Company’s financial results for the fourth quarter and for the year ended December 31, 2009. Eldorado reported net income of $33.3 million or $0.08 per share for the quarter and for the year net income of $102.4 million or $0.26 per share. Eldorado reported cash generated from operating activities before changes in non-cash working capital of $56.6 million or $0.13 per share for the quarter and for the year of $146.9 million or $0.38 per share. (more…)
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