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’Snap news
Breaking pre-market news on Monday,
- Rio Tinto says customers are now more cautious — statement.
- Randgold Resources cuts 2011 production guidance after set backs in Côte d’Ivoire — statement.
Steeling for more commodities volatility
Remember when Vale and BHP, two of the world’s biggest iron ore miners, changed their pricing contract methods with China and Japan?
The move from annual to quarterly contracts came amid resurging Chinese demand for iron ore,
[Something for the weekend] Dear Lloyds: nobody wants to buy your bank
– By Neil Collins –
Dear Lloyds: nobody wants to buy your bank
It was going to be a hard-fought auction. The chance to buy a fully-formed network of bank branches, complete (one supposes) with all the trimmings,
Blood and iron (ore)
It was only a couple of months ago that Vale was talking up iron ore prices out to 2015 and beyond, and analysts were saying the discount being applied to company shares on expectations of a glut were too steep.
Snap news
Breaking pre-market news on Monday,
- Rio Tinto and Anglo American to sell Palabora Mining shares –statement and statement.
- Alexon says in discussions on possible offer, warns on profit –statement.
Canaries and mines
Nothing has been harder hit in the current market swoon (in London at least) than the mining sector.
Which begs the question of what’s now being priced in?
As luck would have it, Citigroup has run some numbers and concludes:
Snap news
Breaking pre-market news on Monday,
- FTSE 100 seen down 84 points – IG Index.
- Rio Tinto and Mitsubishi launch $1.5bn buyout offer for Coal & Allied — statement.
- Bid target Evolution Group acquires BNP Paribas Private Investment Management — statement.
Crunching the carbon price for Aussie miners
After much wailing and gnashing of teeth name-calling and politicking Australia’s minority government on Sunday announced details of its carbon pricing scheme.
Planned for a mid-2012 start, the scheme would initially price CO2 emissions at $23 per tonne,
Snap news
Breaking pre-market news on Friday,
- TNT issues big profits warning; finalises demerger — statement.
- Vedanta Resources reports record zinc and aluminium production in Q4 — statement.
- Edwards Group pulls IPO — statement.
Rio Tinto, irony du jour
From the outlook section of Rio Tinto’s freshly released Annual report on Tuesday:
Global demand for uranium is expected to remain strong due to a desire for base load electricity generation with reduced greenhouse gases,
Snap news
Breaking pre-market news on Wednesday,
- Commerzbank returns to profit; posts net income of €1.4bn in 2010 – statement.
- Rio Tinto receives $340m Imersys offer for talc assets — statement.
- AP Moller-Maersk says 2011 weak for tanker business — statement.
Snap news
Breaking pre-market news on Monday,
- Diageo buys Turkish spirits maker Mey Içki for £1.3bn — statement.
- Rio Tinto says cyclones will affect Q1 iron ore production — statement.
- CSR announces $679m merger with Zoran — statement.
Snap news
Breaking pre-market news on Thursday,
- Rumoured takeover target Smith & Nephew says CEO to retire in April; Olivier Bohuon of Pierre Fabre to get top job — statement.
- Credit Suisse misses profit forecasts;
Snap news
Breaking pre-market news on Thursday,
- Rio Tinto recommends A$16 per share cash offer for Riversdale – statement.
- Paddy Power to acquire outstanding minority shareholdings in Sportsbet for A$132.6m – statement.
Snap news
Breaking pre-market news on Wednesday,
- West Midlands chicken tycoon plotting hostile bid for Northern Foods – Daily Telegraph and statement.
- Costain approaches Mouchel with 105.8p a share offer — statement.
Rio’s $3.7bn Riversdale bid
Once a deal junkie, always a deal junkie.
There was really never any doubt that Rio Tinto boss Tom Albanese would hit the acquisition trial again, it was just a question of when.
And after two years of forced asset sales and opportunistic flirtation with rivals such at BHP,
Snap news
Breaking pre-market news on Monday,
- Rio Tinto in talks over A$3.5bn offer for Riversdale Mining — statement.
- De La Rue confirms takeover approach — statement.
- Candover to sell its private equity business to Arle Capital Partners;
Snap news
Breaking pre-market news on Friday,
- Rio Tinto extends Channar joint venture with Sinosteel; forms new JV with Chinalco for Chinese exploration — statement and statement.
- Premier Foods says Quorn sale talks at ‘an advanced stage with two parties’ — statement.
Snap news
Breaking pre-market news on Friday,
- KKR-led group buys Del Monte for around $4bn excluding debt — report
- Genzyme CEO says he’s open to linking performance of Campath drug to price of Sanofi bid — report
- Mahindra &
Snap news
Breaking pre-market news on Wednesday,
- Rio Tinto to invest further $3.1bn in Pilbara mine — statement.
- BHP Billiton loses local government backing for Potash bid — report.
- Home Retail benchmark pre-tax profit tumbles 23 per cent;
Snap news
Breaking pre-market news on Friday,
- Independent Banking Commission says options include separating investment and retail banking — statement.
- KNOC declares offer for Dana wholly unconditional – statement.
Statement re: press comment
An entry for the media/corporate smackdown hall of fame.
MELBOURNE, AUSTRALIA — (Marketwire) — 09/15/10 — Ivanhoe Mines Ltd. (TSX: IVN)(NYSE: IVN)(NASDAQ: IVN) -
Editors and journalists are advised that stories published in The Australian newspaper on September 15,
Snap news
Breaking pre-market news on Tuesday,
- Rio Tinto and Chinese partner consider PotashCorp bid — report.
- Xstrata acquires Sphere Minerals for $383m — statement.
- WPP pre-tax profit down 16 per cent to £816m — statement and statement.
A legacy of potash
The ag bull strategy has been fertilised, the M&A is pumped up on nitrogen, the grand game of playing emerging-world food demand is back on.
Watch out for the whiffs of ammonia around the balance sheets though.
Julia’s big day: Mining tax metamorphosis
How relatively little it takes to please miners these days.
A 30 per cent tax on so-called super profits instead of a 40 per cent rate — when there was no suggestion of any ‘super profits’ tax just six months ago.
Snap news
Breaking pre-market news on Friday,
- BHP Billiton, Rio Tinto, Xstrata welcome revised Australia resource tax — statement.
- Sanofi-Aventis eyeing US acquisition worth $20bn — report.
- Chloride accepts 375p cash offer from Emerson — statement.
G’day, Gillard — not
London’s miners were in a fug on the FTSE 100 on Thursday:
And it’s because Australia’s proposed mining super-tax — unlike the prime minister who launched it — appears to be sticking round.
Kevin Rudd resigned on Thursday — but his successor,
Political risk, Aussie rules
Those are the London shares of Rio Tinto, BHP Billiton and Xstrata.
They all shot up despite a negative FTSE 100 at about 1300 UK BST on Wednesday — probably as this flash broke via Reuters:
RTRS-AUSTRALIA PM FACES LEADERSHIP VOTE ON THURSDAY MORNING – SKY TV
The link being: