1. Reuters: Russia TNK-BP partners to meet as Dudley is banned
Court decision bans Dudley from doing business in Russia for two years. Dudley is still running–running from the Russians and running BP-TKP from an undisclosed location
2. Bloomberg.com: Vale boosts output goal, plans to double iron, alumina capacity
Vale’s iron ore and alumina output expectations rise as the company hones in on the northern Brazilian state of Para to lead expansions. The diversified mining giant plans to drop $25 billion into Para state investments.
3. The Moscow News Weekly: Novolipetsk Steel to buy John Maneely for $3.5 billion
From pipe dream to reality: Russian steel producer Novolipetsk Steel is set to acquire U.S. pipe manufacturer John Maneely Company (JMC). The deal acquires the U.S. pipe producer from a group of shareholders at a price tag of $3.53 billion. JMC operates 11 plants and will strengthen Novolipestsk’s North American presence.
4. Economic Times: Birlas’ copper mine in Australia commercially unviable
Scoping study finds dud; western Australia’s Maroochydore Copper Project found to be unlikely candidate for further production. The study’s find dampens Aditya Birla Group’s quest for raw material assets. A scoping study is the first checkpoint to determine the validity of a deposit and production capabilities.
5. AFP: Brazil’s Vale opens world’s biggest aluminum refinery
Come one, come all, and see the world’s biggest aluminum refinery. Vale adds a new prize to its mining collection. The new refinery is expected to pump out 7% of global aluminum production with an annual output of 6.26 million tonnes. The refinery is located in Para.
6. Reuters India: ThyssenKrupp, Salzgitter bask in steel boom
German steelmakers ThyssenKrupp and Salzgitter raise steins to celebrate current earnings and raised profit forecast. Both companies reported strong quarterly earnings as demand from developing economies stayed strong. However as steel’s raw materials prices continue to increase, analysts warn the celebration could be short lived.
7. Australian Broadcasting Corporation: Garrett urged to reject NT uranium mine proposal
Anti-nuclear group raising concerns over proposed uranium mine near Ti Tree in central Australia and calls upon the Federal Environmental Minister. The minister has already requested an environmental impact assessment from Arafura Resources before authorization of the mine is granted.
8. International Herald Tribune: Battling BHP and Rio to post record profits
Both BHP and Rio expect half-year profits to bolster their takeover stance arguments. The companies are expected to report record profits on the heels of an industrial commodities boom.
9. Reuters: Cleveland Cliffs and Ohio: Hang on Sloopy
Ohio State Law is putting a set of speed bumps in front of Harbinger steamroller.
An Ohio state statute prohibits any party from acquiring more than 20% of a local company without shareholder approval. The statute is a natural corporate takeover buffer for iron ore company Cleveland Cliffs. Hedge fund Harbinger Capital, which currently owns 15.6% of Cliffs, looks for shareholders’ approval to acquire a larger share.
10. Reuters: Zambia revenue from mining taxes hits record high
Zambia’s budget rallies under new mining tax laws as the revenue jackpot keeps paying out. Mining tax revenue hit an all-time high last month as copper producers brought in $55.38 million. The new laws include a windfall tax of 25%, mineral royalty tax of 3%, and a corporate tax of 30%.
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