The sky is falling! The sky is falling! Buy, buy, buy.
I am looking at the doom and gloom in the marketplace and I think about how in some cases people overreact to bad news. I am going to stay away from the stupid pricing in mortgage bonds and focus on Vale, a.k.a. CVRD. Vale owns [...]
PR-Insider.com: Cleveland-Cliffs updates 2008 iron ore revenue-per-ton guidance; provides commentary on 2009 North American iron ore pricing
Reuters: Cleveland-Cliffs buys out minority holder in Minnesota
What is 30% of 5.2 million tonnes of U.S. pellet production worth? Apparently a whole lot of money. Let’s break down the math. Cleveland-Cliffs bought 30% of United Taconite from Laiwu for [...]
Sinosteel gets control, but likely to have company at Midwest
Okay, they have more than 50%, but they are probably not going to get 100%, and that sort of makes their life hard. They are going to be stuck in never-never land like Portman. They’re going to have shareholders whom they are going to have to [...]
Forbes.com: EU extends deadline for inquiry into BHP Billiton’s buy of Rio Tinto to December 9
The EU wisely said, “Wait a second, do we really want a really, really large mining company?” and now is going to spend more time taking apart the BHP-Rio Tinto merger. On the back of this, expect the EU to [...]
The Australian: Treasurer slams gate on Chinese raids
This article asks the most basic of questions, “The question here is, is it in Australia’s national interest for a buyer of our resources to control our resource-producing companies?”
That’s not a bad question to ask, and it’s one that is going to shape the debate on how much [...]
Not much news here, but if it is true, BHP matched Rio Tinto’s price for 2008. Not a huge surprise.
Bloomberg.com: BHP will agree iron ore price in line with Rio Tinto, Financial Times says
Bloomberg.com: ArcelorMittal says Rio Tinto’s IOC unit would be `natural fit’
Dear EU antitrust commission and Santa,
Rio and BHP are going to be very bad this year; you must punish them. So to keep it short, all I want this year is a railroad and a mine, in particular the Iron Ore Company of Canada. [...]
Telegraph.co.uk: Anglo American to pore over BHP and Rio’s iron ore assets
What makes Anglo or Xstrata think they can outbid the Chinese for decent iron ore assets? If this merger happens on the condition that Rio Tinto is broken up to a degree, we will see what the value of a set of grade A [...]
