“Vallar, the cash shell founded by financier Nat Rothschild, is paying $3bn to create a mining company that will see Indonesia’s powerful Bakrie family debut with a London listing for their interests.
A new company bundling together the assets of two Indonesian groups and the shares of Vallar will be listed in London as Bumi Plc. Shares in Vallar, which raised £700m ($1.1bn) in a public flotation in July, will be suspended.”
Source: Financial Times, November 16 2010
“Walter Energy Inc. is in talks to buy Canadian rival Western Coal Corp. for $3.24 billion to form a steelmaking-coal giant, the latest in a string of deals in the commodity sector as mining companies race to corner reserves ahead of rivals.
If the deal goes through, the combined company would have more than 20 million tons of annual coal-production capacity by the end of 2013 and would be the world’s largest publicly traded ‘pure-play’ metallurgical coal producer…
Massey Energy Co. is exploring a takeover offer from Alpha Natural Resources Inc., the biggest U.S. metallurgical coal producer. Global steelmaker ArcelorMittal is also interested in Massey.”
Source: Wall Street Journal, November 19 2010
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©2010 | Wilfred Visser | thebusinessofmining.com
