Panama President sees no immediate risk from First Quantum mine
Jose Raul Mulino said a government report shows there are no immediate environmental or safety risks from Cobre Panama.
Mining M&A is heating up with more takeover rumours, says The Australian, quoting a report from UK-based newspaper The Sunday Times.
The Times reported that BHP Billiton (NYSE: BHP), the world’s largest miner, is close to launching a $1.3 billion bid for Ferrous Resources, a Brazilian iron ore producer controlled by a number of international hedge funds including Philip Falcone’s Harbinger Capital.
According to The Australian, Ferrous is valued at some $3.9 billion, with the company “needing to spend about $5bn developing its Viga mine in Minas Gerais state in Brazil, which would include a 400km slurry pipe to carry the ore to its own port at Presidente Kennedy in nearby Espirito Santo state.”
The report comes just two days after another British newspaper, The Independent, reported that BHP and Anglo American (LON:AAL) could make a joint bid for US coal giant Walter Energy valued at a whopping $6 billion.
Global miners are scrambling for coal assets as metallurgical coal trades at record levels above $330/tonne.
BHP’s interest in Brazilian iron ore has increased recently with a $3.5 billion expansion of the Samarco iron ore pellet plant, which is half-owned by BHP and the other half by Vale SA, the world’s leading iron ore exporter.
