Agnico Eagle expands stake in First Nordic to 13%
First Nordic is finalizing its acquisition of the Oijärvi gold project in Finland.
era.jpg
According to a report in the Wall Street Journal, Caterpillar has reached an agreement to buy Chinese coal equipment company, ERA Mining Machinery, for $887 million, giving it greater exposure to the potential opportunities in the modernisation of China’s coal mines. Caterpillar’s offer represents a 33% premium to ERA’s stock price in Hong Kong before trading was halted in expectation of a takeover announcement. ERA primarily makes hydraulic roof supports for underground mines and is the third-largest maker of roof supports in China based on sales. For the six months ended June 30 2011, ERA recorded sales of $101.3 million, up 86% from the previous year. The supports are made by ERA subsidiary Zhengzhou Siwei Mechanical and Electrical Equipment Manufacturing. (more…)
