Consulting firm says the top 40 global mining firms earned a record profit of $133 billion last year driven mainly by iron ore, however their market capitalization fell by 25%.
At the moment the draft legislation requires mining companies to disclose on a project-by-project basis what they pay local officials in foreign countries.
Canada topped the global mining and metals sector as the number one target destination by total deal value in the first three months of this year, says international firm Ernst & Young.
The first Canadian mid-market chief financial officer (CFO) survey published today by GE Capital, shows that local metals and mining companies are extremely positive about the current state of the industry, but less optimistic about the state of the world economy.
China is looking to allocate a value-added tax (VAT) permit to all rare earth companies in a desperate effort to curb resource plundering, dangerous artisanal mining and widespread pollution, as well as collecting revenue.
Junior miner Matamec Explorations, currently developing the Kipawa rare earths project in western Quebec, Canada, said on Monday it had started a pilot plant to enable the continuous processing of ore samples.
Under the terms of the deal Neo Material stockholders had the option to either receive cash or shares in Molycorp, but so many chose the former option that it exceeded the maximum cash amount that could be paid out to them.
In all $265 million will be doled out to senior management at Xstrata to stop them from jumping ship after a merger with Glencore. The two companies are also paying $200 million to their advisers to push the deal through.