Fearing a backlash by foreign investors in the mining sector – the foundation of the country's economy – Mongolian legislators on Tuesday watered down many of the provisions of draft legislation that gives the state greater control and ownership of mining projects.
With huge investments in Peruvian copper, Chinalco Mining, a division of the giant Aluminum Corp of China, follows another Chinese state-owned miner to the Hong Kong market to raise money.
Canadian miner giant Teck Resources Ltd. (NYSE:TCK, TSX:TCK.B) is interested in entering the iron ore industry and would seek to acquire a producing asset rather than develop a mining project, chief executive Don Lindsay told Bloomberg yesterday at the Canada Economic Summit, in Toronto.
Swiss commodities trader Glencore International PLC (LON:GLEN) painted a rosy outlook for the worldwide demand for raw materials this year, as China and the U.S. help offset the impact of the slump in Europe.
While 2011 was a near-record year for mining mergers and acquisitions (M&A), with over 2,600 deals worth $149 billion in the global mining sector, 2012 is not looking so good, at least not for Canada. The value of mining M&A tumbled 50% in the first quarter compared to the prior three months, with only one deal over $1 billion, said KPMG in a report.
Hecla's Q1 net income was off 71% to $12.4 million due to a production suspension at Lucky Friday Mine, increased exploration expenses and other one-time charges.
Roman Copper Corp. is suing the Romanian government after the country backed out of a deal to sell its largest state-owned copper mine, Cupru Min Abrud.
