Peru's Prime Minister said on Tuesday Newmont Mining’s stalled Conga project will be developed as the government could end up with a "huge" compensation payment if the $4.8 billion mine does not go ahead.
World number two miner Rio Tinto has taken a majority stake in Ivanhoe Mines, its partner on the massive Oyu Tolgoi project in Mongolia, purchasing a 51% interest. A favourite stock of punters, Ivanhoe surrendered 4% in Toronto on Tuesday.
A new survey out Tuesday shows South Africa’s appeal for mining investment has declined dramatically since 2006 and the country now ranks a lowly 67th out of 79 countries in the study.
Bloomberg reports that Ivanplats Ltd., an Africa-focused mining company controlled by billionaire CEO Robert Friedland, may seek up to $1 billion in an IPO.
Freeport-McMoRan (NYSE:FCX), which operates the world's largest gold and copper mine in Papua, Indonesia, said that its 4Q net income tumbled to $640 million or 67 cents per share compared with net income of $1.5 billion or $1.63 per share a year ago.
The Globe & Mail reports Ivanhoe Mines, building Mongolia’s Oyu Tolgoi, will scrap a controversial “poison pill” that clears the way for Rio Tinto, which already owns 49% of the Vancouver-based company, to do a complete takeover. The shareholder provision would have triggered an automatic rights offer estimated at $73 billion.
