Rio Tinto says climbing costs, resource nationalism once again big threats

Institutional shareholders in Riversdale Mining are moving toward backing global miner Rio Tinto's sweetened A$3.9 billion takeover offer for the Mozambique-focused coal miner, Riversdale's chief executive said on Thursday. Rio Tinto raised its offer to A$16.50 a share on Thursday in a final bid to woo key shareholders who have held up the deal, and extended the offer for a third time, to April 1.

Riversdale Mining head Steve Mallyon has backed Rio Tinto's increased offer for the coal company, warning investors there was no hint of a competing bid, The Wall Street Journal reported. The global giant today said it would increase its offer to $16.50 a share from $16 a share, if it gained more than a 50 per cent interest in the Mozambique-focussed company by March 23. Rio said it would not increase its offer beyond that point unless there was a competing proposal.

Equinox Minerals would consider selling some of Lundin Mining's assets in order to clear off debt, the company's CEO said in a conference call to analysts on Thursday. Equinox has bid CAD$4.8 billion in a challenge to Inmet Mining's friendly merger with Lundin, but needs a $3.2 billion bridge loan, according to the story by Bloomberg. “We would consider asset sales in the context of non-core, non-copper assets,” Craig Williams, chief executive of the Perth-based company, said today. Equinox may sell Lundin’s Zinkgruvan zinc mine in Sweden, he said.

Northern Star Resources (ASX:  NST) said the resource inventory at its Paulsens Gold Mine in Western Australia has increased to 226,000 ounces while […]

Laconia Resources, a Perth-based exploration company, purchased Jabiru Metals Limited (ASX: JML) equity in the Lennons Find Base Metal project in the Pilbara region of Western Australia. Laconia made the announcement on Wednesday in a statement. Laconia also agreed to purchase Shaw River Resources (ASX: SRR) 100% interest in the nearby Yandicoogina project, located less than 10km along strike from the Lennons Find project.

Chinese companies wanting to invest in Australian resource firms have reassessed how they approach deals, and tensions over the last few years have evaporated, Australian Resources Minister Martin Ferguson said on Wednesday.

The cyclone fuelled batterings this year of key Australian energy and mining operations should trigger a complete rethink on force majeure provisions, according to a senior resources lawyer. The caution comes as many of the country’s largest and mid-tier oil, gas and minerals producers, and owners of related export infrastructure, count the emerging full cost, liability and contractual exposure from operations shut down temporarily or permanently amid the massive floods, rain and storm damage that have swept Australia since New Year’s Day.

New York Times says that Malaysia is placing a big bet on rare earth metals: As many as 2,500 construction workers will […]

Uranium One, the world’s largest publicly-traded uranium producer, reported on Tuesday a net loss of $142.8 million in the fourth quarter. In 2009 the company reported positive earnings of $179.8 million for the same period. The loss was attributable to a one-time charges. The company said that the carrying value of the Honeymoon Uranium Project was written down by $113.5  million due to the strengthening of the Australian dollar and increased capital expenditures.