The $2.5 billion deal saw European Goldfields add 6.4% in afternoon trade on Tuesday while Eldorado gained 6% to bring their combined market value to $10 billion.
In unveiling Canada’s British Columbia’s job-creation strategy last September, the Premier Christy Clark said the government planed to capitalize on high demand for minerals, especially in Asia, by opening up eight new mines in the next four years and expanding nine more by 2015.
In what is being regarded as the first major African mining play by a Chinese company, China Minmetals succeeded Friday in closing its $1.3 billion bid for copper miner Anvil Mining.
Wild price swings caused by a volatile rupee sapped Indian buying interest in gold in the fourth quarter of 2011, with imports well short of expectations and no pick up expected this year, dropping it behind China for the first time.
Vale is the world's largest producer of iron ore and a top nickel miner, reported a quarterly net profit of $4.67 billion, compared to $5.9 billion in the same quarter last year.
Although some Asian firms have found creative ways of doing business with Iran, European iron ore traders and shipping companies are shying away completely from transacting with the country as US-led sanctions start to have an impact.
Gordon G. Chang, gloomy prognosticator on China, digs into trade numbers on copper and believes the Chinese are buying copper to gussy up their trade deficit numbers, rather than having a real need for the metal.