Brazilian gold miner Jaguar (NYSE:JAG), which last month became the subject of takeover rumours, fell more than 10% on Wednesday, after the sudden resignation of its CEO and president Daniel Titcomb.
A Chilean civil court told Japanese Mitsubishi today that it has three working days to respond to the lawsuit filed by Codelco in the context of the conflict with Anglo American.
Codelco's legal action seeks to annul the $5.39 billion deal between Anglo and Mitsubishi, after the Japanese company sold its 24.5 percent stake in Anglo American Plc’s Sur unit.
Quadra FNX Mining (TSE:QUX) is up a whopping 39% today on news of a multi-billion-dollar takeout bid. The Canadian base metals producer with offices in Toronto and Vancouver said it has agreed to have all its outstanding shares and warrants acquired by KGHM Polska Miedź S.A. (KGHM) for $3.5 billion. Quadra FNX has operating mines in Ontario, Arizona, Nevada and Chile, where the company is also developing the Sierra Gorda copper-molybdenum mine. The project is a joint venture between Quadra FNX and Japanese metals producer Sumitomo Mining.
U3O8 Corp. (TSX VENTURE:UWE), a Canadian-based company focused on exploration and resource expansion of uranium and green commodities in South America, has signed a letter of intent with U3O8 Limited ("UTO"), an Australian uranium exploration company, to form a joint venture to explore U3O8 Corp's Sierra Cuadrada Project in Chubut Province, Argentina
The Vale Beijing, the globe's largest bulk carrier, is disabled in a Brazilian port and shipping agents tell Reuters the vessel had ruptured its hull. If the $110 million vessel should sink it could also turn out the be the final nail in the coffin of Vale's disastrous strategy to tighten its grip on the world's annual 1 billion tonnes sea-borne iron-ore trade. China, the world's number one market for the steelmaking ingredient to where Vale ships about 45% of its output, turned away another carrier in the fleet earlier this year.
Ecuador is not a top-of-mind country when it comes to mining, but that could change as the government signals a shift in direction towards the minerals sector, the Globe and Mail is reporting. The Globe reports that the leftist government of Rafael Correa plans to invest $3 billion in the next two and a half years in order to reduce the country's dependence on oil exports.
Chile's state copper giant Codelco plans to invest over US$4 billions next year to speed up the development and construction work at several new mining projects, including Ministro Hales Mine (former Mansa) in the North of the country and the expansion of El Teniente, in the South.
Meanwhile, global miner Anglo American's CEO Cynthia Carroll is allegedly under pressure to resolve the ongoing dispute with Codelco as soon as possible or shareholders will demand changes at the top, the Financial Times reports today.
Reuters reports Peruvian President Ollanta Humala declared a state of emergency late on Sunday banning assembly and giving police special powers of arrest to quell protests against Newmont Mining's Conga gold mine that have caused havoc across the region of Cajamarca for 11 days.
Speaking in an interview with MiningWeekly, CEO Mark Bristow said he expected deal making in the junior gold space to continue, as funding sources dry up.