Short news minerals
November 8, 2012 Category Automotive Metals & Minerals, Short news minerals
- Australian iron ore miner Sundance Resources is optimistic it will be able to conclude a sale of the company to China’s Hanlong Group in a USD1.4 billion deal that has dragged on for a year, Sundance Chairman George Jones said.
- The number of China-led mining merger and acquisition deals nearly doubled in the first half of 2012, according to PricewaterhouseCoopers (PwC). China accounted for 13% of all the mining M&A deals completed in the first half of the year, against 7% in the same period last year. Globally, the PwC report showed mining M&A volume fell more than 30% to 940 transactions in the first half of 2012, due to the global economic recession and a drop in commodity prices. Among all mining categories, gold dominated M&A transactions in the first half.
- Cnrun Investment Holdings Co has become the largest shareholder of Vatukoula Gold Mines after buying GBP6.6 million worth of Vatukoula’s shares. Cnrun is a fully owned subsidiary of Chinese real estate investor Zhongrun Resource Investment Corp. This is the latest move in Zhongrun’s transformation into a major mining and resources investor, as its real estate investments are hit by China’s property control policies. The investment will be used to improve Vatukoula Gold’s underground mining system. The improvements are expected to boost the company’s annual gold production from 1.7 tons to 3.1 tons.
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