Short news minerals
May 2, 2013 Category Automotive Metals & Minerals, Short news minerals
- Anonymous Analytics has accused Chinese coal-mining equipment maker International Mining Machinery (IMM) of committing fraud by claiming a customer base Anonymous Analytics describes as bogus. IMM was delisted in Hong Kong in June last year after it was acquired for USD1.4 billion by Joy Global. Most of IMM’s biggest customers appear to be shell entities set up to transact with it on paper, or related parties owned by IMM employees, Anonymous Analytics alleged.
- En+ Group is to start a feasibility study for a project in Siberia it is jointly developing with Shenhua Group to produce millions of tons of coal for delivery to China. The two companies will invest USD2 billion on coal mining, build basic transport infrastructure, develop or improve port facilities in the Far East region and handle the transport and sale of coal. Rusal, the world’s largest aluminum producer and a subsidiary of En+, also signed a memorandum with Aluminum Corp of China to jointly work on technology innovation, mining resources development and investment.
- Chinese companies attempted USD107 billion worth of mining takeovers over the past five years, with about USD45 billion, or 42% by value, of deals ending in failure.
- African Minerals, the Sierra Leone iron ore producer that got a USD1.5 billion investment from a Chinese steel mill last year, may seek debt funding from China for a mine expansion scheduled for 2016. African Minerals began shipments from the Tonkolili mine in November 2011 and said it expects to reach its targeted production rate of 20 million metric tons annually this quarter.
- A Puda Coal investor sued a unit of Citic Group Corp, claiming it conspired with Puda’s Chairman to transfer control of the company’s most important asset to insiders, leaving Puda an empty shell company without operations or revenue. After transferring the company, Shanxi Puda Coal Group Co, Puda sold shares to investors who lost hundreds of millions of dollars when this became public, the investor, Thomas Tarsavage, said in a complaint filed in Manhattan Federal Court.
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