Reposted from Bloomberg Business Week
By Jesse Riseborough and Thomas Biesheuvel
A corruption probe into how a group run by Israel’s richest person secured rights to a Guinea iron ore project is set to spark interest from rival companies looking to swoop on one of the world’s most valuable deposits.
Rio Tinto Group (RIO), the second-largest exporter of iron ore, may be interested in regaining the ground it lost in 2008 should licenses held by Beny Steinmetz’s BSG Resources Ltd. and Vale SA be revoked, Liberum Capital Ltd. analyst Richard Knights said. Guinea is seeking a way for Vale to resume work at Simandou, President Alpha Conde said in a Jan. 23 interview.
A joint U.S. Department of Justice and Guinea investigation has led to the arrests of two BSGR executives in the African country and the detention of a French citizen, indicted to stand trial in New York. At stake is untapped ore in the iron-laden mountains of Guinea’s south east with an estimated value of $50 billion. More…
Vale, the Brazilian mining giant, is planning to spend $7 billion on projects in Africa
Reposted from WSJ Market Watch
By Alex MacDonald
Brazilian miner Vale SA plans to invest $7 billion in seven African nations in the coming years with a focus on coal in Mozambique, iron ore and bauxite in Guinea and copper in Zambia, the Democratic Republic of Congo and Angola, said the company’s global head of corporate affairs Wednesday. More…
Jindal Steel is close to a $2 billion iron ore mine purchase in West Africa
Reposted from Bloomberg
By Rajesh Kumar Singh
Jindal Steel & Power Ltd. (JSP), India’s second-biggest steelmaker by value, is approaching an iron ore mine acquisition in West Africa for at least $2 billion as it seeks raw material to feed its factories at home and in Oman.
The investment will secure deposits of at least 1 billion metric tons and include building a transport line, Executive Director Manish Kharbanda said in an interview, without identifying the seller. The New Delhi-based company has looked exhaustively for reserves in Sierra Leone, Ghana, Mauritania, Sudan, Gabon and Liberia, he said. More…
Reposted from Bloomberg Businessweek
The population of Mongolia’s capital, Ulaanbaatar, has doubled in the past two years, giving rise to sprawling shantytowns
By Dexter Roberts
As Mongolia prepares for parliamentary elections on June 28, the resource-rich Central Asian country buzzes with campaign activity. On a sunny afternoon vans festooned with the banners and flags of the Democratic Party and Mongolian People’s Party careen through the potholed streets of Ulaanbaatar, loudspeakers blaring out the candidates’ virtues. Students march through the city center wearing T-shirts bearing the images of those vying for the 76 legislative seats. More…
Reposted from Bloomberg
By Yuriy Humber and Ichiro Suzuki
Mitsui & Co. (8031), holding a record $17 billion in cash, wants to buy mining stakes and expand operations to triple copper output and more than double coal production, easing its reliance on iron ore sales.
The biggest Japanese iron ore supplier is looking to buy 9 million metric tons of annual coal production from Russia, Australia, South America and Africa, Fuminobu Kawashima, head of resources of the Tokyo-based company, said in an interview. Mitsui also wants to add 120,000 tons of copper a year from South America, expecting Chinese demand will expand, he said.
Enlarge image Mitsui Seeks Copper With Record $17 Billion Cash. More…
Reposted from Bloomberg By Yuriy Humber
Nov. 8 (Bloomberg) — Trafigura Beheer BV, the world’s second-largest independent trader of non-ferrous metals, plans to expand in Mongolia to deliver more iron ore, coal and copper to the Chinese market. More…