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Reuters

Moody's sees Glencore paying up to $6bn in possible Bunge deal

27th May 2017 Miner and trader Glencore may pay up to $6-billion in cash in a possible tie-up with US grains trader Bunge based on current valuations, Moody's ratings agency said on Friday, but said it did not expect an outright acquisition. Glencore said this week it had made an informal approach to discuss... 

Codelco's Q1 output falls, but higher copper price boosts profits

26th May 2017 Chile's state-run Codelco said on Friday that its copper output in the first quarter slid 11% from a year ago, as ore grades decline at its ageing mines, but an incipient recovery in copper prices boosted its profits. Codelco, the world No 2 copper miner, said output in the three months to... 

Uganda, Tanzania sign deal for world's longest heated pipeline

26th May 2017 Uganda and Tanzania signed a framework agreement on their proposed $3.55-billion crude export pipeline on Friday, a key milestone for the project, which is expected to start pumping Ugandan oil to international markets in three years. An official at Uganda's Ministry of Energy told Reuters the... 

ArcelorMittal consortium wins bid to buy Italy's Ilva steel plant – source

26th May 2017 ArcelorMittal and steel processor Marcegaglia have won a bid to buy troubled Italian steel plant Ilva, a source with knowledge of the matter said on Friday. The world's top steelmaker and its Italian partner offered just under €2-billion ($2.24-billion) for the loss-making plant, Europe's biggest... 

Adani must pay royalties on Carmichael mine, Queensland says

26th May 2017 India’s Adani Group will be required to pay full royalties on its $16.5-billion Carmichael coal project in Australia’s Queensland, according to the state’s premier. The Carmichael mine “will pay every cent of royalties in full” under a new policy unanimously agreed to by the state’s cabinet for... 

Kazakhstan to produce nuclear fuel for China

26th May 2017 Kazakhstan, the world's biggest uranium producer, will start producing nuclear fuel for Chinese power plants in 2019 through a joint venture set up by the two countries, a senior official at the Ulba Metallurgical Plant told Reuters. The joint venture, Ulba-FA, is now building on land at the Ulba... 

Russian State fund could invest in miner Polyus with China's Fosun – source

26th May 2017 The State-backed Russian Direct Investment Fund (RDIF) and China's Fosun International could announce an investment in Russia's top gold producer Polyus in early June, a source familiar with the talks told Reuters. A consortium led by Fosun, one of China's most acquisitive conglomerates, has... 

Zuma says not opposed to inquiry into corruption allegations

26th May 2017 South Africa's President Jacob Zuma said on Friday he was not opposed to setting up a commission of inquiry into corruption into his government after anti-graft report alleged he was influenced by the wealthy Gupta family in making government appointments. The former Public Protector, a... 

Arconic shareholders elect three Elliott nominees to board

26th May 2017 Specialty metals producer Arconic Inc said its shareholders had elected three of Elliott Management Corp's nominees to its board of directors, based on a preliminary vote count following the company's annual meeting on Thursday. Elliott, a New York hedge fund run by billionaire Paul Singer,... 

Chilean copper miner Codelco preparing local bond issue – agency

26th May 2017 Chile's state-run Codelco, one of the world's biggest copper producers, is readying a domestic bond issue that will allow it to refinance its debt and fund investments, a local ratings agency said on Thursday. Codelco was in the process of registering a new debt issue worth some $1.6-billion,... 

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