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Bloomberg

Hitachi to acquire ABB's power grids unit valued at $11bn

17th December 2018 Hitachi agreed to buy ABB’s power grids division in a deal that values the entire business at $11-billion, a plan that’s aimed at turning the Japanese conglomerate into a top global provider of equipment for electricity networks. ABB will return proceeds of $7.6-billion to $7.8-billion through... 

Zambia threatens to expel foreign workers over mine job cuts

17th December 2018 Zambia threatened to cancel work permits for some foreign workers at mines that it accuses of announcing job cuts to "arm-twist" the government over proposed tax changes. “They downsize the local workers, we also send back some of the foreign workers. And we decide who to send back,” Home... 

Bulls lining up for gold means now may be a good time for silver

14th December 2018 The recent bounce in gold has so far happened without a similar move in silver. That might be about to change, according to Saxo Bank A/S. Ole Hansen, head of commodity strategy at Saxo Bank, tracks the ratio of gold to silver and said the recent moves point in favor of higher silver prices. 

Miners find chicken-egg sized diamond in Canada's frozen north

14th December 2018 The biggest diamond ever found in North America has been unearthed by Dominion Diamond Mines and Rio Tinto Group at a mine in Canada’s frozen north. The 552 ct yellow gem was found at the Diavik mine in the Northwest Territories, and is almost three times the size of the next largest stone ever... 

Nigeria's first gold refinery scheduled to be ready next year

14th December 2018 Nigeria’s first gold refinery, located in the southwestern state of Ogun, is scheduled to be completed by the end of June, according to Kian Smith Trade & Co, the local company developing it. The refinery will initially be able to produce 3 metric tons of gold each month, and 1 t of silver, Kian... 

Paulson wins control of Detour board in key shareholder vote

14th December 2018 Paulson & Co has convinced shareholders of Detour Gold to overthrow the bulk of the Canadian miner’s board of directors, including its interim CEO, ending a nasty six-month proxy battle. Five of the Paulson-backed nominees were chosen, while Detour chairman Alex Morrison and interim CEO Michael... 

Activist is said to plan to push for board overhaul at Hudbay

13th December 2018 One of the largest investors in Hudbay Minerals plans to nominate a majority slate of directors at the company’s annual general meeting and propose a new CEO to improve performance. Waterton Global Resource Management, which owns 10% of Hudbay Minerals, met chairman Alan Hibben and director... 

Vale bolsters case for takeover of BHP JV with acquisition

13th December 2018 Vale’s latest acquisition bolsters the argument it has raised for taking complete control of the shuttered Brazilian iron-ore mine that it owns with BHP Group. Vale announced on Tuesday the purchase of technology firm New Steel for $500-million as it aims to boost output of high-grade iron-ore... 

BHP's $20bn Canadian potash dilemma: To build or not?

13th December 2018 BHP Group may be heading for another clash with investors as the world’s biggest miner gets closer to a decision on whether to build, sell or mothball its $20-billion potash project. The Jansen mine in Canada is aimed at giving the company exposure to rising global food demand and represents... 

Barrick Gold is said to move closer to resolving Acacia dispute

13th December 2018 Barrick Gold Corp has reached an agreement with the Tanzanian government on a $300-million payment, a milestone toward resolving a dispute that has crippled the miner’s subsidiary in the African country, according to people familiar with the situation. Executives from the Toronto-based producer... 

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