Sumitomo’s move comes as Japanese trading companies have been grabbing assets and increasing their stakes on a few of them thanks higher commodities prices, which have boosted their profits.
Mitsubishi Mining News
Anglo will sell a 21.9% stake in its Peruvian copper project to Mitsubishi, increasing the Japanese firm’s stake in the venture to 40%.
The boardroom shake-up comes a few days after fresh cases of misconduct at its Naoshima copper smelter and refinery in western Japan was found.
Sale is part of Rio’s planned exit from Australian coal to focus on iron ore, copper and aluminum.
Former rival bidder Glencore will subscribe to $300 million worth of the rights offer.
The approval ends a three-week bidding war between Yancoal and Glencore over Rio's thermal coal assets in Australia.
The company has chosen to sell its Hunter Valley coal mines to China-backed Yancoal, but shareholders will decide.
Fresh bid is far better than the $2.55bn it offered earlier this month and considerably more than the $2.45bn offered by Yancoal, the Chinese-backed miner that is Rio’s preferred buyer.
The acquisition would make of Yancoal Australia’s largest pure-play coal producer.
Chinese-owned Yancoal has signalled it may raise its bid for Rio Tinto's Hunter Valley coal assets, after striking the agreement with Mitsubishi to buy its stakes in the same mines.
Company wants to become Australia’s largest independent coal producer.
The news comes on the heels of a report showing that less than half of existing copper projects are really needed to meet current demand.
Companies said over-staffing in the current environment was threatening the viability of their Australian operations.
Reassures companies at BHP and Mitsubishi's coal mine opening.
Australian Carbine Tungsten Limited (ASX: CNQ) has signed a bulk product shipment sales contract with Mitsubishi Unimetals Corporation Ltd (MCU).
Chile's state-owned mining company Codelco, the world's largest copper producer London-based Anglo American (LSE: AAL) should try reaching a negotiated solution to the ongoing dispute about Codelco’s stake in Anglo’s Sur unit, said British ambassador to Chile, Jon Benjamin.
A Chilean civil court told Japanese Mitsubishi today that it has three working days to respond to the lawsuit filed by Codelco in the context of the conflict with Anglo American. Codelco's legal action seeks to annul the $5.39 billion deal between Anglo and Mitsubishi, after the Japanese company sold its 24.5 percent stake in Anglo American Plc’s Sur unit.