. Earth Science News .




.
TRADE WARS
Purchase expands China's Africa mine holdings
by Staff Writers
Hong Kong (AFP) Feb 17, 2012


The Hong Kong-listed unit of China's state-owned China Minmetals Group said Friday it had taken control of copper miner Anvil Mining Ltd., expanding its footprint in Africa.

Minmetals Resources Ltd.'s purchase of more than 90 percent of Anvil shares at C$8 each ($7.7) is a key development in the Chinese company's growth strategy, chief executive officer Andrew Michelmore said in a statement.

"Anvil is the first step in the expansion of MMR's global footprint," he said.

"This acquisition will add a pure copper play to our already diversified portfolio of base metals assets, and propel us further along our growth trajectory."

The move highlights the willingness of Chinese firms to invest in risky regions as China seeks further resources to fuel its rapid economic growth.

Anvil's Kinsevere mine in the Democratic Republic of Congo produced more than 16,000 tonnes of copper in concentrates in 2010, and has targeted a quadrupling of output.

The purchase of Anvil will add considerably to Minmetals's copper portfolio, boosting reserves of the metal by about 75 percent and annual production by some 60,000 tonnes, executives said earlier.

Michelmore said Minmetals would exercise its right to compulsorily acquire the outstanding stock and delist Anvil from the Toronto and Australian exchanges.

Anvil announced that at Minmetals' request all of its board members had resigned except for Darryll Castle. Michelmore had been appointed executive director and chief executive officer.

Minmetals is a major producer of zinc, and also mines copper, lead, gold and silver with operations in Australia, Laos, Africa, Asia and North America.

China has deepened links with resource-rich African nations over recent years as it looks to secure key commodities to feed its breakneck growth.

Related Links
Global Trade News




.
.
Get Our Free Newsletters Via Email
...
Buy Advertising Editorial Enquiries






.

. Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle



TRADE WARS
China's Xi in Los Angeles for trade talks
Los Angeles (AFP) Feb 16, 2012
China's leader-in-waiting Xi Jinping arrived in Los Angeles on Thursday for a 36-hour visit including talks on boosting trade and investment, and maybe an NBA game featuring the LA Lakers. Flying in from Iowa, which he visited after making the rounds in Washington, Vice President Xi was expected to announce a deal with a major film studio during his stay in the Los Angeles area, due to end F ... read more


TRADE WARS
Japan to host global meeting on nuclear safety

Fukushima weighs heavy at Berlin film showcase

Fukushima faces increased quake risk - study

Japan's Fukushima reactor may be reheating: operator

TRADE WARS
Chinese firm in iPad row threatens to sue Apple in US

Apple brings iPad features to the Mac

US iPad owners tend to be older, have money

Malaysian court asked to stop rare earths plant

TRADE WARS
More water shortages for China?

Serious water shortage hits Luanda

Reform of EU fishing quotas urged

Engage China in water dialogue: Experts

TRADE WARS
Fish of Antarctica threatened by climate change

Despite Nobel tiff, Oslo backs China Arctic Council entry

NASA Mission Takes Stock of Earth's Melting Land Ice

CU-Boulder study shows global glaciers, ice caps, shedding billions of tons of mass annually

TRADE WARS
Organic foods may be an unsuspected source of dietary arsenic

Prions play powerful role in the survival and evolution of wild yeast strains

Study simulates effects of foot-and-mouth disease outbreak in Mexico

AgriLife research study shows temperatures may change disease resistance in wheat

TRADE WARS
Aftershocks put N. Zealand quake city rebuild on hold

Fukushima at increased earthquake risk

Millions of flood victims still at risk in Pakistan

Quake hits eastern Japan: nuclear plant stable

TRADE WARS
Soldier killed in fresh clashes in southern Senegal

Sudanese air strike hits S Sudan, breaking pact: army

Nigeria army kills 12 suspected Islamists in flashpoint city

Inter-ethnic fighting displaces 40,000 in Kenya

TRADE WARS
Digital technologies reversing extinction of languages

Neanderthal demise due to many influences, including cultural changes

Why the brain is more reluctant to function as we age

Cutting-edge MRI techniques for studying communication within the brain


Memory Foam Mattress Review

Newsletters :: SpaceDaily Express :: SpaceWar Express :: TerraDaily Express :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

.

The content herein, unless otherwise known to be public domain, are Copyright 1995-2012 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement