BHP seeks merger with Anglo American - Bloomberg
BHP Group has made an unsolicited offer for Anglo American, according to a report by Bloomberg.Anglo American received an unsolicited all-share merger proposal on Wednesday. Anglo American acquisition would give BHP copper upside. Anglo American is expected to produce 730–790 kt of copper in 2024 mostly due to operations in Chile and Peru. BHP Group is the world's largest diversified miner with a market cap of about $150 billion.
Freeport-McMoRan beats on copper production, gold output surges
Copper miner Freeport-McMoRan beat Wall Street estimates for first-quarter profit on Tuesday, helped by higher production and easing costs.The mining giant said its quarterly production of copper rose to 1.1 billion pounds from 965 million pounds a year earlier, helped by a 49% jump in output from its Indonesia operations.Freeport-McMoRan said it was working with the Indonesian government, which has put a ban on raw material exports, to obtain approvals to continue shipping copper concentrates and anode slimes. Its current license is set to expire in May.
Sandvik buys majority stake in China-based Suzhou Ahno
Sweden’s Sandvik said on Tuesday it has agreed to buy a majority stake in China-based Suzhou Ahno Precision Cutting Tool Technology.Sandvik, which already owns a 12.4% stake in the company, said in a statement it will through the deal raise its stake to 72.4%, and that the enterprise value for the acquired stake is 189 million euros ($202 million).The impact on Sandvik’s earnings per share, excluding non-cash amortization effects from business combinations, will be positive, it said.
Iron ore price slides to nearly one-week low on subdued Chinese steel market
Iron ore futures prices extended losses for a second straight session on Tuesday to their lowest level in nearly one week on signs of softening in the steel market due to subdued demand in top consumer China.The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade down 1.91% at 849 yuan ($117.17) a metric ton, its lowest since April 17.The benchmark May iron ore on the Singapore Exchange slipped 2.88% to $112.85 a ton, as of 0702 GMT, also the lowest since April 17.