NEW YORK-- Shares of some top gold companies are mixed at 1 p.m.:. Barrick Gold Corp. rose$. 31 or 1.9 percent, to $16.77. Newmont Mining Corp. rose$. 04 or. 2 percent, to $23.32.» Read More
Brazilian mining giant Vale is preparing to make a bid for Anglo-Swiss rival Xstrata in deal that could be worth $90 billion, local newspapers reported on Monday.
European stocks closed mixed Friday after a short rally during the day after better-than-expected consumer confidence data from the U.S. and on the back of talk of consolidation in the mining sector.
Speculation swirled on Friday that BHP Billiton was readying a sweetened offer that includes cash for rival Rio Tinto, driving Rio's shares 4.6 percent higher.
Mining giant Rio Tinto reported record annual output for key commodities Wednesday and said it expects growth to continue through 2008 on strong demand from developing countries like China and India.
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Mining group Anglo American has postponed plans to sell its 3 billion-pound ($5.9 billion) Tarmac road-covering business until turmoil on capital markets eases, Britain's Sunday Telegraph reported.
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Rio Tinto challenged BHP Billiton on Tuesday to make a formal bid to create a mega-mining house or walk away from what could be the second biggest takeover ever.
Xstrata, the world's sixth-biggest mining company, is open to talks with potential suitors, including Vale and Anglo American, the Financial Times said on Tuesday.
France's Lafarge, the world's biggest cement maker, has agreed to buy Egypt's Orascom Cement for 8.8 billion euros ($12.81 billion) to boost its earnings and exposure to high-growth emerging markets.
Private equity firm Blackstone Group on Monday denied speculation that it is planning a counterbid for Rio Tinto with a consortium believed to include China's sovereign wealth fund.
Rio Tinto Chief Executive Tom Albanese said on Friday BHP Billiton's $140 billion takeover proposal to assemble super mining house was now "dead in the water."
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China's Baosteel group has no plan to bid for mining giant Rio Tinto and does not have the financial strength for such a bid, official Chinese media quoted Baosteel chairman Xu Lejiang as saying.
European shares gained 1.7 percent on Wednesday, snapping a two-day losing streak as banks and commodity stocks rose and a series of U.S. data releases soothed some concerns over the outlook for economic growth.
Top China steelmaker Baosteel is weighing a bid to counter BHP Billiton's $125 billion takeover offer for Rio Tinto, Baosteel Chairman Xu Lejiang told a Chinese business newspaper.
BHP Billiton on Monday mapped out its plan for acquiring rival Rio Tinto , promising to hand shareholders $30 billion via a share buyback if the deal goes through, in the hope of drawing Rio's board into talks.
BHP Billiton, the world's biggest mining group, is considering the sale of one of its largest units, BHP Petroleum, to help finance a hostile takeover of Rio Tinto, the UK Sunday Times newspaper said.
Investors seem sure that mining giant BHP Billiton will continue its $149 billion pursuit of Rio Tinto, a combination that would control more than one-third of the world's iron ore sales.
BHP Billiton has made a long-awaited bid approach to Rio Tinto in a move aimed at creating a $350 billion-plus mining giant, but Rio rejected the all-share proposal as too low.