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Anglo American chairperson Stuart Chambers

Anglo snubs BHP’s ‘highly unattractive’ proposal

Published: 26 Apr 24

Diversified miner Anglo American has firmly rebuffed a $38.8-billion proposal from mining heavyweight BHP, with chairperson Stuart Chambers dismissing the nonbinding offer as “highly unattractive”. In a statement released on Friday, Chambers labelled the BHP proposal as opportunistic and lacking in appreciation for Anglo’s prospects.

Bannerman eyes expansion options for Namibia uranium project

Published: 26 Apr 24

As uranium developer Bannerman Resources progresses with its plans for an initial eight-million-tonne-a-year Etango project, in Namibia, it is casting its gaze towards a broader horizon. The company has started to delve into potential expansion options, aiming for a larger-scale operation in the future. The ASX-listed junior recently completed a scoping study that looks at the long-term optionality afforded by the large-scale Etango resource. Executive chairperson Brandon Munro highlighted the study’s findings, emphasising a “clear pathway” towards achieving a production capacity of 6.7-million-pound-a-year.

BHP CEO Mike Henry will reportedly brief investors next week.

BHP shares drop on value concerns after $39bn bid for Anglo American

Published: 26 Apr 24

BHP Group shares fell 4% on Friday a day after revealing a $38.8-billion bid for Anglo American as investors feared a deal could erode BHP's profitability especially if it has to sweeten its offer. BHP said it would offer £25.08 per Anglo share, a premium of 31% from the stock's previous close before the bid was made public on Thursday.

Anglo American does not find BHP $39bn offer attractive

Published: 26 Apr 24

Anglo American's management does not consider a proposed $39-billion takeover offer from BHP Group as attractive, two sources told Reuters, as some investors and analysts dismissed it as opportunistic. BHP on Thursday offered Anglo's shareholders 25.08 pounds ($31.39) per share, or $38.8-billion, a premium of 31% to the market close on Wednesday. It would take over Anglo after a spin-off of two assets.

Miner owned by South America’s richest family mulls bond sale

Published: 26 Apr 24

Copper miner Antofagasta is holding meetings with investors this week for its first dollar bond offering in nearly two years, people familiar with the matter said. CFO Mauricio Ortiz and other executives started meeting money managers Thursday, according to the people, who requested anonymity because the meetings are private. A 10-year dollar note issuance may follow, they added.

Anglo’s stumbles have made it prey for mining’s biggest predator

Published: 26 Apr 24

When former boss Mark Cutifani left Anglo American in mid-April 2022, things had rarely looked better for the century-old miner. Metals prices soared as the world emerged from lockdowns, the company had recently posted its best-ever annual profit and the popular industry veteran was handing over to a trusted lieutenant. Anglo stock hit a record the same day. Two years later, the company’s reputation is in tatters after a series of missteps sent its value plunging by half. And now industry heavyweight BHP Group is moving in.

Zhaojin Mining ups stake in takeover target Tietto Minerals

Published: 26 Apr 24

China's Zhaojin Mining Industry has increased its voting power in Tietto Minerals, an exchange filing from the Australian gold miner showed on Friday. Zhaojin Capital, a unit of Zhaojin Mining, has raised its voting power in Tietto to 23.22% from 16.24%, the filing showed.

An image of the TruScan system scanning material

Scanner finds copper-rich mineralisation

Published: 26 Apr 24

Mining technology provider Veracio’s TruScan core scanning system has facilitated the generation of geological insights instrumental to discovering diversified explorer and developer Foran Mining’s Bridge target zone, which is adjacent to Foran’s McIlvenna Bay copper development project, in the Province of Saskatchewan in Canada. Since its partnership in 2022 with Veracio, Foran has deployed the TruScan system onsite as part of its ongoing exploration at its flagship McIlvenna Bay project to better understand the intricate geological complexities of the existing resource and the Tesla discovery, explains Foran exploration VP Erin Carswell.

Reflux flotation cell in an industrial coal application

Testing backlog as global interest in new flotation tech grows

Published: 26 Apr 24

Global interest in and the uptake of the new REFLUX Flotation Cell (RFC) from full flowsheet technology and service supplier FLSmidth has been gaining considerable momentum. As a result of this significant interest, the company is experiencing a backlog in paid-for test programmes at its Salt Lake City facility, in the US, FLSmidth global product director REFLUX technologies Lance Christodoulou tells Mining Weekly. “We've got customers that are prepared to proceed with the purchase of full-scale equipment to trial in Europe, following the results achieved during lab testing. We are yards ahead in the commercialisation phase compared with where we were when we started two years ago.”