Noranda makes hostile bid for Rio

Article Abstract:

Noranda Inc. has launched a hostile $1.5-billion takeover bid for Rio Algom Ltd, a copper miner. If its bid succeeds, Noranda has agreed to sell a 50% stake in Rio Algom's assets to Corporacion Nacional de Cobre (Codelco) (Chile). The takeover of Rio Algom would increase Noranda's exposure to the world's copper markets and solidify Codelco's position as the world's dominant copper producer. Noranda and Codelco would jointly manage the Rio Algom assets. Noranda claims that the takeover for Rio Algom is conditional on it acquiring a 66.6% interest, which would allow it to legally go ahead and acquire the remaining shares. In addition to getting a part of Rio Algom's assets, the deal would help forge an important partnership with Codelco. The fast growth in Rio Algom's copper production would help Noranda double its annual production to 500,000 tons a year by 2005 from its current 250,000.

Copper Mines, Copper Ore and Nickel Ore Mining, Copper ores, Copper mining, Copper industry, Rio Algom Ltd., ROM

---

Noranda to study development of rich new mine

Article Abstract:

Toronto, Ont.-based Noranda Inc. will begin exploration of its Matagami zinc mine. The mine, which containes an estimated 5 million tons of zinc and copper, will complete the mine study by early 2001.

Natural resources, Lead and zinc ores, Lead Ore and Zinc Ore Mining, Zinc Mines, Planning, Zinc industry, Zinc mining

---

Barrick grabs Homestake

Article Abstract:

In a $2.2 billion deal, Barrick Gold Corp. will merge with Homestake Mining Co.

United States, Gold Mines, Gold Ore Mining, Gold ores, Mergers, acquisitions and divestments, Gold industry, Gold mining, Barrick Gold Corp., Homestake Mining Co., HM

Similar abstracts:

• Abstracts: Team mates? Besieged in Barcelona. Emancipating the serves
• Abstracts: Thomson, Reed win bid for Harcourt. Power lands big European TV stake. Bid for Thomson papers too 'dodgy,' Black says
• Abstracts: Ventra reorganizes operations. Proprietary bids for Ventra Group. Proprietary's Ventra bid falls in value
• Abstracts: Canada, U.S. strile timber-cutting fee deal. U.S. adds to Canadian trade targets. U.S. military deal still elusive

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.