BHP Billiton in talks over Indian mine deal

BHP Billiton in talks over Indian mine deal

Sunday, August 19th 2007

The Australian reported that BHP Billiton is in talks to take up a 25% stake in a A$615million (US$733million) bauxite mine and alumina refinery in India`s eastern Orissa province. The deal would be BHP Billiton`s first project in India.

It also reported that Zinifex Ltd and its Belgian partner Umicore Group are believed to have appointed Deutsche Bank, Goldman Sachs and UBS as joint lead managers of the planned A$5 billion European float of the Nyrstar smelting business.

The Australian Financial Review reported that the Lumwana venture in Zambia, operated by Equinox Minerals Ltd, has had its A$584 million (US$696 million) project finance debt facility finalised.

It also reported that Europe`s biggest copper refiner, Hamburg-based Norddeutsche Affinerie, reported a 44% rise in third-quarter profit on the back of increased production.

The Wall Street Journal reported that Vedanta Alumina Ltd`s plan to mine bauxite in a tribal forest will be the subject of a case to be heard on Friday in the Indian Supreme Court.

The Xinhua News Agency, in China, reported a coal mine accident in China where a mine shaft at a state-owned facility in east Jiangxi Province was flooded on Thursday, trapping 14 miners. The miners were working underground at the Zhayi colliery near Fengcheng city when the flooding occurred.

Business World, in South Africa, reported that Geograce Resources Philippines Inc signed an operating and development agreement with CDO International Metal Corp allowing it to operate CDO`s mining properties in Opol, Misamis Oriental covering 19 blocks or 1,549 hectares and in a 324-ha property in Manticao, also in Misamis Oriental.

The Globe and Mail, in Canada, reported that zinc producer HudBay Minerals Inc says higher operating costs pushed its profit down to US$69.1-million in the second quarter, compared with US$152.8-million a year ago.


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