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...Sonja HutsonHarry Dempsey is the FT’s commodities correspondent. Thanks, Harry. Harry DempseyThanks....
...“The offer price has the feel of an initial bid which you hope would be revised higher,” added Iain Pyle, a fund manager at Abrdn, which is a top-25 shareholder in Anglo. “It feels opportunistic.”...
...Anglo’s share price rose a further 3.5 per cent on Friday on the news of the Elliott stake. They are up more than a fifth this week....
...BHP has proposed a £31bn deal to buy Anglo American, one of its largest rivals, in a deal that would mark the mining sector’s biggest on record....
...In 2015, strained by a heavy debt load, the South African miner was on its knees. Then-CEO Mark Cutifani cut 70,000 jobs....
...The world’s largest mining company has made a proposal for an all-share combination with the 107-year-old company, as it seeks to grow its portfolio of copper mines, a metal vital for the energy transition...
...Anglo American confirmed the offer in a statement on Thursday morning....
...Kasia BroussalianHarry Dempsey is a commodities correspondent for the FT. Thanks, Harry. Harry DempseyThanks....
...BHP has proposed buying rival Anglo American in a £31bn deal that provoked a backlash from the South African government and leading shareholders....
...The project’s issues mark a further setback for mining’s reputation in London as a safe place to secure returns on investor capital, at a time when Glencore is coming under pressure to move its primary listing...
...Additional reporting by Monica Mark in Johannesburg This article has been amended to reflect that the PIC is Anglo American’s largest shareholder...
...Please get in touch, in confidence, by emailing harry.dempsey@ft.com....
...The US and the UK have launched a crackdown on trades in Russian metals, in a move designed to limit Moscow’s export revenue and restrict its ability to fund the war in Ukraine....
...“It’s a different risk-reward....
...That marks a rise of almost 50 per cent since late September before geopolitical tensions flared up in the Middle East....
...The action, announced by the two countries on Friday, marks an aggressive effort by the allies to damage Russia’s income — but could disrupt trading at exchanges including the London Metal Exchange and Chicago...
...That catapulted gold beyond what the market dubbed its previous “triple tops” around the $2,070 mark, when the coronavirus pandemic battered the US in 2020, Russia invaded Ukraine in 2022 and the US banking...
...London-listed Endeavour Mining has unearthed two further “deliberately disguised” payments totalling $15mn made to the same third party that received a $5.9mn payment that resulted in chief executive Sébastien...
...That marks a stark reversal from two years ago when the industry was reporting bumper earnings off the back of surging prices for palladium and rhodium, as automotive demand ran hot....
...Copper, the third metal covered by the new measures, added 1.6 per cent to $9,604 a tonne, its highest level in 22 months, on expectations of a tighter market as a result of the sanctions....
...trader at Heraeus, a refinery of precious metals....
...Diamond output for De Beers slumped 23 per cent in the first quarter, as production was cut in response to a slow recovery in demand amid a pullback in luxury spending and the proliferation of lab-grown...
...The payments, made in August and November 2020, were disguised as being to a contractor, Endeavour said, leaving the FTSE 100 company or the contractor with a potential loss....
...Joining Rio after a career as an investment banker at JPMorgan in New York and London, Baatar has developed a reputation as one of the mining industry’s most dynamic executives, with a capacity to fix complicated...
...The London-listed group is now exploring a sale or liquidation, among other options, after potential investors were unwilling to stomach the 87 per cent increase in estimated costs to more than $1bn to build...
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