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...India is a member of the Minerals Security Partnership, a US-led coalition of 14 countries and the EU to secure a stable supply of raw materials....
...Harry DempseySo BHP needs to make a formal offer by the 22nd of May....
...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....
...Harry Dempsey is a commodities correspondent for the FT, and he joins me now to talk about it. Hey, Harry. Harry DempseyHi there....
...Its name is a nod to Harry’s dreaded archnemesis, Voldemort (damn, I’ve said it), and the shop’s opening seven years ago kick-started the belated Harry Potter tourism boom in York....
...Chief executive Duncan Wanblad has been under pressure to improve performance since a torrid market update in December, although the group has since been aided by higher commodity prices....
...If a deal is eventually agreed, it would be the sector’s biggest transformation since Glencore bought Xstrata more than a decade ago. Why make a deal now?...
...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...
...Please get in touch, in confidence, by emailing harry.dempsey@ft.com....
...“It’s a different risk-reward....
...rally to above $2,400 a troy ounce this month....
...“It’s a chicken and egg [problem]. You can’t build [manufacturing] capability because you don’t have reliable supply. You can’t create a reliable supply unless you’ve got a buyer of it.”...
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...“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....
...“A Chinese good is much harder to sanction in China than a Russian one supplied to China.”...
...Shares in BHP, whose primary listing is in Sydney and has a market capitalisation of A$229bn (US$149bn), fell 0.6 per cent to A$45.23 on Thursday....
...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...
...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....
...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...
...trader at Heraeus, a refinery of precious metals....
...Is he a conman? A sociopath? A fantasist? Did any of this really happen? Given that he first inhabited “Harry” as a kid, is this unsettling saga his first deployment of the character as an adult?...
...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....
...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...
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