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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....
...Please get in touch, in confidence, by emailing harry.dempsey@ft.com....
...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....
...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....
...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....
...“There is a lot of water [still to go] under the bridge,” he said....
...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...
...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.”...
...Lego posted its slowest sales growth since 2017 but still outpaced the worst toy market in more than a decade as the Danish maker of plastic bricks reaped the rewards of tie-ups with Fortnite and Harry Potter...
...“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.”...
...“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....
...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...
...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...
...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...
...Tuesday’s move continued a rally that started on Friday led by rising market expectations of a Federal Reserve rate cut in June following weaker economic data....
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