Hints and tips:
...The company is building Chancay along with a junior partner, Peruvian mining company Volcan....
...Antonio Paniza, who runs 4x4 Volcán Barú, a tourism travel agency in the mountain town of Boquete, said tourists who had booked his services have cancelled after being stuck in road blocks....
...Vedanta Ltd in turn controls Hindustan Zinc and Cairn India as well as aluminium, zinc and copper assets....
...Volcan owns a controlling 50.1 per cent stake in Vedanta Ltd....
...He recently sold a chunk of the convertibles to Cairn India, part of Vedanta Ltd, suggesting Volcan needs cash. Cairn India plans to buy more....
...Friday’s deal between Cairn and Volcan will raise fresh questions about corporate governance at Vedanta Ltd, a company many investors avoid because of its complex structure....
...Vedanta said an independent committee had taken advice and decided to recommend the offer from Volcan....
...Mr Agarwal’s personal investment company, Volcan Investments Ltd, on Monday offered to buy out the minorities of Vedanta Resources for £8.56, which includes a final dividend of 31p a share....
...Through a series of complex transactions involving mandatory exchange bonds, Volcan has an interest in just over 20 per cent of the FTSE 100 miner....
...Volcan said it was working with JPMorgan on the latest purchase of shares. The bank will launch a mandatory exchangeable bond on behalf of Volcan to fund the transaction....
...Should the specialists who take up these Volcan bonds choose to hedge the underlying equity risk by shorting Anglo’s shares, Mr Agarwal will happily provide a bid....
...“It does appear that Volcan is positioning itself to be in a front-line seat if any break-up of Anglo American were to happen,” says Citi analyst Heath Jansen....
...It holds minority stakes in Peru’s Volcan, the world’s seventh-largest zinc miner, and Nyrstar, the largest zinc smelter, which, according to a recent prospectus, sells “almost all of its commodity grade...
...Larger Lima-listed companies such as Buenaventura, Volcan and Milpo enjoy forward price/earnings multiples of 9-12 times – well above the 6-8 times of the large London-listed diversified groups....
...His company Volcan Investments bought at £18.42 to bring his stake to 61.7 per cent – worth more than £3bn....
...Daily zinc output from Volcan was down by 40 per cent after six days of the strike....
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