INTERVIEW: China Minmetals To Sign Noranda Deal 1-2 Mos
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SINGAPORE (Dow Jones)--China&#39;s biggest metals trader by revenue, China Minmetals Corp., hopes to sign a definitive agreement within a couple of months to buy Noranda Inc.
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HAMISH ROBERTSON: China&#39;s enormous appetite for raw materials to fuel its economic boom is continuing to have spin-offs for Australia, with a new mining deal announced between the two countries.
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A deal to create a Russian metals giant is likely to be signed as early as Monday, the Wall Street Journal reported on its Web site on Sunday, citing people familiar with the talks.
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SINGAPOREâChina&#39;s plan to buy Canadian mining giant Noranda Inc. is just the beginning of an overseas acquisition march fuelled by swollen foreign exchange reserves and a need to secure natural resources.
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China and the United States agreed a deal on Saturday allowing Westinghouse Electric Co. to build four civilian nuclear power plants in China, nudging out French rival Areva to win a contract estimated at $8 billion.
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SINGAPORE -- China&#39;s biggest metals trader, China Minmetals Corp., is seeking to buy Canada&#39;s biggest mining company, Noranda Inc.
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A consortium led by Chinaâs biggest gold mining company, the Zijin Mining Group, has made a $185.4 million bid for the British copper mining company Monterrico Metals in what could become Chinaâs first outright takeover of an overseas listed company. The acquisition would be the latest in a series of low-profile but substantial purchases of overseas mining assets by Chinese companies, part of the countryâs quest to diversify supplies of strategically important resources. Monterrico, which is based in London, holds rights to the still-undeveloped Rio Blanco copper and molybdenum deposits in northern Peru, which the company says could yield up to 25 millions tons of copper ore a year. Zijin holds a 45 percent share in the consortium, with a Chinese copper mining company, Tongling, taking 35 percent and Xiamen C& D, a trading and real estate conglomerate, holding 20 percent, Zijin said.
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(InfoWorld) - The Chinese government has given Intel permission to build a $2.5 billion chip-manufacturing plant in Dalian, on China's northeastern coast. Intel plans to build a plant that will produce semiconductors, including microprocessors, on 300-millimeter wafers using a 90-nanometer manufacturing process, China's NDRC (National Development and Reform Commission) said in an announcement (in Chinese) on its Web site. The plant will have a monthly production capacity of 52,000 chips, it said. The planned plant will be the first constructed by Intel in China, and it will operate along with test and assembly plants in Shanghai and Chengdu, a city in southwestern China. The NDRC announcement did not say when construction will begin on the plant or when it would begin production. Intel declined to comment on the NDRC announcement. "We haven't made any announcements, and we don't plan to," said Chuck Mulloy, a company spokesman. If the NDRC announcement is accurate, the Dalian plant would be a coup for the Chinese government, which has made the development of the country's semiconductor-manufacturing industry a national priority. The most advanced production technology currently used by Intel is a 65-nanometer process, and the company has plans to begin producing chips using a 45-nanometer process later this year. The lower the number, the smaller the size of the smallest feature that can be created on a chip. Moving to a more advanced production process means chips can be produced at a lower cost, since more can be crammed onto a single silicon wafer. More advanced process technologies also generally help to improve performance and reduce power consumption. While a planned plant in Dalian that uses a 90-nanometer process technology would lag several generations behind the most advanced technology used by Intel, the plant would still rank among the most sophisticated in the world. Ben Ames in Boston contributed to this report.
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BEIJING (CP) - Canada and China have signed agreements to share their knowledge of natural resources industries.
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MONTREAL (CP) - Bombardier Transportation has been selected by the Chinese government to negotiate a rail equipment contract worth a reported &#36;4.5 billion Cdn.
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MG Rover is on the brink of a Â£1bn deal with a Chinese company that will help secure the future of its giant Longbridge plant. Under the joint venture with the Shanghai Automotive Corporation, a new company
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Australian nickel miner WMC Resources will explore for nickel and copper in western China in a joint venture with China&#39;s Jinchuan Group, the companies said Friday.
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A Canadian steel maker, Ipsco, said it was buying the NS Group, a maker of steel pipes and tubes used in oil fields, for about $1.46 billion. The deal will be used to broaden IpscoÂs sales to the energy industry, the chief executive, David Sutherland, said. ÂThis is a transaction thatÂs all about growth, and if anything, what we will see over the next three years is a growth in the output of all of their facilities, as well as the continuing demand on our own,Â Mr. Sutherland said in a conference call. Ipsco agreed to pay $66 a share for the NS Group, which was a 43 percent premium to its closing price on Friday. After the transaction is complete, the new company is expected to have combined annual revenue of more than $4 billion. Ipsco, which is based in Regina, Saskatchewan, and has executive offices in Leslie, Ill., operates three steel mills and six pipe mills in the United States and Canada. The NS Group is based in Newport, Ky.
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Foundry partner gears up for second-generation 90nm Efficeons
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Noranda Inc., Canada&#39;s biggest mining company, began exclusive talks on a takeover proposal from China Minmetals Corp. that would lead to the spinoff of Noranda&#39;s aluminum business to shareholders.
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TORONTO (CP) - Canadian gold producers Goldcorp Inc. and Wheaton River Minerals Ltd. have struck a friendly $2.4 billion merger deal to create a company with more than 1.1 million ounces of gold production a year.
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The reservations expressed on this page about the prospective takeover of resource giant Noranda by state-owned China Minmetals have come in for a barrage of muddled criticism.