World’s first International Centre of Excellence on Coal Mine Methane opened in Poland

The International Centre of Excellence on Coal Mine Methane in Poland was officially launched today, representing a milestone as the first of its kind in the industry. The expert institution operating under the auspices of the United Nations Economic Commission for Europe will contribute to the development of new methods of capturing and use of[…]

Anglo American appoints takeovers expert as new chairman

Anglo American (LON:AAL), the world’s fifth largest diversified miner, has appointed Stuart Chambers to succeed Sir John Parker as chairman of the group. Chambers, 61 and former chairman of UK chip designer Arm, will join Anglo as a non-executive director in September, replacing Parker in November. Stuart Chambers is known for his active participation in the sale of several[…]

Anglo’s sale of Drayton coal mine spooks horse breeders

Anglo American’s (LON:AAL) sale of its Drayton coal project in New South Wales has reignited debate about the co-existence of mining operations and horse studs in the Hunter Valley. The company, which abandoned the project last year as it failed to get the necessary permits, announced Thursday it had agreed to sell its 88.17% stake[…]

Another BHP investor pressing for oil spinoff, board shake-up

Australia’s Tribeca Investment Partners became Friday the second shareholder in world’s largest miner BHP Billiton (ASX: BHP) (LON:BLT) to publicly press for strategic changes at the company. Tribeca, a Sydney-based boutique hedge fund, has sent the miner an eight-page letter titled “Making BHP Great Again,” in which it says the company could raise nearly $10 billion from the[…]

Greece to sell coal-fired plants, mines as part of bailout deal

Greece will sell its coal-fired plants and coal mines equal to about 40% of its dominant power utility Public Power Corp’s (PPC) coal-fired capacity, as part of a reform deal the government reached with its foreign creditors. Athens needs the funds urgently, as it needs to repay 7.5 billion euros in debt maturing in July.[…]

South32 buys stake in Canada’s Arizona Mining for $81 million

Australia’s South32 (ASX, LON, JSE:S32) is investing some of its $1.5 billion of cash in a minority stake in Canada-listed Arizona Mining (TSX:AZ), which plans to develop a zinc-lead-silver project in Arizona. Deal comes only two weeks after South32 walked away from a $200 million planned acquisition of Peabody Energy’s coal mine in New South Wales. As part of[…]

Caterpillar soars as first quarter sales jump for first time in over two years

Shares in world’s largest heavy machinery maker Caterpillar (NYSE:CAT) jumped Tuesday as it reported a first quarter profit that far exceeded estimates thanks to a long-awaited pick up in sales and improved demand. For the first time in more than two years, the Peoria, Illinois-based company registered an increase in sales in several of the[…]

BHP brands Elliott's overhaul proposals as flawed, costly

BHP Billiton (ASX: BHP) (LON:BLT) has come up with a detailed response to activist investor Elliott Management, which issued a 10-page letter on Monday calling for major changes at the world’s largest mining company. In its extensive presentation, the Melbourne-based miner said the minor shareholder’s proposal to overhaul BHP’s structure and spin off its US petroleum division[…]

BHP Billiton to escalate defence from Elliott with Goldman’s help

BHP Billiton (ASX: BHP) (LON:BLT) is working with Goldman Sachs Group Inc. on a detailed response to activist investor Elliott Management, which yesterday issued a 10-page letter calling for major changes at the world’s largest mining company. The bank’s involvement in the issue is nothing new, people with knowledge of the matter told Bloomberg. In fact,[…]

BHP rejects activist fund Elliott urge to spin off US oil assets

BHP Billiton (ASX: BHP) (LON:BLT), the world’s largest mining company, has rejected a push by activist investor Elliott Management to unlock shareholder value by spinning off about $22 billion of its US oil assets and list them in New York. The hedge fund manager’s demerger proposal, BHP said in a statement, included the suggestion of[…]