GRAM gets funding for PanAust’s Frieda River copper mine study
The Chinese company behind the $1.4 billion takeover of PanAust Ltd is set to move quickly on the copper miner's prize asset, with a preliminary funding deal for the Frieda River project set to be announced as early as today, according to the Sydney Morning Herald.
Guangdong Rising Asset Management's (GRAM) ownership of PanAust rose to 87.38% by Friday afternoon. The Chinese group will unveil a memorandum of understanding with the Bank of China on Monday as it seeks to convince remaining shareholders to accept the offer.
Foreign buyers circling iron ore miners, but Fortescue not talking
Andrew Forrest's Fortescue Metals Group has refused to comment on whether it is a primary target of foreign buyers said to be circling Australian iron ore miners, according to the Australian Financial Review.
Veteran political commentator Laurie Oakes, writing in News Corp tabloids at the weekend, said that “several” applications had recently been lodged with the Foreign Investment Review Board that would affect mining companies. The applications “raise the possibility of significant upheaval in the iron ore industry and ownership of sections of it over the next 12 months”, Oakes wrote.
Vale iron ore deal a ‘reminder’ for Australia: Roy Hill
Roy Hill chief executive Barry Fitzgerald has said the iron ore expansion deals Brazilian miner Vale inked with China this week are a reminder Australian producers need to remain competitive in the global iron ore market, according to the Australian Financial Review.
Fitzgerald, the man responsible for the development of Gina Rinehart's $10 billion Roy Hill mine, joined majors BHP Billiton and Rio Tinto in warning of the Brazilian iron ore producer’s growing competitiveness with its Australian rivals.
