Word: deal
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...Chinese. Chinalco is a huge consumer of iron ore, and mining companies fear that the investment in Rio Tinto could give China more influence over the price. During the boom years, when Chinese companies' appetite for virtually every metal was voracious, they got stuck with stiff price increases. The deal could give Chinalco, which already owns 9.3% of Rio, better access to the company's choicest deposits of copper, iron ore and bauxite. The secretary-general of China's Iron and Steel Association, Shan Shanghua, has already hinted that Chinese buyers could have some additional clout. This rankles some...
China's huge appetite is making some foreign governments nervous. Australia blocked the Minmetals deal with Oz, citing national security, forcing the Chinese firm to revise the offer to exclude a valuable gold and copper mine. And Libya exercised its option to buy Venerex Energy, a producer based in Calgary, Canada, whose biggest asset is an oil and gas field 100 miles (160 km) southwest of Tripoli. That thwarted a $390 million bid that China National Petroleum Corp. had made to acquire Venerex. Beijing hasn't done itself any favors either. It blocked--on antitrust grounds that analysts considered flimsy...
...minerals this inexpensively may be historic. That's why the China Development Bank and China Petroleum & Oil Corp. last month invested $10 billion in Petrobras, Brazil's state-owned oil company and the prime operator of one of the most promising new offshore fields in the world. The deal gives Petrobras capital to further develop the field. In return, China will get 100,000 bbl. to 160,000 bbl. a day for more than 20 years. And just before the Brazilian deal, Beijing agreed to lend $15 billion to cash-strapped Rosneft, Russia's largest oil company, and an additional...
...some analysts believe Chinalco might actually be paying a premium for Rio Tinto assets. But BOC International's Xu says, "The price is much, much lower for the assets--particularly iron ore and copper--than it would have been just six months ago. This seems like a pretty good deal." And as long as commodity prices are depressed, Chinese companies will be Going Out, cash in hand, ready...
...South Africa Zuma's Path to Power Cleared South African prosecutors have dropped corruption charges against African National Congress leader Jacob Zuma, ending an eight-year legal saga in which Zuma was accused of accepting bribes to impede an investigation into a multibillion-dollar arms deal. The decision to drop the charges comes just two weeks before the country's presidential election, clearing the way for a near certain victory for Zuma. Members of the Democratic Alliance, South Africa's main opposition party, are demanding a judicial review, accusing prosecutors of "buckling to political pressure." Zuma, who had long called...