Word: ores
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...what would have been China's largest foreign investment ever: a proposed $19.5 billion stake in Rio Tinto, the world's second largest mining company. The deal would have given Chinalco roughly an 18% stake in Rio, as well as outright control of some valuable copper and iron ore mines. Xiong travelled to Australia in March and made television appearances to plead his case. He pressed the flesh with politicians in Canberra who were both for and against the deal...
...minerals prices have rebounded - in part (and ironically) because of a huge government spending binge in China that has had companies here frantically restocking their supplies of copper, iron ore and other commodities used in industrial production. "The biggest driver of discontent [with the Chinalco deal] among Rio shareholders," says Grant Craighead, managing director of Australia-based independent research group Stock Resource, "was that the deal was being struck close to the low point in the current financial crisis. Over recent months the market decided that the worst of the crisis was over, and life's likely to get better...
...some eye-popping gains over the past month. The London-based index registered its 23rd straight daily gain on Wednesday, closing at 4,291, its highest mark since September and the longest streak of gains since July 2006. Daily rates for the largest Capesize ships, which typically carry iron ore, rose 6.8% on Wednesday to $93,197. Just five months ago, daily ship-rental rates were hovering just above $2,000, about the price of a great seat on opening day at the new Yankee Stadium...
...Index president Jeremy Penn cautions that shipping rates can sometimes fluctuate dramatically, and are often driven by specific factors such as carrier availability in key locations. Indeed the current boost is best explained by Chinese steel production demand and a shortage of the Capesize vessels to haul the iron ore. Penn notes that it is not yet clear whether the core manufacturing that is turning again in China is linked to coming export demand or domestic infrastructure investment. "There are always quirks in the pricing," he notes. "And at the moment it seems a very China-centric market." (Read "Plunge...
...well for adolescents, says psychologist Gregory Clarke, who pioneered the program and is a co-author of the study. "The group can be almost a Greek chorus to bounce ideas off of, " explains Clarke, who is a senior investigator at Kaiser Permanente's Center for Health Research in Portland, Ore...