BHP Group’s bid to spin off Anglo America’s South African assets as part of a takeover proposal shows how the economic policies of the ruling African National Congress (ANC) have undermined investor confidence in the country, the main opposition party said. The offer by BHP envisages Anglo offloading majority stakes in Anglo American Platinum, the world’s largest miner of the metal by market value, and Kumba Iron Ore to shareholders. Anglo on Friday rejected the £31.1-billion proposal by BHP because it “significantly undervalues” the company ..read more

BHP Group’s $39-billion bid to create a global copper giant risks irking its biggest customer China, where authorities have a history of intervening to stymie or water down international mergers. A takeover of Anglo American would catapult BHP into the top spot for copper producers, with 10% or more of the world’s output. That could be a red flag for Beijing, which has long bemoaned China’s weak purchasing power against the miners that dominate trade in raw materials ..read more

BHP Group is considering making an improved offer for Anglo American after its $39-billion initial proposal was rejected by the London-listed miner, a source familiar with the matter told Reuters. BHP is in discussions on a revised bid for Anglo American to be made in coming weeks, the source said. The deliberations are ongoing and the group has not yet made a decision on the size and structure of the new proposal, the source added ..read more

Copper hit $10 000 a ton for the first time in two years as speculation builds that the world’s mines will struggle to meet a coming wave of demand from green industries. The metal reclaimed its hold on five figures in London after a pick-up in global manufacturing activity, as well as flashes of tightness in mine supply, helped fuel gains in recent months. But the advance is also emboldening copper bulls like BlackRock and Trafigura Group, who say the metal will have to jump even higher to spur the creation of new mines ..read more

The growth in demand for platinum applications in China is extremely high, making detailed access to the China market hugely advantageous. Providing this detailed access from July 8 to 11 will be the far-reaching Shanghai Platinum Week 2024, which is sandwiched between the London Platinum Week in May and the New York Platinum Week in September ..read more

Activist fund Elliott has built up a $1-billion position in Anglo American shares, according to a person with knowledge of the situation. Elliot's stake build-up will make it one of the miner's top 10 shareholders, according to LSEG data ..read more

JSE-listed Impala Platinum Holdings (Implats) has initiated a Section 189(3) consultation process at its South African operations, signalling thousands of potential job losses. Implats envisages a reduction of about 3 900 positions, constituting  a 9% reduction in labour across the Impala Rustenburg, Impala Bafokeng and Marula operations. The corporate office aims for a 30% reduction in head office costs ..read more

The last time BHP Group took a swing at another major miner, it was Rio Tinto back in 2007. That could have been a blockbuster $150-billion takeover, but with metals prices crashing as the financial crisis took hold and with China signaling its discontent, the plan crumbled. Having confirmed its takeover approach for rival Anglo American on Thursday, executives at the world’s biggest digger will be hoping for a better outcome this time — even with one of the most complex deals the industry has seen in years ..read more

Copper made a fresh push toward five digits as BHP Group’s blockbuster offer to buy Anglo American lent support to bulls who say the metal is headed for long-term shortages and high prices. The world’s biggest miner has proposed a $39-billion takeover of Anglo, chiefly targeting its smaller rival’s South American copper mines. The size and timing of the bid — with copper up 16% this year — is a stark sign of how resources giants are trying to muscle in on a commodity that’s crucial to green industries ..read more

ining and trading house Glencore will invest in Nigeria's mining sector if the government ensures a stable business climate, the company's CEO said on Thursday during a visit to Nigeria's minister in charge of solid minerals. The visit comes as Nigeria is seeking to woo foreign investors to its undeveloped mining sector ..read more