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Xstrata Bids for Australian Iron Ore Co. Sphere Minerals

By Joel ScanlonNov 10 2010

Xstrata is keen on setting up a global iron ore unit as it looks to making more acquisitions. The company has begun the process of creating its own iron ore division by making a US$520 million bid for Sphere Minerals Ltd (ASX:SPH).

The Chief Executive Officer of the coal and iron ore division of the Swiss company, Peter Freyberg said that they would like to grow their business so it ultimately becomes its own business unit within the Xstrata group when they get to critical mass.

Mr Freyberg said that they thought iron ore was an attractive commodity to get into. They have been looking at it for a number of years and looking for opportunities across the globe. Iron ore has contributed majorly to the net profit of rival mining firms Rio Tinto and BHP Billiton.

Xstrata has redoubled its efforts to push through the takeover bid for Sphere Minerals Ltd. It has already gained a 30% stake in the iron ore company. This deal going through would help Xstrata’s iron ore ambitions greatly.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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Scanlon, Joel. (2019, March 19). Xstrata Bids for Australian Iron Ore Co. Sphere Minerals. AZoMining. Retrieved on November 23, 2024 from https://www.azomining.com/News.aspx?newsID=1290.
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Scanlon, Joel. "Xstrata Bids for Australian Iron Ore Co. Sphere Minerals". AZoMining. 23 November 2024. <https://www.azomining.com/News.aspx?newsID=1290>.
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Scanlon, Joel. "Xstrata Bids for Australian Iron Ore Co. Sphere Minerals". AZoMining. https://www.azomining.com/News.aspx?newsID=1290. (accessed November 23, 2024).
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Scanlon, Joel. 2019. Xstrata Bids for Australian Iron Ore Co. Sphere Minerals. AZoMining, viewed 23 November 2024, https://www.azomining.com/News.aspx?newsID=1290.