Mining mergers and acquisitions have had a strong start this year but are expected to now slow down. Global mining deals in the first six months of 2011 were worth $71 billion and encompassed 1,379 mining mergers and acquisitions.
PetroWorth Resources, based in Canada, has inked a farm-in agreement with Pine Petroleum, which is based in Calgary, for drilling an oil prospect in south Alberta.
Standard Chartered has bought the mining advisory firm Gryphon Partners. The deal has been in the offing for a while and was made in a bid to expand the influence of Standard Chartered into Canada and Australia. The specialised corporate advisor presently has offices in Adelaide, Brisbane, Sydney, Toronto and Vancouver.
The President of Peru Ollanta Humala has given his approval to a law which gives the indigenous communities a right to be consulted over development being planned on their lands. The law was enacted by President Humala in Bagua which is a region in the Amazon where more than 30 people were killed in 2009 while protesting against oil and mining projects.
The Brazilian miner Vale SA is likely to sell its giant bulk carrier ships to China. The world’s largest iron ore producer had commissioned more than a dozen such ships but has decided that it does not want to become a major freight operator.
Rio Tinto and Anglo American are planning to sell their respective stakes in the Palabora Mining Co. Palabora Mining is the largest copper producing company in South Africa.
Claim Post Resources is a mineral exploration firm in Canada. At present, it has a 100% interest in the mineral privileges for approximately 63 patented claims and 1145 staked claim units, located in Timmins, Ontario.
A new report that was commissioned by the Minerals Council of Australia says that miners will pay close to $23.4 billion in tax to federal and state governments in 2010-11 financial year. Deloitte Access Economics said in the report that the mining industry has paid an average tax of 41.5% from the financial years between 2007-8 to 2009-10.
TAG Oil has signed a farmout agreement with Apache for potentially expanding and discovering oil and natural gas resources occurring in New Zealand’s East Coast basin.
Concordia Resource has declared that its Meryllion Minerals has got the drill permits from the Directorate of Mines–Province of Jujuy in order to continue the drilling operations at its Providencia silver-copper prospect, which is located in northwest Argentina.
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