Mining companies led by BHP Billiton Ltd. are holding the biggest ever sale of assets this year just as commodity prices head into a bear market. What’s bad timing for the miners might be the opposite for private equity.
Aaron Regent, who was fired last year as chief executive officer of Barrick Gold Corp., the biggest producer of the metal, started a company to invest in mining assets, according to two people familiar with the matter.
Glencore Xstrata Plc, the world’s biggest zinc miner and exporter of coal for power stations, rose on its first day of trading as a combined company in London, with the share market valuing the group at about $70 billion.
Glencore Xstrata Plc, the world’s biggest zinc miner and exporter of coal for power stations, rose on its first day of trading as a combined company in London, with the share market valuing the group at $69 billion.
Glencore Xstrata Plc hired two former Xstrata Plc executives as division heads amid the departure of a number of senior managers as it completed the takeover of the coal exporter, a person familiar with the matter said.
Glencore International Plc, the largest publicly traded commodities supplier, said it completed its $29 billion takeover of Xstrata Plc and that the combined group will begin trading tomorrow in London.
Xstrata Plc, whose takeover by Glencore International Plc is set to be completed next week, paid Chief Executive Officer Mick Davis $10.7 million in salary, bonuses, benefits and pension contributions last year.
Mick Davis, chief executive officer of Xstrata Plc, said the sale of the Las Bambas copper mine, a step required by China for the takeover by Glencore International Plc to proceed, prompts “surprise and sadness.”