Richard Knights News
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A corruption probe into how a group run by Israel’s richest person secured rights to a Guinea iron ore project is set to spark interest from rival companies looking to swoop on one of the world’s most valuable deposits.
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The world’s biggest iron-ore producers are planning $250 billion of new mines, threatening to deepen a price slump for the commodity already forecast to drop for at least the next three years.
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Rio Tinto Group, the second-biggest mining company, is considering a temporary halt to construction work at its $6.2 billion Oyu Tolgoi copper and gold project in Mongolia as the government demands a greater share of profit from the mine, according to two people familiar with the plans.
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What will Ivan do next?
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Bumi Plc’s defeat of an attempt by co-founder Nathaniel Rothschild to take control of the board clears the way for the coal producer to proceed with a deal to split from Indonesia’s Bakrie family.
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Indonesia’s Bakrie family, a palm oil-to-property-empire started in 1942, offered to buy back the coal assets it helped bring to the London market with Nathaniel Rothschild in a $3 billion deal two years ago.
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Nathaniel Rothschild’s bid to oust most of the board of Bumi Plc, the Indonesian coal venture he founded and is fighting to gain control of, may struggle after one of his earlier supporters said it would vote against him.
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Mongolia may revise ownership accords with Rio Tinto Group and other foreign companies for the nation’s two biggest mineral projects ahead of parliamentary elections scheduled for next year.
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Bumi Plc, the London-listed Indonesian coal venture founded by Nathaniel Rothschild, began a probe into alleged irregularities at associated companies in the Asian country, prompting a record drop in the shares.
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Samin Tan, president director of Indonesian coal supplier PT Borneo Lumbung Energi & Metal, was appointed chairman of Bumi Plc as Nathaniel Rothschild stepped down as co-chairman following a boardroom dispute last year.
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