THE majority of Australians are opposed to a takeover of mining company WMC Resources, though BHP Billiton is a preferred buyer to Swiss-based Xstrata, Roy Morgan Research revealed today.
MELBOURNE (Dow Jones)--Switzerland-based resources company Xstrata PLC (XTA.LN) on Wednesday lifted its takeover offer for Australian miner WMC Resources Ltd. (WMC) to A$7.20 a share from its initial offer of A$6.35.
This is an increase of A$1 billion, or 13.4%, over the initial offer, now valuing WMC at more than A$8.4 billion.
XSTRATA moved a step closer to finalising its offer to buy out WMC Resources by fulfilling the regulatory 15-day waiting period required under the conditions of its bidder's statement released last month.
Australian miner WMC Resources LTD said Wednesday that known mineral resources at its Olympic Dam mine in South Australia state have increased by 29 percent to 3.8 billion metric tons (4.19 billion U.S. tons) as a result of recent drilling.
Total copper resources increased by 7 million metric tons (7.72 million U.S. tons) to an estimated 42.7 million metric tons (47.07 million U.S. tons), uranium resources by 230,000 metric tons (253,531.53 U.S. tons) to an estimated 1.4 million metric tons (1.54 million U.S. tons), and gold resources about 24 percent to an estimated 55.1 million ounces.
LOCAL stocks moved into the black today with help from miners Rio Tinto and BHP Billiton following rises in nickel and copper prices on the London Metal Exchange.
Strong performances from offshore markets also set the tone despite a Labour Day holiday in the US.
Global demand for tantalum - used in everything from mobile phones to Playstations - has recently rebounded to the heady heights of the dot.com boom.
NINE NEW GOLD, COPPER, NICKEL PROJECTS IN EGYPT
Nickel and gold miner MPI Mines Ltd said production at its Black Swan nickel operation near Kalgoorlie has been set back two weeks by a ventilation failure.
The biggest Philippine copper mine might soon be back in business after 10 years' closure and is expected to have potential export earnings of up to 2.2 billion USdollars at an average of 110 million dollars a year over the duration of the mines 20-year lifespan.
THE township of Mt Egerton has become divided over a mining proposal by Tech-Sol Industries.
