First UK authorities were investigating Glencore, and then they weren’t. On Thursday, the Serious Fraud Office jumped back in, saying it had opened a bribery probe into the mining company and some executives, sending the shares tumbling.
Africa-focused energy company Kibo Energy has signed the first of a series of agreements to implement the heads of agreement (HoA) with Shumba Energy to reorganise the arrangements for the Mabesekwa coal independent power project (MCIPP) and its associated coal asset in Botswana.
Australian gold miner Newcrest Mining has invested a further C$79.6-million into TSX-listed Lundin Gold Inc, increasing its stake from 27% to 32%. Newcrest on Friday reported that it had acquired more than 10.97-million shares in Lundin from Kinross Gold Corporation, at a price of C$7.25 a share, representing a 4.2% discount to Lundin’s last trading price.
Gold miner Northern Star Resources has completed the takeover of fellow-listed Echo Resources. The miner gained a 98.14% interest in Echo at the close of the takeover offer on November 11, prompting a compulsory acquisition of the remaining shares.
Institutional investors in Glencore will sue the world’s biggest commodities trader for share price declines from bribery investigations in the US, the UK and Canada, a law firm representing them said after the latest probe was announced.
Glencore is being investigated for bribery by UK authorities, deepening the legal woes that threaten the world’s biggest commodities trader. Glencore will cooperate with the probe conducted by the Serious Fraud Office, according to a statement. It didn’t provide any further details and a spokesman declined to comment.
Stung by a government directive to either develop or relinquish, State-run Coal India Limited (CIL) has earmarked capital expenditure (capex) of $7.89-billion to complete 66 ongoing projects undertaken by its various operational subsidiaries. The 66 ongoing projects, when completed, would have peak rated capacity of 500-million tons.
Dual-listed coal developer Resource Generation (Resgen) has inked a binding agreement for the funding of its Boikarabelo coal mine, in South Africa.
“The transition of the non-binding term sheets into legal agreements is a most important milestone,” said Resgen interim MD and CEO Leapeetswe Molotsane.
Coal miner Minergy, which operates the Masama mine, in Botswana, has put its planned listing on the LSE's Aim on hold as a result of unfavourable market conditions.
Junior Allegiance Coal has struck a non-binding memorandum of understanding (MoU) to acquire additional coal resources adjacent to the New Elk hard coking coal mine, in Colorado.
The Lorencito property is estimated to host an additional 87.6-million tonnes of hard coking coal, and could increase the resource base at New Elk from 656-million tonnes to 744-million tonnes.