The following article comes from The Australian that quoted at www.mining.com.
It is obvious that Cecilia Jamasmie (www.mining.com) quoted the company AON wrongfully or intentionally.
As a conclusion, it is no doubt that quoted company is above #3 (private equity firm Apollo Global management LLC) but not #1 & #2 companies at all. It reminds me that it seems we are truly living in 'distrust' phenomenal world.
Glencore, Apollo ‘unite’ for tilt at Anglo mine
The Australian 12:00AM May 30, 2016
Global mining giant Glencore is understood to be bidding jointly with private equity firm Apollo in its quest to buy Anglo American’s $1 billion-plus Grosvenor and Moranbah coalmines, according to sources.
The Swiss resources trader is pairing up with private equity as it wrestles with large debt levels and is said to be taking on Yancoal in the final stages of the Bank of America Merrill Lynch-advised competition.
Other groups also said to have circled the coalmines at various stages of the process are BHP Billion, X2 and South32, with varying reports as to which remain in contention.
The contest for Anglo American’s Queensland coal assets remains closely watched as talk is being stirred up in the west over the change in leadership at iron ore miner BC Iron. The change has sparked speculation that the significantly diminished group may be gearing up for a big sell-off of assets.
BC, which is 19 per cent owned by Kerry Stokes, announced almost two weeks ago that it would replace managing director Morgan Ball with Alwyn Vorster. While BC has pitched the change as a reflection of BC’s transition from a miner back to a developer (it closed its Nullagine mine late last year due to weak iron ore prices), observers have noted Vorster’s deal-making pedigree.
Vorster was the leader of Iron Ore Holdings right up until its takeover by BC in 2014.
He helped make IOH one of the few iron ore juniors to actually turn a real dollar during the iron ore boom by pursuing deals over its deposits, rather than pursuing the pesky, costly and messy process of turning them into mines.
The thinking goes that Vorster will look to do deals over the two old IOH assets within the BC Iron portfolio.
The first is BC’s Iron Valley project, where Chris Ellison’s Mineral Resources has an agreement to pay BC a cut from each tonne of ore it mines. MinRes has earmarked Iron Valley as the starting point for its proposed $1bn-plus BOTS monorail network, but faces a potential stumbling block on financing the project given it doesn’t actually own Iron Valley outright. A deal that gave Mineral Resources clear ownership of Iron Valley would alleviate any financier concerns about the structure and smooth out the path to funding.
The second potential deal is over the larger but undeveloped Buckland project. Buckland straddles part of the West Pilbara iron ore project, formerly owned by Aquila Resources but now owned by China’s Baosteel, and there are clear advantages both in cost and scale by combining the two projects together.
On that front, Vorster should have unique insights into what if anything Baosteel may be willing to pay to bring the projects together. Between leaving IOH and taking up the top job at BC, he was running the West Pilbara project for Baosteel. http://www.theaustralian.com.au/business/dataroom/glencore-apollo-unite-for-tilt-at-anglo-mine/news-story/d2977cb02f5e007480fbc5e2e5737c61
Regards,
AON Price at posting:
2.3¢ Sentiment: None Disclosure: Held
(20min delay)
