Chevron Mining agrees to sell Mountain Pass rare earth mining operations

Chevron Mining Inc. today announced that it has entered into an agreement to sell its Mountain Pass rare earth mining operations to Rare Earth Acquisitions LLC. The transaction is expected to close in late September, 2008. REA is a special purpose company owned by Resource Capital Funds, Pegasus Partners IV, LP, The Goldman Sachs Group, Inc., Traxys North America LLC and Carint Group LLC. Included... 

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Halliburton May Bid on Expro This Week

Oilfield services company Halliburton Inc. is expected to decide this week if it will launch a $3.5 billion counteroffer for its U.K. rival Expro International Group PLC, according to the Daily Telegraph. Halliburton has been conducting due diligence on the company since Expro agreed to accept a $28-per-share takeover offer from a consortium made up of private equity firms Candover, Alpinvest and Goldman... 

Alcoa Sends Letter to Alcan Board Outlining Commitments to Quebec; Will Meet Requirements of Agreement between Alcan and Quebec Government

Alcoa Inc. announced that it has reviewed Alcan’s continuity agreement with the Government of Quebec which identifies the requirements that Alcoa must meet regarding Alcan’s future operations in the Province in order to maintain certain of Alcan’s hydroelectric and water rights. In a letter to Alcan’s Board of Directors, Alcoa outlined the many ways in which its offer to acquire... 

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Acquired Business Includes Centennial Power and Colorado Energy Management

Energy industry executive Paul Prager and Natural Gas Partners (“NGP”), the leading investment franchise in the energy industry, today announced that they have entered into an agreement to acquire the domestic independent power production and power development business units of MDU Resources Group, Inc. in a transaction valued at $636 million. The business being acquired includes Centennial... 

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Coal Surge Seen by Mobius as China’s Imports

Coal is poised to rebound from a two-year slump as China buys more than it exports for the first time in history. Power use in China, the world’s biggest coal producer, is rising 13 percent annually, and utilities are building plants at a record pace. The nation gets 78 percent of its electricity from coal, spurring imports from Australia, Indonesia and Vietnam. “The coal sector in China... 

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Gold Rises to 9-Month High on Inflation Concerns; Silver Gains

Gold surged to a nine-month high in New York after the U.S. said inflation accelerated more than forecast in January and commodity prices jumped. The consumer-price index increased 0.2 percent last month, more than the 0.1 percent economists estimated, boosting the appeal of gold as a hedge. Crude oil jumped above $60 a barrel and corn reached a 10-year high, helping to send the Goldman Sachs Commodity... 

U.K. Stocks Rise, Led by Xstrata, BG Group on Commodity Prices

U.K. stocks climbed, led by mining companies as base metals climbed in London. Antofagasta Plc and Xstrata Plc paced the advance. Cairn Energy Plc and BG Group Plc rose as oil prices rebounded from a 19-month low. Amvescap Plc climbed after Citigroup Inc. raised its price estimate for the company’s shares. The benchmark FTSE 100 Index rallied 29.10, or 0.5 percent, to 6233.60 in London at 9:13... 

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Linn Energy to Acquire Private Oil and Gas Company in the Texas Panhandle for $415 Million and Two Appalachian Basin Properties for $39 Million; Announces $360 Million Commitment of Private Equity

Linn Energy, LLC announced that it has signed definitive purchase agreements to acquire oil and gas properties in three separate transactions for an aggregate purchase price of $454 million. The first transaction involves the acquisition of a private oil and gas company with operations in the Texas Panhandle (the “Texas acquisition”) for $415 million. The other transactions involve the... 

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Hyundai Steel Agrees to Buy Ore, Coal for Expansion

Hyundai Steel Co. , South Korea’s second-largest steelmaker, signed an agreement to buy iron ore and coal from Cia. Vale do Rio Doce and Rio Tinto Group as it begins construction today on a $5.5 billion expansion. The steelmaker may buy as much as 5 million metric tons of iron ore a year from both Brazil’s Vale and Rio Tinto for 10 years from 2010, the Incheon, South Korea-based company... 

European Energy, Mining Stocks Rise, Led by BP; Peugeot Falls

European energy and mining stocks, the region’s worst performers in the past three months, rose as a cut in oil output and a nuclear detonation in North Korea lifted commodity prices. BP Plc and Rio Tinto Group paced the advance. “With oil ticking up and metal prices higher, there might be a new window in the commodity sector that we are ready to exploit,” said Sergio Bareggi, who...