Like many other players in the mining industry, Pan American Silver Corp., which owns mines in Peru and Mexico, is apparently digging up for development-stage acquisitions before the end of 2008, according to a Reuters article.
CEO Geoff Burns said that credit conditions have forced small players to seek financing from established miners. This has lead to consolidation across the mining sector. While consolidation in the steel industry has been the most active, there has been consolidation in the copper, coal and silver industries worth noting.
- Vancouver, British Columbia's Minco Silver Corp. announced plans to acquire Idaho's Sterling Mining Co. in a deal worth roughly $62.3 million.
- Canada-based Aurcana Corp. acquired the Shafter silver mine from Silver Standard Resources Inc.
- Cleveland-Cliffs Inc., the largest producer of iron ore pellets in North America, announced it will acquire coal miner Alpha Natural Resources Inc. earlier this July.
- In China, two government-owned steel companies Hebei Iron and Steel Group Co. formed the fifth-biggest steelmaking company in the world in late June, replacing Baosteel Group as China's biggest steel company.
- The world's No. 1 steel company, Luxembourg-based ArcelorMittal, formed a $729 million automobile steel JV with two Chinese companies .
- Australian construction firm Macmahon Holdings Ltd. put forth a A$436 million ($424 million) hostile bid for mining and utilities contractor Ausdrill Ltd.
- Mumbai-based Tata Steel is looking at acquiring an iron ore mine in Western Australia.
- A $140 billion-plus indicative offer for copper and coal miner Rio Tinto Group plc has eased its way past U.S. antitrust authorities earlier this July.
- Kazakhmys plc, a Kazakh copper miner listed in London, is a target of Russia's ZAO Metalloinvest.
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