$150 billion offer to purchase Rio Tinto Group; largest bid in history of mining industry
Friday, 16 November 2007
The worldwide mining industry
is holding its collective breath as it awaits the next move in a multi-billion
dollar chess game of acquisitions and mergers.
This follows news which staggered
the industry as BHP Billiton Ltd.'s made a $150 billion bid to purchase
Rio Tinto Group, the world's third-largest mining company. If approved,
this would be the largest acquisition in mining history.
Rio Tinto is jointly developing
Mongolia’s Oyu Tolgoi site with Ivanhoe Mines, Ltd. Oyu Tolgoi is
considered the world’s largest gold and copper site.
Within the mining industry,
all eyes are on the world’s second largest coal seller, China Shenhua
Energy Co., to see how they respond to the move by BHP Billiton.
``The board of our company
is working on plans,'' Ling Wen, president of Shenhua Energy, told Bloomberg
Financial yesterday.
However, Le Yukun, an analyst
at BOC International Ltd., told Bloomberg, ``It's possible that Chinese
mining companies will seek to buy a minority stake in the BHP-Rio deal.''
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During the Stalinist purges of the 1930's almost every monastery in Mongolia was destroyed. In 1979 an atlas was published in Ulaanbaatar by Mr. Rinchen with an overview of more than 900 religious sites that used to exist in Mongolia. However a lot the information listed seems to be not accurate. A research has been initiated to get a better idea of all the buddhist buildings that once stood in Mongolia.
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