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Rio ramps up takeover defense
Clipped to the Drawing Board by Tony Elmasri  
Rio yesterday approved the development of the Eagle nickel project in the United States, 24 hours after it pledged to spend $US793 million ($928 million) on an expansion of the Kestrel coal mine in Queensland.

The company has approved its second major development in two days and flagged plans to sell more iron ore into the spot market as its steps up its defense against predator BHP Billiton Ltd.

Meanwhile, the Chinese Government has reportedly sanctioned large state-owned corporations to look at three strategies to thwart BHP Billiton's proposed offer for Rio Tinto.
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Mary () Newbie | 2008-01-02 01:44:00
Seems like China is very serious about this. But then again, competition is a good thing so I agree with their actions.
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Bob () Newbie | 2008-01-02 01:47:31
Yet more signs that China is taking a very pro-active approach to expanding it's business to the rest of the world. We could very well be looking at a very different landscape a few years down the track.
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Chester () Newbie | 2008-01-02 02:39:04
Well I guess that we will soon know if BHP is going to do it or not - absolutely staggering lumps of money - but its boom times for the miners -
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Sol () Newbie | 2008-01-02 02:43:01
China can huff and puff but it's about time someone stood up to them - they operate in a very autocratic way and everybody is supposed to bow down because it's such a huge market - and nobody wants to upset them - we saw the same with the Japs a few years ago when the steel mills all got together to negotiate as a united front and targeted the suppliers - one at a time - as soon as one supplier folded the rest followed - in countries around the globe
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Carter () Newbie | 2008-01-02 03:08:54
which ever way you look at it - theres going to be more to come - with fun and games - great to be on the sidelines - but no doubt where the Chinese sit - cos it means they would have one big one to negotiate with -
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TheMercenary () Newbie | 2008-01-02 03:11:05
as long as they keep exploring and opening new mines - i don't really care what happens - all good for mining engineers
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Spud () Newbie | 2008-01-02 03:15:00
whatever happens theres plenty of other miners in different parts of the world - the Chinese will buy into them if they have to -
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Aziz () Newbie | 2008-01-02 03:16:26
theres a bit more to it than just digging a hole in the ground - these guys know what theyre doing and they do it well - some of the others dont
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Wednesday 2 January, 2008 06:03 AM
 
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