Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

06 september 2021

There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

Alex Popov, President of the Moscow Diamond Exchange and head of the Âme jewelry brand, which uses lab-grown diamonds to produce jewelry, sat for an interview with Rough&Polished sharing his views on the coexistence of natural and man-made diamonds in...

23 august 2021

De Beers’ GemFair ropes in more than 160 Sierra Leone artisanal miners

De Beers inaugurated its GemFair pilot programme in Sierra Leone’s Kono District with 14-member mine sites in 2018 to create a secure route to market for ethically sourced artisanal and small-scale diamonds. GemFair programme manager Ruby Stocklin-Weinberg...

16 august 2021

Others May Approach Anglo with a Better Offer

26 june 2009

Rumors of two new possible bidders for Anglo American, Chinalco of China and Vale of Brazil, swirled around London markets, even as South Africa's labor and government spokesmen supported Anglo's rejection of Xstrata's approach earlier this week, RAPAPORT reported citing BusinessDay. Xstrata's bid was seen as putting Anglo "in play" — in other words, open to alternative offers. Anglo's board said on Monday that it had agreed unanimously there was no "strategic merit" in a merger with Xstrata. It would dilute Anglo's unique exposure to platinum, diamonds and iron ore while increasing its exposure to nickel and zinc.
But irrespective of that issue, Anglo's board said, the terms proposed by Xstrata were "totally unacceptable." Xstrata said over the weekend that it had proposed to Anglo that the two groups merge to create a resources group worth $65 billion, which would have been the third-largest in the world.
"Xstrata has strong backing for its merger proposal from some major institutional shareholders and will gain further support for the deal despite its rejection today," John Meyer of Fairfax Investment Solutions wrote in a note. "The Anglo board will need to demonstrate an ability to generate superior gains to persuade investors to maintain its independence."
Market speculation yesterday found that Chinalco, which had proposed taking a substantial stake in Rio Tinto, could make an offer valuing Anglo at $45 billion, up from the $32 billion it was valued at before Xstrata's announcement. Chinalco's spokesmen in London declined to comment on the rumor.
ING analyst Nick Hatch said that Vale might consider making a bid for either Anglo or Xstrata, while Nomura Securities analyst Paul Cliff told Bloomberg there was a better fit between Xstrata and Vale than Anglo and Vale. Vale also declined to comment.
Susan Shabangu, South Africa's mining minister, told journalists during a media briefing in Parliament yesterday that the merger would be unhealthy. Definitely, monopolies cannot be promoted in South Africa," she said.
The National Union of Mineworkers (NUM) said in a statement that it opposed all forms of merger and applauded Anglo for rejecting Xstrata's approach. It said mergers resulted in restructuring, reengineering and massive retrenchments.
Trade union Solidarity agreed with the NUM. "The last thing employees need now is the uncertainty that accompanies the talks about a takeover, especially while the economy is in a recession," said Jaco Kleynhans, Solidarity spokesman.
According to Nomura Research, it would be difficult to push through the merger in South Africa due to competition and labor concerns. There could be some speculative activity in the rand on the assumption that it would result in large inflows of capital to South Africa. Nomura disagreed, however, because it expects that the merger, if it happened, would be an all-share deal.