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GO EAST, AMERICA! GO EAST!
It happened about six days before I expected it, but at long last the hardball tactics of iron ore giant Rio Tinto resulted in an 85% increase in iron ore prices this year. It happened earlier this week, after eight months of intense and sometimes rather unfriendly negotiations. The consequences could be very friendly for investors, though. More on that in moment.
But let me just repeat that in case you missed it – with the stroke of a pen, the value of a commodity exported by Australia went up 85%. Not even the oil market moves that fast!
The Australian resource boom is…
26Jun2008 | Daily Reckoning | Comments Off | ContinuedIron Ore Proves to be the Most Coveted Commodity in the Pacific
There has been little said about BHP Billiton Ltd.’s (BHP) attempted takeover of Rio Tinto PLC (RTP) in recent months, but the proposal is far from dead. In fact, rumors that BHP may increase its bid have brought about even more speculation that China’s largest steelmakers will further enter the fray.
Rio Tinto Group, the world’s third-largest mining company, rose in London trading yesterday (Tuesday) on speculation BHP Billiton Ltd. will increase its $179 billion hostile bid for the company.
“The rumor doing the rounds is that BHP will increase its bid to 3.8 shares for each Rio share,” Manoj Ladwa,…
14May2008 | Money Morning | Comments Off | Continued
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