Flash News – Update on previous entries

31 10 2010

This week there were significant developments on issues dealt with in previous entries. Here’s the week in review.

China. In response to the production cuts of metal producers due to restricted power supplies, China’s State Reserve Bureau will be selling some of its inventory to appease the markets. Steel Guru

Labour conflict. After failing to reach an agreement, Newfoundland and Labrador has established an industrial inquiry commission to investigate and make recommendations towards ending the 15-month long labour conflict between Vale and the Voisey’s Bay workers. The Commission is tasked to examine the positions of the parties, the factors influencing the relationship climate, external factors contributing to the dispute , impacts on other labour relations as well as disputes, costs to stakeholders and options to resolve the dispute. The Packet

Potash Corp & BHP Billiton: the politics. Saskatchewan is against the acquisition period. It’s not trying to gain further concessions from BHP Billiton. The New Democratic Party is trying to get the Canadian parliament to adopt a non-binding motion in opposition to the bid. Reuters

Potash Corp & BHP Billiton: the lawsuit. Potash Corp alleges that unsealed internal documents of BHP have shown it was questioning the viability of its Jensen Project but kept telling investors otherwise to reduce Potash Corp’s share price (as an eight-million tonne a year mine Jensen could only flood the market). Potash’s interpretation is based on a briefing saying: it “‘was agreed that the primary objective for Jansen was to reduce the execution risk by ensuring phase one for Jansen had the lowest possible capital number’ and to limit the capital expenditure for that first phase.'” Is that enough of a case? Windsor Star

Hilary Clinton has commented China’s trade restrictions over rare earths in the context of the last ASEAN meeting. Commentary & Analysis

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