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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (17499)	4/10/2008 1:47:55 AM
From: LoneClone	Read Replies (1) of 194541

BHP Billiton shares surge on report China eyeing stake afp.google.com SYDNEY (AFP) — Shares in BHP Billiton surged more than five percent Wednesday after a report in Australia that China was poised to buy a multi-billion dollar stake in the world's largest miner. The Australian newspaper, citing sources in Beijing, said China was working on a plan for a state-owned entity, possibly the Baosteel steel mill, to launch a share raid on BHP Billiton. The move was aimed at intervening in BHP's proposed 147.4 billion US dollar takeover of rival Rio Tinto, the newspaper reported. China has expressed concern the mega-merger would create a behemoth with too much power over commodity prices, and in February state-owned Chinalco joined with US firm Alcoa to buy 14 billion US dollars worth of Rio shares. The Australian reported that China hoped to snap up more than nine percent of BHP. BHP shares surged 2.06 Australian dollars (1.92 US) or 5.1 percent to 42.46 dollars in early trade, easing to 41.83 by mid-afternoon. "I think it will be a continued theme with more news to come involving the Chinese government taking stakes in world companies," CMC Markets dealer Jamie Campbell said. BHP declined to comment on the report. The company's share price was also boosted when it announced the price of metallurgical coking coal products this year would rise between 206-240 percent from 2007 levels. Coking coal prices were estimated at about 98 dollars a tonne last year.

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