BHP Billiton (BHP), the world’s largest miner, is cutting back on aluminum production in Africa, turning away from Russia and increasing copper, uranium and gold production in South Australia. It joined Rio Tinto in a iron-ore project, valued at $10 billion, in Australia.
Stifled by government setbacks in Africa, Xstrata PLC is shifting its strategy to acquisitions. It has proposed a merger with Anglo American PLC (AAUK). Vale SA (VALE), world’s second-largest miner, is also considering an acquisition of Anglo as a more conservative growth possibility.
- iShares MSCI Australia Index (EWA): up 24.7% year-to-date; RTP is 2%; BHP is 15.3%
- iShares MSCI Brazil Index (EWZ): up 55.6% year-to-date; VALE is 7.1%
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Max Chen contributed to this article.