Report says mining mergers may reach ‘astronomical levels’ in 2008 |
Industry analysts believe mining company mergers may reach “astronomical levels” in 2008. In a report released by PricewaterhouseCoopers LLP, it was noted that mining mergers reached a record $159 billion in 2007 and are expected to reach higher levels this year. ``No company can stand aside in this `eat or be eaten' environment,'' Tim Goldsmith, PricewaterhouseCoopers' global mining analyst, said. ``The biggest companies are positioning themselves to achieve super-consolidated global scale.''
Analysts have noted that mergers are being fueled by record price levels of mining commodities, including coal and copper. In developing countries such as Russia and China, where there is a growing demand for minerals, there was a six-fold increase in mining mergers in 2007 valued at $32.7 billion. mongolia-web.com |
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Experts say copper prices to remain high for next two years |
Market observers believe Mongolian copper prices will remain high for at least the next two years. One of the main reasons given for the continuing high prices are delays to planned mining projects caused by increasing percentages of revenues being funneled off by governments in Mongolia and Africa. |