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BHP Closing In On A$3.5 Billion Gabon Iron Ore Deal - Report

MELBOURNE -(Dow Jones)- BHP Billiton Ltd. (BHP) is close to striking a A$3.5 billion deal with the government of Gabon over the Belinga iron ore project, which is said to contain about 4 billion metric tons of ore, the Australian newspaper reported Wednesday without citing a source for the information. A deal would represent BHP's most significant foray into Africa's emerging iron ore sector, which has already attracted rivals Rio Tinto PLC (RIO) and Vale SA (VALE) as well as a host of junior exploration companies, the newspaper said in an article on its website. It reported that BHP has so far declined to comment. News agency Reuters in an article Friday cited Sosthene Nguema Nguema, a member of Gabonese government delegation in charge of overseeing the Belinga project, as saying a deal with BHP had been reached after the concession had been removed from China National Machinery and Equipment Import and Export Corp., as the Chinese company didn't have sufficient expertise to mine the resource. Newspaper website: http://www.theaustralian.com.au/business/mergers-acquisitions/giant-poised-to-take-35bn-african-plunge/story-fn91vdzj-1226265157070 -By Melbourne bureau; +61 3 9292 2094; djnews.sydney@dowjones.com

Stock News for Companhia Vale (RIO)
DateTimeHeadline
07/01/201516:38:27Rio Tinto CEO Sam Walsh Responds to Critics of Iron-Ore Production
06/29/201504:07:07Australia Shares End 2.2% Lower on Greece Worries
06/22/201505:40:48Savannah Resources Shares Surge on Mozambique JV with Rio Tinto...
06/22/201503:24:06Savannah Resources, Rio Tinto to Create Mineral Sands JV in Mozambique
06/21/201519:29:51ERA Chairman, Directors Quit in Dispute with Rio Tinto
06/20/201516:08:03Is China Going to Use the Mining Downturn to Take Over the Industry?
06/19/201514:07:02You Can See the Next Boom Brewing in BHP Billiton and Rio Tinto's...
06/18/201514:00:093 Stocks to Watch in Copper
06/15/201512:06:02How Drones Are Making Rio Tinto a Better Miner
06/12/201503:56:32Australia Shares End Down 0.2% on Falling Commodities Prices...
06/11/201519:19:06Rio Tinto Refinances US$1.2 Billion of Debt
06/11/201514:00:07Rio Tinto Assessing Potential Noncash Impairment Of $300 Million--Update
06/11/201513:56:48Rio Tinto Assessing Potential Noncash Impairment Of $300 Million
06/10/201514:02:02Thrifty Miners Killed Caterpillar and Joy Global's Sales: Are...
06/09/201503:10:50Australia Shares Post Sixth Straight Fall
06/05/201503:43:20Australia Shares Suffer Worst Week in Three Years
06/04/201506:50:15Glencore May Cut Coal Output Further to Combat Glut
06/04/201503:17:18Australia Shares End Down 1.4%, Extending Gloomy Week
06/02/201503:33:15Australia Shares End Down 1.7% After Absence of Central Bank...
05/25/201503:51:11Australia Shares Start Week With Solid Gains

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