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Article: Punters piling into the miners after Rio's deal
- Article from:
- The Evening Standard (London, England)
- Article date:
- July 12, 2007
- Author:
CopyrightCopyright 2007 Evening Standard - London. Provided by ProQuest LLC. (Hide copyright information)
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MINING companies and the soaring cost of raw materials were put
back on the agenda by stock market investors today following Rio
Tinto's agreed 18.2 billion takeover bid for Canadian aluminium
giant Alcan.
The news had been anticipated for much of the week and dealers
initially nodded their approval, allowing the Rio Tinto price to
touch 4088p. They later had second thoughts, which left the shares
nursing a loss of 102p at 3891p.
City speculators say further consolidation of the mining sector
was inevitable following the sharp rise in the price of base metals,
such as copper, zinc and aluminium, over the past five years and
they are on the lookout for the next takeover target.
As a result, ...