Philippines says Hyundai eyeing mining ventures

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The company is exploring for nickel deposits on its Langmuir property near Timmins, Ontario; for nickel-gold-copper on its Cleaver and Douglas properties; and for molybdenum and rare earth elements at recently acquired Desrosiers property.

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Philippines says Hyundai eyeing mining ventures

posted on Oct 24, 2008 07:24AM

Watch the buying opp's arise as these type of giants move in shopping for deals. Majors will be no different imho.

http://www.reuters.com/article/rbssI...

"It seems they want copper, iron and nickel and I just gave them a list of ongoing exploration programmes."

Ramos said Hyundai wants to establish a Philippine office for its mining investment plans and "start the ball rolling."

"But larger rival POSCO (005490.KS: Quote, Profile, Research, Stock Buzz), the world's No. 4 steelmaker, joined its big peers this year in snapping up mining assets to secure supply of raw materials."

"In August Hyundai Steel said it would buy 8 million tonnes of coking coal from BHP Billiton (BHP.AX: Quote, Profile, Research, Stock Buzz) (BLT.L: Quote, Profile, Research, Stock Buzz) for the next five years to feed its steel capacity expansion."

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