Company movements

Asiamet Resources has announced several changes. Chief executive officer and vice chairman Tony Manini is now executive chairman while Peter Bird has joined the company as CEO and has been appointed vice chairman. Previous chairman Peter Pollard continues as a non-executive director.

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Signs of recovery in M&A activity

THERE is no doubt 2013 was a low point for mergers and acquisitions with the global mining downturn taking its toll but there are signs that activity will improve in 2014. Despite a continuing slowing of China’s economy, accounting firm Ernst & Young believes M&A activity has turned a corner.

The Mergers, Acquisitions and Capital Raising in Mining and Metals report by Ernst & Young said fewer deals were pursued globally in 2013 because of global economic uncertainty and less investor appetite for risk. It stated that in Australia the value of deals fell by 66% to $US5.5 billion - the lowest deal value since 2004 – with Chinese companies the biggest buyers of mining and metals assets.

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Chinese take Brockman stake

Brockman Mining and China Guoyin have entered into a share subscription agreement whereby China Guoyin will subscribe for 195 million shares at an aggregate subscription price of Aus$11.3 million. Brockman has also entered a separate agreement with Ocean Line for 292.5 million shares at an aggregate subscription price of about Aus$16.76 million. Proceeds from both will be used for the development of Brockman’s iron ore mining projects in Western Australia.

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Brighton seeks Asia Minerals

Brighton Mining Group (BTN) is aiming to become an integrated manganese miner and trader following its proposed acquisition of Asia Minerals Corporation (AMC), an unlisted company with a focus on the exploration for and production of manganese, and on the operation of a marketing and trading platform for small to medium sized steel producers.

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