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Jan 13, 2011

Inmet-Lundin deal seen boosting their global heft

TORONTO, Jan 13 (Reuters) – The combination of Lundin
Mining (LUN.TO: Quote, Profile, Research, Stock Buzz) and Inmet Mining (IMN.TO: Quote, Profile, Research, Stock Buzz) will create a new
Canadian copper miner with the heft to compete effectively
against the industry’s giants as the global recovery gains
traction.

The deal, announced after market close on Wednesday, will
create Symterra Corp, 52.6 percent owned by Inmet shareholders
and led by Inmet Chief Executive Jochen Tilk.

Jan 13, 2011

TD Securities sees strong year for Canadian mergers

TORONTO, Jan 13 (Reuters) – Three blockbuster deals this
week point to a strong year ahead for Canadian mergers and
acquisitions, driven by deals in energy and metals, according
to Bill Quinn, head of M&A at Canada’s No. 2 lender, Toronto
Dominion Bank (TD.TO: Quote, Profile, Research, Stock Buzz).

The deals, two in mining and one in retail, had a combined
value of some C$15 billion and reflected renewed confidence in
the global economic recovery as well as Canada’s place in it.

Jan 12, 2011

Baffinland shares jump, investors see higher bid

TORONTO (Reuters) – Shares of Baffinland Iron Mines spiked on Wednesday, a sign that investors are expecting a higher takeover bid to materialize for the owner of a giant, undeveloped iron ore deposit in Canada’s Arctic.

Baffinland stock rose as much as 7.5 percent to C$1.58 a share before paring gains to close at C$1.51. The share price had previously oscillated between the values of the two bids on the table.

Jan 11, 2011

Nunavut, ArcelorMittal extend bids for Baffinland

TORONTO (Reuters) – The winner of the battle for control of Baffinland Iron Mines may not be known for days after Nunavut Iron Ore and ArcelorMittal on Monday extended the deadlines on their competing bids.

The two companies have been caught up in a bidding war for Baffinland since September, eager to gain control of its vast iron ore deposit in the Canadian Arctic.

Jan 6, 2011

Nunavut may need to up ante on Baffinland

TORONTO (Reuters) – Nunavut Iron Ore may have to sweeten its bid for Baffinland (BIM.TO: Quote, Profile, Research, Stock Buzz) again to persuade shareholders to accept its offer instead of ArcelorMittal’s (ISPA.AS: Quote, Profile, Research, Stock Buzz), a possibility that Nunavut has not ruled out.

The two companies have fought for control of Baffinland since September, trading offers for the Canadian iron ore explorer that had nearly doubled by year’s end.

Jan 6, 2011

Nunavut may need to up ante to steal Baffinland

TORONTO, Jan 6 (Reuters) – Nunavut Iron Ore may need to
sweeten its bid for Baffinland Iron Mines (BIM.TO: Quote, Profile, Research, Stock Buzz) again to
persuade shareholders to accept its offer instead of
ArcelorMittal’s (ISPA.AS: Quote, Profile, Research, Stock Buzz).

The two companies have fought for control of Baffinland
since September, trading offers for the Canadian iron ore
explorer that have nearly doubled by year’s end.

Jan 5, 2011

Nunavut Iron chairman no stranger to dealmaking

TORONTO, Jan 5 (Reuters) – For Bay Street dealmaker Bruce
Walter, the takeover battle for Baffinland Iron Mines (BIM.TO: Quote, Profile, Research, Stock Buzz)
and its huge iron ore deposit in Canada’s Arctic isn’t exactly
unexplored territory.

From Barrick Gold’s (ABX.TO: Quote, Profile, Research, Stock Buzz) Goldstrike mine in Nevada to
Sherritt International’s (S.TO: Quote, Profile, Research, Stock Buzz) Ambatovy nickel project in
Madagascar and Centerra Gold’s (CG.TO: Quote, Profile, Research, Stock Buzz) Kumtor gold mine in
Kyrgyzstan, Walter has helped put together some of the biggest
mining deals done by Canadian companies in the last 30 years.

Dec 31, 2010

ArcelorMittal matches rival offer for Baffinland

PARIS/TORONTO, Dec 31 (Reuters) – Steel giant ArcelorMittal
(ISPA.AS: Quote, Profile, Research, Stock Buzz) upped its takeover bid for Baffinland Iron Mines
(BIM.TO: Quote, Profile, Research, Stock Buzz) on Friday, valuing the company at about C$550 million
($550 million) as it pursues its undeveloped iron ore deposit
in Canada’s Arctic.

Baffinland shares rose 4.3 percent to C$1.44, above
ArcelorMittal’s sweetened offer of C$1.40 a share, suggesting
that some investors hope the bidding battle that began in
September will continue.

Dec 30, 2010

Nunavut plans to build, not flip Baffinland

TORONTO (Reuters) – If its hostile bid for Baffinland Iron Mines (BIM.TO: Quote, Profile, Research, Stock Buzz) is successful, Nunavut Iron Ore plans to develop the company’s giant Arctic deposit, and is confident it can get the financial backing to foot a C$4 billion ($4 billion) development bill, Nunavut’s chairman said on Wednesday.

Nunavut Iron Chairman Bruce Walter told Reuters in an interview that the Mary River deposit could be a small-scale mine within two years, with further expansion another two or three years after that.

Dec 30, 2010

Nunavut Iron sweetens its offer for Baffinland

TORONTO, Dec 29 (Reuters) – Nunavut Iron Ore sweetened its
hostile bid for control of Baffinland Iron Mines on
Wednesday, extending a battle with steel giant ArcelorMittal
for a vast iron ore deposit in the Canadian Arctic.

Nunavut Iron upped its offer to C$1.40 a share for 60
percent of Baffinland’s shares, valuing the entire junior
miner at about C$550 million ($550 million) and challenging
ArcelorMittal’s friendly bid of C$1.25 a share for all of the
shares.