Goldcorp certain $2.8bn hostile bid for Osisko will succeed

(RTTNews) - The UK market is trading higher in afternoon trading Thursday, amid some positive earnings news as well as consolidation in commodities prices.

Xstrata Mount Isa Mines has announced plans to sustain the future of its Mount Isa operations through expanded mining and concentrate production, while phasing out copper smelting at Mount Isa and refining operations in Townsville by the end of 2016. 

ArcelorMittal South Africa (AMSA), a subsidiary of ArcelorMittal, the world's biggest steelmaker, this week announced an agreement which may see the acquisition of an iron ore "resource" in the Northern Cape. At the same time, parent company ArcelorMittal announced its first quarter earnings, where, for the first time, it reported its mining interests as a separate segment.

Europe's No.2 copper producer KGHM (KGHM.WA) nearly tripled its net profit in the first quarter, beating expectations thanks to a rally in metal prices. Poland's state-controlled miner said on Friday its bottom line reached 1.96 billion zlotys ($710 million), compared to 1.84 billion seen in a Reuters poll.

German technology and German know-how are to help the Colombian coalmining sector, underground mining in particular, to become safer and increase its production. A strategic co-operation is planned that is to comprise not only a safety partnership but also technology transfer. Juan Gabriel Ceballos Campuzano is the owner of Colombia’s old-established family mining firm Soc Central de Activos Mineros, based in the Colombian capital of Bogotá.

Intergeo, the Russian copper and nickel company owned by billionaires Mikhail Prokhorov and Maxim Finskiy, hopes to raise from C$100 million ($104.2 million) to C$500 million in a initial public offering on the Toronto Stock Exchange by the end of the year. Finskiy, the company's chairman and 20 percent stakeholder, told Reuters in an interview on Wednesday the company would float about 10 percent of its shares in the offering.

Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPV, NY-AMEX: MDM) today announced the results of an updated independent valuation of the diamonds recovered from the Gahcho Kué Project. The valuation was conducted by WWW International Diamond Consultants Ltd. and took place at the London offices of the Diamond Trading Company in early April, 2011. All diamond values presented below are based on the WWW Price Book as at April 11, 2011. Importantly, for the first time, the Gahcho Kué diamonds were grouped into larger parcels, each parcel representing diamonds from the Hearne, Tuzo and the separate lobes of the 5034 kimberlite. In the opinion of WWW, grouping of the diamonds into larger parcels increased the accuracy of the diamond valuation.

Anglo-Swiss miner Xstrata (XTA.L: Quote) reported a 6 percent decline in copper output in the first quarter due to severe weather conditions at its Collahuasi mine in Chile and lower grades at its Alumbrera mine in Argentina. Overall, the miner said adverse weather conditions including flooding in Queensland and Western Australia, tropical cyclone Yasi and heavy rainfall in South Africa, Colombia and other parts of South America impacted production during the period.

Tool and machinery maker Sandvik's (SAND.ST: Quote) first-quarter operating margin was blown south of analysts' forecasts by currency headwinds, sending its shares down more than 3 percent. The maker of metalworking tools, mining equipment and specialty steels was among the hardest hit in Sweden's engineering sector during the financial crisis, but has since been buoyed by a rapid recovery in demand.