Xstrata heads to SA after failing to acquire LionOre

Reuters says the Swiss-based miner, which has failed to close two deals this year after a string of previous acquisitions, said it had secured the support of shareholders owning 51 percent of Eland.

 
Chief Executive Mick Davis told Reuters that deals were getting harder in the mining sector as cash-rich companies battle for assets, and that Xstrata was now mainly focused on delivering an investment pipeline which it estimated at around $28 billion (about P172.2 billion) - higher than some analysts had forecast. But he said Xstrata