BHP and rio tinto has single handedly contributed to a large rise in the stock market in recent times and how !!. The market has shot up tremendously in the last few months and a big part of the gains other than the Banks and the small mining minnows is the two aussie mining giants BHP BILLTION an RIO TINTO.
I was speaking to my colleague the other day and she said she was pretty happy to be going on her well deserved holiday after snapping up a lot of 1400 shares of Rio Tinto Shares In December 2008 a for 28 $ a Unit and now selling it at its current levels . she has pocketed about over $50,000 just in the last couple of months.
Investors in Bhp billiton have also been reaping the rewards of the the sudden surge in the price and will be surely taking in some profits. Sadly FMG ( Fortesque Metals Greoup ) has not been doing that well on the stock market charts recently but has still recovered well above its December lows to make some a decent profit !! This could be the dark horse yet .. that can still make some more millionaires as they are still steadily heading in t he right direction and the current price could surely be a discounted price looking at a long term point of view.
BHP.AX 39.200 [+0.300]
RIO.AX 64.920 [+0.130]
BHP launches $204 million bid for United Minerals
United Minerals was worth $20 million three years ago, and its key asset is an iron ore deposit in the Pilbara which is adjacent to a deposit owned by one of BHP Billiton’s subsidiaries.
"BHP Billiton is the logical owner and developer of the Railway Deposit given the proximity to BHP Billiton’s iron ore deposits, and established mine and rail infrastructure," BHP’s iron ore president Ian Ashby wrote in a statement.
BHP wants to buy all the company’s shares, and is offering $1.30 a share – which is 43 per cent higher than UMC’s last closing price.
BHP says the offer is final, unless a competing bid is launched, and is conditional on UMC abandoning a plan to give China Railway Materials Commercial Corporation a stake in the company.