Shares digital

Mining giant Xstrata (XTA) has raised its bid for Australia’s Resource Pacific by 12% to A$3.20 per share, valuing the business at A$1.08 billion. The key focus of attraction is the Newpac coal mine, which is planned to triple in size. The revised bid has been rejected with Resource Pacific saying it is not a fair price. It is thought to be holding out for more money after seeing coal prices rise sharply in recent weeks. Resource Pacific had already received a A$808 million bid from New Hope but this was dropped after Xstrata made its approach.

by: Dan Coatsworth