Rio Tinto Sells Mine Stake to China Molybdenum
Rio Tinto Plc (NYSE: RIO) said it has reached an agreement with China Molybdenum Co (HKG: 3993) where China Molybdenum will spend $830 million purchasing an 80% stake in Northparkes copper-gold mine from Rio Tinto. The deal is pending approvals from China Molybdenum's shareholders and Sumitomo Metal Mining Co, which owns the remaining 20%. The offer price is much higher than the valuation range of $200-480 million estimated by UBS's Australian team, but the acquisition will definitely help China Molybdenum diversify from its molybdenum business that remains under pricing pressure. Located in New South Wales, Australia, Northparkes is capable of producing 160,000 tons of copper concentrate, 60,000 tons of contained copper and 50,000 ounces of contained gold per year. USB predicted the mine has a 15-year mining life if it is in full production with current estimated reserves of 74.2 million tons.
Ad Revenue Props Up Sohu Revenue
Sohu.com Inc (Nasdaq: SOHU), a leading Chinese web portal, posted $339 million in revenues for Q2 2013, up 33% from a year earlier and up 10% from a quarter earlier. Ad revenue rose to $100 million, up 45% from a year earlier and up 25% from a quarter earlier. Revenue from online gaming was $168 million, up 24% from a year earlier and up 1% from a quarter earlier. Net profit was $22 million in Q2 2013.
China Telecom Offers 'WeChat + Weibo' Package
China Telecom Corp's (NYSE: CHA, HKG: 0728) Guangdong branch will offer a 6-yuan monthly package for 2 gigabits of data usage at specified social networking sites, a person familiar with the matter said. The 2GB data usage should be exclusively used on WeChat, a WhatsApp-like mobile app developed Tencent Holdings Ltd (HKG: 0700), and on Sina Weibo, a Twitter-like microblogging service offered by Sina Corp (Nasdaq: SINA). Both WeChat and Sina Weibo are the most popular of their kind in China. The app-specific monthly package is part of China Telecom's Fly Young 18-yuan monthly plan.
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