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Mubadala and Dubai Aluminium Acquire Remaining Guinea Alumina Corporation Limited

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According to the press release, “Global Alumina Corporation announced today that it has signed a share purchase agreement with DM GAV Limited, a company established and owned equally by Mubadala Development Company PJSC and Dubai Aluminium, to sell all of Global Alumina’s interests in Guinea Alumina Corporation Limited to DM GAV. Pursuant to the SPA, DM GAV will make a US$2 million advance payment to Global Alumina on signing of the SPA and will pay an additional US$36 million upon completion of the transactions contemplated by the SPA, which is scheduled to occur on or before August 31, 2013. A copy of the SPA will be available on the Company’s SEDAR reference page at www.sedar.com.

Coincident with this transaction, Global Alumina International Limited and The Broken Hill Proprietary Company Pty Limited “BHP Billiton” have agreed to terminate their share purchase agreement which was announced on November 1, 2012. Concurrent with this termination and execution of the SPA, DM GAV signed a share purchase agreement directly with BHP Billiton to buy all of BHP Billiton’s interests in Guinea Alumina.

Conditions to Completion include no objection having been received from the Government of Guinea, completion of DM GAV’s acquisition of BHP Billiton’s interests in Guinea Alumina and Global Alumina’s regulatory and shareholder approvals. These conditions must be satisfied by August 31, 2013 or the SPA may be terminated.

Global Alumina intends to use the US$2 million advance payment to fund accrued liabilities and ongoing corporate costs until Completion. Under the SPA, the Company has given limited representations and warranties some of which will survive for up to two years following Completion.”

Read more: Global Alumina Press Release

US Becomes the Largest Crude Oil Producer in the World

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With the onset of fracking technology and a flood of capital entering the Texas energy market over the past decade, the United States is now the largest producer of crude oil. According to the U.S. Energy Information Administration, on September 12th, they revealed, “The United States likely surpassed Russia and Saudi Arabia to become the world’s largest crude oil producer earlier this year, based on preliminary estimates in EIA’s Short-Term Energy Outlook (STEO). In February, U.S. crude oil production exceeded that of Saudi Arabia for the first time in more than two decades. In June and August, the United States surpassed Russia in crude oil production for the first time since February 1999.”

Light sweet crude oil grades have rapidly expanded since 2011.

With two months remaining before U.S. sanctions go into effect against Iran, Iran’s crude exports are falling fast. European oil companies are exiting Tehran fearful of the repercussions of sanction violations, coupled with the country’s currency crisis. Iran’s influence over global oil prices have dwindled.

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Trump Goes Across the Political Aisle to Nominate Nellie Liang to Federal Reserve Board

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U.S. President Trump nominated Nellie Liang to the Federal Reserve Board of Governors. She is a long-time staff member of the Federal Reserve, joining in 1986 as a research economist. Liang must still be confirmed by the U.S. Senate pending the job post. She is a graduate of University of Notre Dame in 1979 and received her doctorate from the University of Maryland in 1986.

Ms. Liang is a registered Democrat.

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Ivanhoé Cambridge to Acquire Callahan Capital Properties

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Ivanhoé Cambridge, a unit of Caisse de dépôt et placement du Québec (CDPQ), signed a deal to acquire Callahan Capital Properties (CCP). Eastdil Secured advised on the transaction. CCP is Ivanhoé Cambridge’s investment partner of six years.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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