Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Related (BBC) The US has announced it will provide $2.5m (1.8m) in aid to Venezuelans who have fled the economic crisis in their homeland for neighbouring Colombia.Venezuela is experiencing severe shortages of medicines and basic goods.Thousands of Venezuelans cross into Colombia daily, escaping an economic crisis at home (BBC/EPA photo)The US said the money would provide fleeing Venezuelans and the Colombian communities hosting them with emergency food and health assistance.Colombian officials estimate that about 600,000 Venezuelans have crossed the border in recent years.‘Humanitarian disaster’The United Nations has called the exodus from Venezuela into neighbouring countries a “humanitarian disaster”.The announcement about “this initial, and immediate commitment of $2.5m” was made by the administrator of the US Agency of International Development (USAid), Mark Green.Mr Green put the blame for the Venezuelan exodus on the government of President Nicolás Maduro.“Regrettably, this crisis in Venezuela, which is now spilling into the broader region, is man-made – the result of continued political mismanagement and corruption by the Maduro regime,” Mr Green said.The US government has been highly critical of President Maduro and has placed sanctions on him and other high-ranking members of his government and the military.On Monday, in his latest move targeting the government in Caracas, US President Donald Trump signed an executive order barring US companies and citizens from dealing in Venezuela’s crypto-currency, the Petro.The economic and political crisis in Venezuela has also been one of the main talking points in a meeting between Colombian President Juan Manuel Santos and Brazilian President Michel Temer in Brasilia on Tuesday.While the number of Venezuelans which have crossed into Brazil is believed to be in the tens of thousands rather than the hundreds of thousands who left for Colombia, Brazilian border states are feeling the strain.On Tuesday, Venezuelans who were squatting in a building in the town of Mucajaí in Roraima state in northern Brazil were driven out by residents angry over the killing of a local person.About 300 residents protested in front of the building and burned the possessions of the Venezuelan migrants after police said the two suspects in the murder were Venezuelan nationals.
First Quantum Minerals and Scandinavian Minerals have entered into a definitive agreement pursuant to which a wholly-owned subsidiary of First Quantum will acquire, by way of a court-approved plan of arrangement, all of the outstanding common shares of Scandinavian Minerals. The implied value of the purchase price is C$9.89 per Scandinavian Minerals share (based on the closing price of First Quantum shares on the TSE of C$89.36 on April 18, 2008), representing a 41.3% premium to the closing price of Scandinavian Minerals shares on the TSE of C$7.00 on April 18, 2008 and a 53.8% premium to the volume-weighted average trading price of the Scandinavian Minerals shares on the TSE of C$6.43 for the 20 trading days ended April 18, 2008.The Board of Directors of Scandinavian Minerals has unanimously approved the transaction and resolved to recommend to the holders of Scandinavian Minerals shares that they vote in favour of the transaction. In addition, the directors and senior officers of Scandinavian Minerals have entered into voting agreements with First Quantum, pursuant to which they have irrevocably agreed to vote their shares (including any shares issuable upon the exercise of options), representing approximately 13.6% of the issued and outstanding common shares of Scandinavian Minerals, in favour of the transaction.Commenting on the transaction, Peter Walker, President and CEO of Scandinavian Minerals said, “We believe that the transaction creates a compelling opportunity for the shareholders of Scandinavian Minerals to realise immediate and substantial value for their shares whilst also gaining exposure to profitable and fast-growing metal production through the receipt of First Quantum shares. First Quantum has the experience and track record to take the Kevitsa project through development to production smoothly and expeditiously.”Philip Pascall, Chairman and CEO of First Quantum said, “The acquisition of the Kevitsa nickel-copper-PGE deposit fits First Quantum’s strategy of developing or acquiring projects where, with our experience, we can add material value to the process of bringing them to commercial production and their subsequent efficient operation. Accordingly we look forward to lending our expertise to the development of one of the world’s major undeveloped sulphide nickel deposits and one of the largest mineral discoveries in Finland’s history. This acquisition is also consistent with our goal of diversifying our assets geographically and across commodities.”Scandinavian Minerals’ current focus is the development of its 100%-owned Kevitsa nickel-copper-PGE project in northern Finland. Kevitsa is one of the world’s major undeveloped sulphide nickel deposits and one of the largest mineral discoveries in Finland’s history. The Kevitsa deposit is easily accessible by road. Water and hydroelectric power are available nearby.In April 2007 Scandinavian Minerals commenced the Feasibility Study for the Kevitsa project. The study is being co-ordinated by St Barbara LLP of London. The metallurgical process has been developed by the Mineral Processing Laboratory of the Geological Survey of Finland. Plant engineering and design is being performed by Outotec. The study is based on an open pit operation mining approximately 5 Mt/y of ore, with production of nickel and copper concentrates for sale to local or overseas smelters and is expected to be completed in the second quarter of calendar 2008. www.scandinavianminerals.com; www.first-quantum.com