Mining giant Xstrata has said it will spend R4.9 billion (€510 million) to boost capacity of ferrochrome production and cut costs with a more energy-efficient smelter in South Africa.

Xstrata, one of the world's biggest producers of ferrochrome, has approved the second phase of expansion at its Lion ferrochrome complex, which is struggling to meet power needs.

Under the plans, a new smelter will be built with a capacity of 360,000 tonnes per year, boosting the group's overall ferrochrome capacity to over 2.3 million tonnes.

With possibly the lowest entry costs of any business, the cleaning industry is continually squeezed on price, but companies such as Mid-American Cleaning Contractors are trying to provide better value in other ways, as Alan Swaby learns.

As the US private-sector economy has stalled, more businesses are seeking to win more work from federal, state and local governments. SM&A has made helping companies do just that its one and only business for the past 28 years. Keith Regan learns how the company is adapting to new market realities to help clients prepare for, win and effectively complete government contracts.

Denver-based oil and gas exploration and production company Kodiak Oil & Gas Corp, is extending its assets in the Williston Basin of North Dakota.

The company has announced a definitive purchase and sale agreement with a private oil and gas company to acquire high-working-interest, contiguous Bakken/Three Forks Williston Basin leasehold and producing properties for $99 million in cash and the direct issuance of 2.75 million shares of common stock to the seller at a price of $4.00 per share.  

UK oil explorer Max Petroleum has announced the discovery of a zone of oil in a well in Kazakhstan, sending its shares soaring.

Testing at the UTS-1 well on the Uytas prospect in Western Kazakhstan has revealed 16 metres of oil at shallower depths than the current position, with the oil column potentially stretching for 86 metres.

The company said it would now drill ahead from the current intermediate depth of 300 metres to explore deeper targets at around 900 metres, before returning to the shallower zones to test the find.

Harbour Group announced today that it has entered into an agreement to sell Lincoln Holdings Enterprises Inc. to Sweden-based SKF Group.

Lincoln is based in St. Louis, Missouri, where it was founded 100 years ago. A leader in the design, manufacture, and service of lubrication systems and equipment, its products include centralized and automated lubrication systems, lubrication tools and equipment, and material-dispensing equipment for high viscosity materials.

Land Securities and Canary Wharf Group have agreed a £500 million joint venture to develop London’s next large skyscraper.

Canary Wharf Group, the owner of the Docklands estate, will buy half the 690,000 square foot tower development for approximately £250 million, and will act as construction manager on the project.

The joint venture will be backed by sovereign wealth from China and Qatar.

The 150 metre-high, 37-storey skyscraper at 20 Fenchurch Street, EC3, is known as the Walkie Talkie due to its concave shape.

Northeast Utilities and NSTAR have agreed to merge in a deal that will form New England's premier utility company, worth $17.5 billion.

The companies have described the deal as a merger of equals, but if it goes through it will retain the Northeast Utilities name. NU shareholders would own approximately 56 percent and NSTAR shareholders would own approximately 44 percent of the combined company.

The German insurance giant Allianz is set to make a £2 billion bid for the Channel Tunnel rail link, it has been reported.

Allianz is one of a number of groups planning to bid for the 68-mile stretch of railway running from London to Folkestone in Kent. Abu Dhabi Investment Authority, Eurotunnel and Hong Kong-based CKI are understood to have formed other consortia that are also planning to bid.