Tsubaki Celebrates its 100th Anniversary

U.S. Tsubaki Power Transmission will celebrate Tsubaki’s centennial in 2017. The Tsubakimoto Chain Co. was founded in 1917 as a bicycle chain manufacturer, and quickly shifted to manufacture industrial chains. Since then, Tsubaki has contributed to the evolution of chain technology, expanded the scope of its business from machine parts to automated systems, and continued to develop its business with a global perspective.

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Barrick, Shandong Enter Strategic Agreement

Barrick Gold entered a strategic cooperation agreement with Shandong Gold Group Co., Ltd., a leading underground mining company in China, based in Jinan, Shandong province. Shandong will acquire 50% of Barrick’s Veladero mine in San Juan province, Argentina, for $960 million. As a second step, Barrick and Shandong will form a working group to explore the joint development of the Pascua-Lama deposit. As a third step, both companies will evaluate additional investment opportunities on the highly prospective El Indio Gold Belt on the border of Argentina and Chile, which hosts a cluster of world-class gold mines and projects including Veladero, Pascua-Lama, and Alturas.

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Joy Global Will Be Renamed Komatsu Mining

Komatsu America Corp., a subsidiary of Komatsu Ltd., has completed its acquisition of Joy Global Inc., a worldwide leader in high-productivity mining solutions. Retaining its headquarters in Milwaukee, Wisc., Joy Global will be renamed Komatsu Mining Corp. and operate as a subsidiary of Komatsu. The company said it will continue to promote and invest in the P&H, Joy and Montabert product brands.

Komatsu said it remains committed to directly servicing the global mining industry and through its products, services and technologies is focused on helping customers improve productivity and safety in their operations worldwide. “The combination of our Komatsu-brand surface mining equipment with the P&H, Joy and Montabert brands of surface and underground products will allow us to offer a complete range of mining solutions for our customers,” said Tetsuji Ohashi, president and CEO of Komatsu. “We plan to build on the strength of our shared cultures, including our unwavering belief in safety first and our passion for providing innovative solutions, to become an unrivaled mining solutions and services provider.”

The close of the transaction adds to the Komatsu team more than 10,000 people with deep knowledge and experience in the mining industry, bringing the company’s global total to more than 57,000 employees. Komatsu Mining Corp. will be led by Jeffrey Dawes, formerly leader of Komatsu Latin America. Dawes and the management team will be based in Milwaukee. Following the close of the transaction -- valued at approximately $3.7 billion, including Joy Global’s outstanding indebtedness -- Joy Global shares will be delisted from the NYSE and will no longer be publicly traded.

Milpo Gives Up On Michiquillay Project

Polymetallic miner Milpo, controlled by Brazil’s Votorantim Metals, said it would not submit an offer for the Michiquillay project after receiving a proposal from Proinversion, a Periuvian government’s agency aimed to encourage local investment, to make changes to the project.

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