"The Project has been progressing well with encouraging results announced earlier from our 2011 exploration program.

"We look forward to taking the Project to the next level with WISCO International Resources Development & Investment Limited, a partner in Labec Century to fund $40 million for its further exploration for a 40% therein.”

Century Iron Mines is Canada's largest holder of iron ore land claims, with interests in several properties in the provinces of Quebec and Newfoundland and Labrador.

The company is backed by two Chinese strategic partners through financing and off-take agreements: MinMetals and WISCO International Resources, a unit of Wuhan Iron & Steel, also known as China's third-largest steel producer.

Xstrata shareholders will get 2.8 shares in Glencore for each they own currently and end up in total with 45% of the enlarged company, which will be called Glencore Xstrata International.

The price values each Xstrata Share at 1,290.10p and the company overall at approximately £39.1 billion or a 15% premium to its value before the merger talks were revealed last week.

Mick Davis, Xstrata’s chief executive will assume that role at the enlarged group with Glencore’s chief executive Ivan Glasenberg to be deputy CEO.

Sir John Bond, the current Xstrata non-executive chairman, will be non-executive Chairman of the combined group.

On a combined basis in 2011, the group would have generated revenues of $209.4 billion and adjusted EBITDA of $16.2 billion.

Davis said the merger was the “logical next step for two complementary businesses, each with an outstanding track record of shareholder value creation, entrepreneurial management and a proven ability to spot valuable opportunities and capitalise on them.”

The deal comes less than a year since Glencore raised £6.8 billion through the largest listing ever seen in London.

Xstrata was formed when it bought trader Glencore’s coal assets in 2002. Since then, it has added interests in copper, zinc, ferrochrome and vanadium.

Glencore Xstrata International will be the world’s fourth largest mining group by market capitalisation, behind BHP Billiton, Brazil's Vale and Rio Tinto.

Observers have suggested it could take a year for the merger to get full competition approval. 

WISCO International Resources, is a unit of Wuhan Iron & Steel, China's third-largest steel producer.

In late August, the company inked a preliminary joint venture deal that would see China's WISCO invest a total of $120 million in exchange for a 40 percent interest in each of Century's Duncan Lake, Attikamagen and Sunny Lake projects.

Tuesday, the companies agreed the joint venture deals concering Century's Attikamagen and Sunny Lake projects. Execution of the joint venture agreement for the Duncan Lake project remains subject to completion of WISCO Resources’ internal processes, Century said.

Century Iron's president and CEO, Sandy Chim, said: "The execution of these first initial joint venture agreements marks another milestone in a process that was initiated in January 2011.

"The past twelve months has seen Century initiate its relationship with WISCO Resources as its strategic partner, raise over $100 million in equity financing, list on the Toronto Stock Exchange and now conclude these initial two joint venture agreements as part of an additional $120 million in joint venture funding for Century’s projects.

"We look forward to continuing the exploration of the Duncan Lake, Attikamagen and Sunny Lake projects with WISCO Resources as our key strategic partner under the joint ventures."

Sunny Lake is currently 100-percent owned by Century, while it has a 51 percent interest with Augyva Mining Resources (CVE:AUV) at  Duncan Lake, with an option to increase to 65 percent.

At Attikamagen, the company currently has an option to acquire up to a 60 percent interest in the project, with Champion Minerals (TSE:CHM).

Century Iron is an emerging iron ore exploration and development company, with iron ore assets located in Northern Quebec and Labrador.

The company has two key strategic partners in WISCO Resources and Minmetals Exploration & Development, both state-owned Chinese companies with financial and technical resources to assist the company with funding for the exploration and development of its iron ore projects.

Tueday afternoon, shares were flat at $1.92.

The 2011 summer drilling program focused on potential taconite and "direct shipping ore" targets near Hayot Lake, Quebec and Joyce Lake, in western Labrador, respectively.

Among the highlights, drill hole JOY-11-23 at Joyce Lake intersected 127 metres grading 50.65 percent total iron (FeT), including 33 metres grading 61.15 percent FeT.

Meanwhile, summer 2011 diamond-drilling at the Hayot Lake target corroborates earlier drill results, where drillholes spaced 500 metres to 1,000 metres by 200 metres have tested approximately an eight kilometre strike length of favourable magnetic anomalies on the property, the company said.

Drill hole HAY-11-18 at Hayot Lake intersected 149.3 metres grading 33.15 percent FeT.

Century Iron Mines' president and chief executive officer, Sandy Chim, said: "We are very encouraged by the drilling results at Joyce Lake for its DSO potential, and at Hayot Lake for its taconite potential.

"The second batch of assay results from the 2011 Attikamagen drilling program further shows that the Joyce Lake iron formation has the potential to become a DSO deposit. These results validate the company's current direction of its exploration programs on the taconite and DSO potential in Canada.

"We look forward to receiving the third batch of assay results for drill holes which were just recently completed and are very pleased and encouraged by the exploration program thus far."

A total of 10,884 metres of combined diamond and reverse circulation drilling was completed during the 2011 drilling program, from April 8 to October 30.

The company is now preparing for the next phase of drilling, which is expected to resume February 2012 on the Joyce Lake resource.

Iron values were determined by X-ray fluorescence (XRF) major element analysis at an ISO 17025 accredited laboratory, the company said.

The Attikamagen iron project includes one group of claims straddling the boundary between the provinces of Quebec and Newfoundland and Labrador. The property includes 405 designated cells located in Québec, and 617 claims located in Labrador, covering an aggregated area of approximately 345 square kilometres.

Drill targets at Attikamagen include Hayot Lake, Jennie Lake, Joyce Lake and Lac Sans Chef.

Century is Canada's largest holder of iron ore land claims, with interests in several properties in the provinces of Quebec and Newfoundland and Labrador.

In late November, the company finalized its joint venture agreement with WISCO International Resources, a unit of Wuhan Iron & Steel, China's third-largest steel producer.

Under the definitive joint venture agreement, WISCO Resources will invest an aggregate of $120 million in exchange for a 40 percent stake in Century's Duncan Lake, Attikamagen and Sunny Lake projects in Quebec.

Friday morning, Century's shares were flat at $2.08.

Significant assays returned 341.1 metres grading 28.4% iron in hole RL 11-0002. Hole RL 11-2604 also intersected 126.3 metres grading 31.1% iron.

The drill program was focused on a large potential taconite iron target at the project. It included over 5,000 metres of diamond drilling, testing a strike length of about 13.5 kilometres.

"The 2011 drilling program shows that the Sunny Lake iron formation has the potential to become a taconite iron deposit," commented president and CEO, Sandy Chim.

"These results validate the company's current direction of its exploration programs on the taconite and DSO [direct shipping ore] potential in Canada.

"We look forward to receiving the assay results for drill holes that were just recently completed and are very pleased and encouraged by the exploration program thus far."

Other notable results include 30.2% iron over 223.8 metres in hole RL 11-0003, and 135.7 metres grading 29.7% iron in hole RL 11-2602.

Sunny Lake consists of about 530 mining claims covering 25,692 hectares in the Labrador Trough region of northeastern Quebec.

Century Iron said it is continuing with the current diamond drill program on the property, intended to evaluate the overall size and grade of the resource. This phase of drilling is expected for completion sometime this month.

Century Iron is an emerging iron ore exploration and development company, with iron ore assets located in northern Quebec and Labrador.

The company has two key strategic partners in WISCO Resources and Minmetals Exploration & Development, both state-owned Chinese companies with financial and technical resources to assist the company with funding for the exploration and development of its iron ore projects.

Under the definitive joint venture agreement, WISCO Resources will invest an aggregate of $120 million in exchange for a 40 percent stake in Century's Duncan Lake, Attikamagen and Sunny Lake projects in Quebec.

Century Iron Mines' president and CEO, Sandy Chim, said: "Our successful conclusion of the negotiations with WISCO Resources enables us to expand and expedite the exploration of our Duncan Lake, Attikamagen and Sunny Lake projects with WISCO as our key strategic partner.

"The funding of these projects under the joint venture agreements will enable us to execute on our significant exploration plans for each of these projects."

In late August, the company said that WISCO would invest in three joint ventures to explore and develop the company’s Duncan Lake, Attikamagen and Sunny Lake projects.

Sunny Lake is currently 100-percent owned by Century, while it has a 51 percent interest with Augyva Mining Resources (CVE:AUV) at  Duncan Lake, with an option to increase to 65 percent.

At Attikamagen, the company currently has an option to acquire up to a 60 percent interest in the project with Champion Minerals (TSE:CHM).

Century Iron is an emerging iron ore exploration and development company, with iron ore assets located in Northern Quebec and Labrador.

The company has two key strategic partners in WISCO Resources and Minmetals Exploration & Development, both state-owned Chinese companies with financial and technical resources to assist the company with funding for the exploration and development of its iron ore projects.

Tuesday afternoon, Century Iron Mines shares were flat at $2.20.

Aubut, in his 30 years as a commercial lawyer, has experience in the areas of business and sports, both in Quebec and across Canada.

Currently, he is the president of the Canadian Olympic Committee, and the former chief executive of Trans-Canada Productions.

In addition, he was the architect behind the establishment of the Quebec Nordiques in the National Hockey League, for which he sat as a governor for 16 years.

In a statement, CEO Sandy Chim said: "We anticipate the company will benefit from his superior skills in business, public policy, governance and stakeholder relations – all of which have driven his exceptional track record of success in the establishment of complex new projects in Quebec and in Canada."

Aubut has been a director for companies such as Atomic Energy of Canada, Aeterna Zentaris, Transforce, and Boralex Power Income Fund, among others. Moreover, he has also led the creation of several industrial projects in the greater region of Quebec City.

In 2008, Aubut received the Quebec Bar’s honorary title of Emeritus Lawyer, and he also received the medal of the national assembly of Quebec in 1981.

Century Iron is Canada's largest holder of iron ore land claims, with interests in several properties in the Provinces of Quebec and Newfoundland and Labrador.

It holds a full interest in the Sunny Lake project in Quebec, and a 51 percent interest in the Duncan Lake joint venture project, also in Quebec, with Augyva Mining Resources (CVE:AUV).

Century is also part of an option agreement with Champion Minerals (TSE:CHM), where it may earn up to a 60 percent interest in the Attikamagen project in Quebec.

Shares of Century Iron rose 10 cents, or 4.76 percent, to reach $2.20 Monday afternoon on the Toronto Stock Exchange.

As such, the company’s stock will no longer trade and will be de-listed from the TSX Venture Exchange.

Listing on the TSX will provide the mineral explorer with greater market visibility and more access to capital, as well as advance Century Iron to be a major player in the Canadian iron ore industry, it said.

"We are pleased to have graduated to the premier Canadian exchange, another significant milestone in the development of our company,” Century’s president and CEO Sandy Chim, said in a statement.

"We have been served well by our listing on the TSX Venture Exchange through its Capital Pool Company program."

The Toronto-based emerging iron ore explorer has interests in projects such as Duncan Lake and Sunny Lake, both in Quebec. Both WISCO and MinMetals (HKG:1208) have substantial stakes in Century Iron.

Shares of Century Iron Mines rose 4.17% to $2.50 per share late Monday afternoon on the Toronto Stock Exchange.

The performance of Glencore International (LON:GLEN) now comes down to the delivery of several key projects and developing a “transparent track record for marketing the business”, according to Citigroup, which this morning repeated its buy recommendation and 570 pence price target.

The commodity trader listed on the main board here in London at 530 pence a share, but the stock has slowly drifted lower and this morning was changing hands at 490.15 pence.

In fact its performance has been in line with that of the wider sector.  Also, Citi points out that there is traditionally an initial period of scepticism when a new mining company comes to market, and believes Glencore is suffering a hangover from this too.

“Historically it has taken a period of six to twelve months of digestion before a new IPO outperforms on a relative or absolute basis,” analyst Heath Jansen said. 

“Glencore could buck this trend but we believe it will have to continue to deliver smart bolt on acquisitions and smooth ramp up at its growth assets for this to occur.”

He also believes “teething and ramp up issues” are likely to hit the first half earnings, as sales volumes from Glencore’s Prodeco, Katanga and Altyntau mines are expected to be below previous guidance.

“Rather than structural concerns we believe these are timing issues, which should not impact our investment case,” Jansen adds in his note to clients this morning.  

“However these issues are likely to result in Glencore’s share price performing in line with its peers in the near term.”  

His comments followed the announcement yesterday of the company’s acquisition of  a 70 per cent stake in the Mina Justa copper project in Peru for US$475 million.

The 2011 winter drilling program was focused on several potential taconite and direct shipping ore (DSO) targets near Hayot Lake and Joyce Lake, where over 2,000 metres of combined diamond and reverse circulation drilling was completed.

Taconite is a variety of iron formation, an iron-bearing sedimentary rock, while direct shipping ore refers to iron ore that can be shipped directly to a steel furnace.

The company said that reverse circulation drilling at Joyce Lake found a potential DSO target, with hole JOY-11-06 intersecting 139 metres grading 52.8% total iron, while hole JOY-11-07 returned 91.0 metres of 52.5% total iron, including 42.0 metres of 65.3% iron.

Meanwhile, at Hayot Lake, diamond drilling coincided with results from last year, which found a taconite iron prospect. Hole HAY-11-10 intersected 108.2 metres grading 33.2% total iron, and previously, hole HAY-10-06, returned 92.6 metres of 31.6% iron in 2010.

"We are very encouraged by the drilling results at Joyce Lake for its DSO potential, and at Hayot Lake for its taconite potential," said president and CEO of Century Iron, Sandy Chim.

"The initial assay results from the 2011 Attikamagen drilling program shows that the Joyce Lake iron formation has the potential to become a DSO deposit.

"These results validate the company's current direction of its exploration programs on the taconite and DSO potential in Canada."

The Attikamagen property is an early-stage project comprised of approximately 946 mining claims, covering about 31,000 hectares in an area of major iron formation. The property has thin overburden, with visible outcrops with preliminary drilling showing the thickness of iron formation to be greater than 100 metres. There are five deposits on a 60 kilometre strike length.

Century Iron said it is continuing with the current phase of drilling at the project, expected to be completed by year-end. The objective of the 2011 drilling program is to determine the lateral continuity of the iron mineralization as a means to assess the overall size and grade potential of the property.

In 2008, Century Iron originally entered into an option agreement with Champion Minerals, which allows Century the right to earn up to a 60% interest in Attikamagen by funding exploration expenses.

The Toronto-based emerging iron ore explorer also has interests in two other projects, including Duncan Lake, and Sunny Lake, both in Quebec. Both WISCO and MinMetals (HKG:1208), which are ranked among the Forbes Global 500 and are two of China’s largest mining companies, have substantial stakes in Century Iron.

Through these partnerships, the company  has secured a place in perhaps the world’s most important iron ore market.

Wednesday saw a flurry of new research notes on Glencore (LON:GLEN) as leading investment banks began coverage of the commodities giant. Price targets for the firm’s shares varied between 570 pence and 630 pence, representing a hefty premium on Glencore’s share price of 495 pence at 11:26am today.

Morgan Stanley has initiated coverage on Glencore with an ‘overweight’ rating, setting a target price for its shares of 604 pence each.

“While we believe that investor concerns around the near-term direction of commodity prices and M&A newsflow explain the vast majority of the recent share price weakness at Glencore, we see the other company-specific issues as being of less relevance to the long-term investment case on the stock,” said the investment bank in its first note on the company today.

The key company-specific issues that arose out of conversations Morgan Stanley has had with investors include: project ramp-up risks; increasing risks of resource nationalism; and Xstrata’s quarterly earnings expectation risk.

“While we acknowledge all these risks exist, we also emphasize that these are industry-wide issues and do not affect Glencore disproportionately,” added Morgan Stanley, which insisted that commodity prices remain the biggest risk. “We would argue that the equity market has moved ahead of the expected commodity price moves through the recent share price movements.”

UBS also initiated covered on Glencore today, rating the shares as a ‘buy’ with a 630 pence per share price target.

UBS is particularly impressed with Glencore’s information gathering abilities. “Glencore uses the unique proprietary information gathered through its logistics business to generate arbitrage opportunities, as well as smaller returns from direction trades,” it said. “The logistics earnings plus counter-cyclical arbitrage enable Glencore to generate a 26 percent divisional [return on equity] at the bottom of the cycle. These returns compare well to peers and, in our view, justify a 13.5 times 2011 multiple for the division.”

Meanwhile, UBS sees Glencore as a classic growth stock, noting its broad base of mid-cost assets each of which has “strong organic growth prospects”. Now equipped with equity capital, UBS sees potential for it to undertake company-transforming acquisitions.

“Glencore is set to be the most dynamic company in the European mining sector over the next three years. In our view, it will be the stock to buy when the commodities cycle turns upwards.”

Citigroup also initiated coverage today, with a ‘buy’ recommendation but with a more conservative 570 pence price target. The investment bank cited “unique market positioning and long term growth opportunities” as reasons behind its positive stance towards the stock.

Century Iron has secured strong strategic partnerships in perhaps the world’s most import iron ore market through WISCO and MinMetals. WISCO is committed to assist in 70% of future project Capex debt financing with about 60% of the remainder to be financed by either company. In addition, 70% of the mined product is  be pre-sold: 60% goes to WISCO and MinMetals takes 10%. 

Century Iron aims to become one of Canada’s largest iron ore producers- China is crucial to those plans. The Middle Kingdom accounted for 627 Mt of crude steel production in 2009, 44.3% of global steel production. Its insatiable appetite for steel drove 2010 iron ore spot prices to record levels. Continued economic growth and need for housing and infrastructure will further drive demand. Growing income and urbanization will help maintain a positive outlook in foreseeable future. Selling to China therefore, is a must for any business seeking international growth.

On Century Iron’s side is a management team with experience in mining and the capital markets. This is particular true of Director and Chief Executive Officer Sandy Chin, who has deep mining and trading experience. Needless to say, his strong China connections are an invaluable asset to this China-focused company.

Primary land holdings consist of the Duncan Lake property, Attikamagan, and Sunny Lake; all located in Quebec. Together, resources including measured, indicated, and inferred are estimated to be over 852 million tons.

The Duncan Lake Project is an advanced exploration stage property consisting of 125 mining claims over an area of about 5,500 hectares in the James Bay region of Quebec. Century Iron has a 51% interest in the resource with an option to increase the stake to 65% from Augyva by expending an additional $14 million within five years. The companies will operate the project together under a joint venture. All resource estimates so far have been for Duncan Lake, leaving considerable room for upside as the earlier stage projects begin to progress.

Duncan Lake had been previously explored in 1973, though current resource estimates are from 10,461 meter drilling program in 2008 to 2009 totaling 52 boreholes. An internal logistics study is ongoing as well as a new 8000 meter drilling program. The site will produce iron concentrate and pellets as the final product. Studies show final iron concentrate to have an excellent grade of 65% to 69% purity.

Located in the Labrador Trough region is the Attikamagen property, an early-stage project comprised of approximately 946 mining claims covering about 31,000 hectares in an area of major iron formation. The property has thin overburden with visible outcrops with preliminary drilling showing the thickness of iron formation to be greater than 100 meters. There are five deposits on a 60 km strike length. A 1,182 meter drilling program was completed in the Fall of 2010.

The company currently has the option to earn a 51% interest in the Champion property by making a $7.5 million in exploration expenditures by March 26, 2012. This can be increased to 56% with an additional $2.5 million spent by March 26, 2013 and further increased to a 60% interest by spending another $3.0 million by March 26, 2014. As with the Duncan Lake project, Century Iron and Champion Minerals will operate the Attikamagen project under a JV agreement. 

Sunny Lake is comprised of two groups of claims, together covering approximately 25,850 hectares. It was acquired in 2009 by staking for potential iron mineralization; the property is in an area of major iron formation along strike with other major project. Century Iron is the 100% holder of this property. The area is in the boreal forest, rising 600 to 700 meters above sea level.

Century Iron is moving quickly to take advantage of its iron resources. Financial backing and technical know-how from its large Chinese strategic partners will enable the company to accomplish this with minimal contribution of its own funds. Only 13% of requirements for capex into production will come from Century Iron. Yet it maintains control of all its projects. 

Because both WISCO and MinMetals will become buyers of any Century Iron products, they have a vested interest in the Company in addition to their equity investments. This is especially true of WISCO, which has a significant 25% stake as well as a JV partnership with Century Iron. WISCO has contributed $120 million to the joint venture in exchange for a 40% interest in Century Iron’s share of Duncan Lake, Attkkamagen, and Sunny Lake. 

The success of Century Iron is tethered to the Chinese economy. If growth rates continue as predicted, the Company’s future looks bright. Of course, things can change quickly in tightly controlled economies, where production is dictated by government fiat. It is a risk for sure, but the reward is too great to pass up. China’s economy may face some hiccups, but the long-term trend looks to point up.

However the commodity trader, who joined the LSE with a massive IPO in May, did leave the door ajar for a future deal.

In a stock exchange statement the company said: “Glencore reserves its rights to make an offer for ENRC in the future ... with the recommendation of the Board of ENRC, in the event of a third party offer for ENRC, or in the event of a material change in circumstances.”

At £36.7 billion Glencore was London’s largest ever float. In an instant it turned hundreds of its traders into millionaires and a handful of the most senior managers into billionaires, including chief executive Ivan Glasenberg who is sitting on a paper fortune of £5.7 billion. 

The group sold around 16.9 per cent of its shares to large international investors including the Abu Dhabi-based Abar Investments, the hedge fund Och-Ziff and the commodities investor Blackrock, raising £6.2 billion in the process. 

Just weeks ago it was dubbed ‘the biggest company, you’ve never heard of’ but now after London’s most hyped IPOs in years, it seems Glencore is among most discussed stocks on the market.

So much of this chatter centres on the group’s appetite for acquisitions. ENRC is not the only miner that’s said to be on Glencore’s wish list, it has also been linked with Xstrata (LON:XTA) in the past.

Meanwhile ENRC has been making its own headlines, as the Kazakhstan-based miner dented investor confidence with another major boardroom shake-up.

Last week ENRC revealed that four non-executive directors, including Sir Richard Sykes, would be leaving the company. This adds to a long list of board changes in a fairly short space of time and analysts reckon that ENRC hasn’t finished its re-shuffle yet. 

Speaking after his departure Sykes, a renowned City operator, called on ENRC shareholders to sell their shares as soon as they get the opportunity. In an interview in the Daily Mail, Sykes described the group of oligarchs who own a majority stake in ENRC as 'mad'.

In a note to clients, JP Morgan Cazenove analyst Amos Fletcher said: “The company has now lost two CEOs, one CFO, one chairman and four NEDs since listing in December 2007 – in our view, a concerning level of turnover for any outside investor regarding the levels of influence of the core shareholders have over the company.”

Details of this year’s most talked about stock market float have now been finalised. Swiss commodity trading firm Glencore (LON:GLEN) confirmed that it will raise US$10 billion through what will be the largest ever IPO on the London Stock Exchange.

In a statement this morning Glencore revealed that 1.13 billion new shares are being sold at 530 pence each in the international offer and 31.25 million shares are being sold for HK$66.53 in the Hong Kong offer.

The price was recently lowered from the firm’s initial guidance and in conditional trading on the LSE this morning the shares were already in positive territory.

In a note to clients RBC analyst Miriam Hehir highlighted the positive start: “Glencore International has got off to a good start with its debut IPO as its shares rose 3.8% in early London trading, with unconditional dealing still a few days away. 

“There was no surprise with Glencore's launch price, with this being the mid-point of initial guidance and at the less aggressive end of the recently narrowed price range (520p to 550p). 

Only part of the trading firm’s equity is being sold to new investors. In total Glencore will have 6.9 billion shares in issue and upon listing the company will be worth about US$59.2 billion.

There has been a great deal hype surround the Glencore IPO, which has set a few notable milestones and firsts. As I’ve already mentioned it is the largest ever premium listing IPO on the LSE. 

Additionally it will also be the first ever simultaneous IPO on the LSE and Hong Kong. It represents one of the largest cornerstone investments ever achieved for in IPO, with around US$3.1 billion coming from these investors. It will be only the third company to join the LSE via the ‘fast-entry rule’.

"Glencore's offer has seen substantial interest from investors around the world and was significantly oversubscribed throughout the price range providing Glencore with a high quality, diverse and geographically spread investor base,” said Glencore chief executive Ivan Glasenberg.

He added: “The significant level of investor interest re-affirms our belief that industry conditions and Glencore's business model today provide us with a compelling basis to continue to deliver and sustain superior returns."

Glencore is expected to fully join the LSE – as start unconditional trading - on the 24 May 2011.