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BHP Billiton (NYSE: BHP), the world’s largest miner

The Times reported that BHP Billiton (NYSE: BHP), the world’s largest miner, is close to launching a $1.3 billion bid for Ferrous Resources, a Brazilian iron ore producer controlled by a number of international hedge funds including Philip Falcone’s Harbinger Capital.

According to The Australian, Ferrous is valued at some $3.9 billion, with the company “needing to spend about $5bn developing its Viga mine in Minas Gerais state in Brazil, which would include a 400km slurry pipe to carry the ore to its own port at Presidente Kennedy in nearby Espirito Santo state.”