Brazil miner Vale raises bid for Xstrata:
Brazilian miner Vale has raised its bid for rival Xstrata by 17 percent to more than $89 billion, and a formal offer is expected in the coming days, a source with direct knowledge of the merger talks said Thursday.
Xstrata has put a near-$1bn stake in a Papua New Guinea copper project up for sale, becoming the latest miner to ease back on spending after a slump in commodity prices.