Europe

Rolls-Royce has announced a partnership with Pratt & Whitney to develop next generation engines for mid-size aircraft, as well as a restructuring of the companies’ International Aero Engines collaboration.

The new partnership will see the two companies developing engines for mid-size aircraft (capable of carrying 120 to 230 passengers) that will replace the existing mid-size fleet. Both companies will hold an equal share in the joint venture.

Sainsbury’s, the UK’s third largest supermarket chain, today unveiled a new £1 billion sustainability plan.

The plan, called the Sainsbury's 20 by 20 Sustainability Plan, outlines 20 sustainability targets to be achieved by 2020.

Developing new IT systems is fraught with danger at the best of times; but as Alan Swaby learns, when you harness the power of 98 different customers, you become a force for change.

Not all are tainted, by any means, but in the UK a large number of IT projects for government departments or other public bodies are either long overdue, way over budget or both. As such, the sheer size of a commissioning agency is no guarantee of success—so it’s no bad thing to take a look at how it is being done successfully in a different arena.

London, UK-based Eurasian Natural Resources Corporation (ENRC) has announced plans to acquire the shares of Kazak thermal coal producer Shubarkol Komir that it does not already own.

ENRC, which currently owns 25 per cent of Shubarkol, said that its directors have unanimously approved to exercise rights to acquire the 2,638,103 outstanding shares for up to $600 million, plus assumed debt of $50 million.

Ivanhoe Mines, Rio Tinto and the government of Mongolia have reached an agreement on the stakeholding of the Oyu Tolgoi project in the Asian country.

The government was seeking to raise its stake in the mine, which is expected to go into production during the third quarter of next year, from 34 per cent to 50 per cent.

The government has now agreed for its stake to remain at 34 per cent.

Premier Oil is to acquire EnCore Oil for approximately £221 million, the two companies have announced.

London, UK-based Premier said the acquisition is in line with its strategy of acquiring high quality assets. The deal will increase its interest in UK Licence PL1430, including the Catcher field, by 15 per cent, taking its overall interest to 50 per cent. It will also provide Premier with operatorship of the Catcher area.

Catcher is one of the largest discoveries in the UK North Sea in recent years.

Dubai-based port operator DP World has announced that London Gateway, the UK’s newest port, is due to open in the fourth quarter of 2013.

The port will have an initial capacity of 1.6 million TEU (twenty foot equivalent container units), and is expected to boost the UK’s economy by an estimated £3.2 billion per annum.

Canadian engineering, construction and infrastructure group SNC-Lavalin has acquired Interfleet Technology, an international rail technology consultancy group headquartered in Derby, United Kingdom.

Interfleet specializes in rolling stock, railway systems and strategic railway management.

Turkey is something of an unknown and misunderstood place; but as Alan Swaby learns, there is at least one mining entrepreneur who has complete faith in its future.

Considering the amount of exploration that’s taken place in some of the most obscure corners of the world, it’s something of a surprise that Turkey’s mineral resources are so underdeveloped. At least it is to Alan Clegg, founder and CEO of Red Crescent Resources (RCR)—although he’s not complaining too much, as it leaves the field wide open for RCR at the moment.

Platinum producer Lonmin has agreed to sell a controlling stake in its Limpopo Baobab mining division to black empowerment group Shanduka.

Lonmin said the deal will enable it to work with Shanduka to develop Limpopo on a manageable scale, as well as furthering Shanduka’s strategy of operating mining assets in chosen commodities.