The article focuses on consolidation in the mining industry. BHP Billiton, Anglo American and Rio Tinto rule the world of mining. Now two middle-sized firms--Noranda, based in Canada, and WMC Resources of Australia--are likely to be taken over. The willing target is Noranda, Canada's biggest mining and metals company. When Noranda opened the door to bidders, trade-unionists in Canada worried about its natural resources falling into foreign, state-owned hands. Any foreign takeover would need official Canadian backing. Yet it is unlikely a Minmetals bid would be blocked. Like other miners, Noranda has seen turnover leap and profits soar this year. Across the Pacific, WMC faces a hostile cash bid from Xstrata. Swiss-headquartered and already earning half its profits in Australia, Xstrata was a relatively small Swiss company until the winter of 2001-02. If Xstrata buys WMC, that would add more nickel, copper, gold and a giant new mine, Olympic Dam, in South Australia that WMC claims includes, in addition to copper and gold, one-third of the world's known uranium deposits. In mining, size does bring diversity, of commodity, region and political risk, as well as operational flexibility.