Rio Tinto Group, the world’s third largest mining company, has a 3.1 billion U.S. dollars to expand its Australian iron ore operations, two days after the demolition of a joint venture with BHP Billiton Ltd. to combine their ore mines.
The iron ore will increase capacity in Western Australia Pilbara region to increase to 283 million tons in 2013, the London-based company said today in a statement. Melbourne-based BHP, which also expand output, reported today a 6 percent gain in the first quarter iron ore production.
The two companies, the second-and third-largest iron ore exporters, are pressing ahead with separate plans to boost production after being forced to leave the company due to opposition from regulators in Asia and Europe. They are looking for the demand of the steel mills in China, where the use of the alloy is predicted by the Rio to double in 2020 compared to 2008 levels to meet. Read more
China’s demand for metals and energy is splitting Australia in two, pitting resource-rich Western Australia and mining companies from BHP Billiton Ltd. Xstrata Plc to Against the rest of the country. Coal and metal sales to the fastest-growing major economy Prompted Reserve Bank of Australia Governor Glenn Stevens to raise interest rates six times in seven months, fueling a 27 percent gain in the Australian U.S. dollars since the first quarter of 2009 That hurt Exporters like wheat farmer John Springbett. Read more
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Mining acquisitions in Australia, the largest shipper of iron ore and coal, are set to a five-year low hit this quarter, after the government proposed a mining “super profits” tax. There have been 47 announced deals worth $ 914,000,000 for the quarter, compared with 89 deals worth 9.11 billion U.S. dollars in the three months ended June 30 one year ago, according to data from Bloomberg. That’s on track for lowest number of deals since the first quarter of 2006 and the lowest since the fourth quarter of 2005. Read more
Caterpillar Inc., the world’s largest manufacturer of construction equipment, said the proposed 40 percent tax on profits of Australian mining operations, the company’s sales in the country hurt. “Together with our dealers and customers in the region, we are concerned about the potential impact of the proposed change in tax policy will have on the production of mining equipment and our sales in Australia,” Caterpillar spokeswoman Kate Kenny said. Read more
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SYDNEY – BHP Billiton (BHP.AX)(BLT.L) will start talks with Australia’s Queensland state government on construction of a new coal terminal as it beefs up its exports to steelmakers after being designated the preferred builder.
Deals
The new port, located at the state’s Abbot Point coal exporting complex, is needed to meet growth projections for sales of coal used in steel making from the Bowen Basin collieries, BHP said. Read more
Oil rose in New York, capping the biggest weekly gain in seven months, as larger-than-expected U.S. jobs growth eased concerns that the economy slows. Futures rose as the Labor Department said payrolls grew by 103,000 workers in September and 57,000 in August. The median forecast called for a gain of 60,000 in September. Oil climbed 4.8 percent this week, the most since March, when U.S. stocks fell and European central banks announced stimulus plans. (more…)
A sewage leak from a copper mine owned by Zijin Mining Group Co (2899.HK), whose shares were suspended from trading in Hong Kong on Monday, a river is polluted and a reservoir in the province of Fujian, Xinhua reported. Xinhua environmental authorities cited as saying the leak of a plant of the Zijinshan copper mine had slain or poisoned approximately 1.89 million kg of fish. (more…)
WASHINGTON – A Republican U.S. representative apologized to BP CEO Tony Hayward on Thursday, saying BP (BP.N) (BP.L) was the victim of the White House “shakedown” by establishing a 20 billion U.S. dollars Gulf oil spill fund, a remark that both Democrats and Republicans angrily. Joe Barton of Texas, a major purchaser of oil and gas industry campaign contributions, they received ridicule for his unusual apology for the oil giant that he later withdrew his statement. (more…)
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