Macmahon Holdings said that the fewer contracts for its construction arm along with problems related to a West Australian rail project have plunged the profit forecast by half. A spokesperson said that the company would post profits just above $40 million.
Rio Tinto is pushing ahead with expansions in the Pilbara region despite its deal with BHP Billiton not taking off. Iron ore production in Australia is likely to get a 28% boost starting 2013 thanks to these expansions.
CHAMPION MINERALS INC. (TSX:CHM)(FRANKFURT:P02) has updated shareholders on the ongoing 15,000 m diamond drill campaign at the Company's Fire Lake North Claim Block from the Fermont Iron Property in northeastern Quebec.
Mr Kevin Rudd was warned by Australian Government solicitors (AGS) that there might be legal problems with the proposed mining Resources Super Profits Tax (RSPT) as per new evidence which came to light yesterday during a Senate estimates hearing.
The proposed joint venture between BHP Billiton and Rio Tinto has finally been laid to rest in the face of regulatory opposition coming in from Europe and Asia. The joint venture located in Western Australia would have created the world's largest iron ore exporter.
Fortescue Metals Group is facing rising production costs along with the rise of the Australian Dollar. The Chief Financial Officer of Fortescue, Stephen Pearce said that the strengthening Australian dollar has continued to have an impact over the quarter, given that approximately 70 per cent of the operating costs are in Australian dollars.
Estrella Gold Corporation (TSX VENTURE:EST) has provided an update on its Pampa Poroma iron oxide-copper-gold project, located 22 km south of Nazca, Peru, in the Department of Ica.
In Chile the after effects of the miners rescue can be seen in a bill proposed by President Sebastian Pinera. The bill seeks to raise mining royalties from a range of 4 to 5% as currently paid to a range of 4 to 9% depending upon operating margins. This will eventually be raised to a range of 5 to 14% by the year 2018.
The Rio Tinto and BHP Billiton iron ore joint venture in the Pilbara region is still a live issue despite recent claims that Rio Tinto is poised to abandon the project.
Fortescue Metals Group (ASX:FMG) has managed to line up a $2.06 billion bank loan facility to help its expansion plans. Shares in the third largest iron ore miner in Australia closed at a high of $6.25, up 7.76% after the announcement on Monday.
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