The Morrison-McCormack Government has today released a new pitch to attract more investment in critical minerals projects and greenfield opportunities, as Australia continues to elevate itself as a leading source and exporter of critical minerals.
Quest Rare Minerals Ltd. is pleased to announce that it has entered into a non-binding Letter of Intent ("LOI") with TAM Ceramics Group of NY, LLC ("TAM"), a leading U.S.-based marketer and manufacturer of zirconia chemical products.
Iluka Resources is to resume mining operations at its Eneabba project located in the Mid West of Western Australia. The project was halted in 2010 due to low grades of ore and lower margins. Mining is likely to resume by end of the year at the project. The company will also restart its synthetic rutile kiln 3 for a commercial campaign.
Iluka Resources survived the global financial crisis on the basis of its mining royalties from BHP Billiton.
The floods may not be the worst thing that miners will be facing in Queensland according to the Construction, Forestry, Mining and Energy Union (CFMEU). The CFMEU says that the mine workers in Queensland may also lose their jobs thanks to the heavy rains and floods.
Kenmare Resources announced that its Moma project mineral concentrate output had increased by 8% in the second half of last year as compared to the first half.
The floods in Queensland are affecting its mining sector adversely. Projects worth $2 billion are facing delays and additional costs as the floods cause work disruptions in many mines across the state. Many mines have had to cease production on a temporary basis or shut down completely due to the heavy rains.
Resources Minister Martin Ferguson said that the Australian federal government was not responsible for the latest mining tax row.
The mining industry is the largest generator of jobs in Queensland with more than 130,000 jobs being created directly and indirectly by the industry in the last year in Brisbane alone, according to a Queensland Resources Council report released this week. The Queensland mining industry has also generated around $3.8 billion in income tax in the last financial year as well.
The European Union is seeing the shortage of raw materials as a major risk for the global economy as demand begins to exceed supply. European Union trade chief Karel De Gucht said that no country possessed all the raw materials that it needed.
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