The deadline for the possible takeover of Riversdale Mining by Rio Tinto is up and the fate of the $4 billion transaction is sealed as Rio fell short of the 50% votes that were needed to push the deal through.
Lynas Corporation has agreed to sublease areas within its mining lease to Forge Resources. The deal will involve granting Forge Resources the rare earth deposits located within the Mount Weld area, located 35 kilometres south of Laverton, Western Australia.
Leighton Contractors, a wholly owned subsidiary of the Leighton Holdings Group, has won two new gold mining contracts, one in Western Australia and the other in the Northern Territory. The combined worth of these mining contracts is $317 million. Shares in the company shot up after the announcement last week.
The Queensland Resources Council wants the state to ease up and allow more mining exploration. The chief of the Queensland Resources Council Michael Roche said that the horrible environment for mining exploration in the state is getting even worse. The state’s policy settings are going from bad to worse as the Labor government tries to please the Greens by going back on its promises to the mining community.
Australian resources company BHP Billiton is going to make a capital investment of $9.5 billion to expand its Australian iron ore and coal mining operations. The largest miner in the world has now planned to expand its own mines after it failed to take over three acquisition targets in the last year.
Eloro Resources has acquired the Simkar gold property near Val-d'Or, Québec from Megastar Development. Eloro issues 70,000,000 common shares to Megastar for this acquisition.
The Construction Forestry Mining and Energy Union (CFMEU) has published a report that said about $2.45 billion is being lost by the government in taxes due to sham contracts.
The late Ken Talbot’s Talbot Group has sold its stake in Sundance Resources to a Chinese company. The 15.95% stake in Sundance Resources was sold for $19.08 million by the group to iron ore explorer Hanlong Mining. The shares were sold at 44c each.
In a bid to help mining families the organization Mining Family Matters has released a report full of useful information to help battle the stress of having a family member working in the mining industry. The co-founder of the organization Alicia Ranford said that choosing to work in the mining industry can not only affect you, but your entire family.
The Chief of Rio Tinto Tom Albanese is unhappy at the government interference in the development of new projects around the world. He said that it was the curse of resource nationalism that prevented mining firms from meeting the strong global demand for commodities. He was speaking at a conference in Hong Kong when he said that Rio Tinto had to do a better job of handling deals with government officials.
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