Boart Longyear Ltd (ASX:BLY), the world's largest drilling services provider has announced that its net profit for the period ending June 30 was $US32.7 million. This comes after a $US5.4 million loss in the corresponding period last year.
The proposed mining law review in South Africa may help calm down the fears of investors and the worries of mining companies. Rumours of mining concession rights battles and nationalization of mines have been doing the rounds all of this year.
Senator Bob Brown of the Greens may be in the mood to negotiate but Prime Minister Julia Gillard is not. She was speaking to the National Press Club in Canberra regarding the fate of the Minerals Resource Rent Tax when she said that a re-elected Labor government would have a mandate for the tax.
Congress Party President Sonia Gandhi has begun a campaign against illegal mining in Karnataka, India and the state BJP Government. Describing such activities has a threat to the economy of the country and a way of life she asked for a Commission of Inquiry to be set up.
China's abyssal safety record in the mining industry has provoked Chinese mining officials to seek the help of safety experts from Australia's Hunter Valley region. On an average, 13 people die in mining incidents in China each day.
Goldbrook Venture Inc has announced that the company is ready to exploit the known resources of the Nunavik Nickel Project in Ungava in northern Quebec.
Bob Brown, Australian senator, and Parliamentary Leader of the Australian Greens, has proposed a bigger mining tax to fund education to the tune of an extra $2 billion to be pumped into public schools and universities.
In a reminder of just how fast things can fall apart in the business world CuDeCo (ASX:CDU), a Queensland based mining company saw half its market value drop in one day.
Woodside Petroleum (ASX:WPL), the Australian petroleum exploration and production company, has delayed its decision on the proposed expansion of the Pluto LNG project despite announcing a half yearly profit of nearly $1 billion.
Global steel company ArcelorMittal is now in talks with Chinese Wuhan Iron & Steel Group to develop overseas mining projects jointly to gain more raw material resources and reduce cost risks.
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