Anna Bligh, the Queensland Premier announced that the state government is carefully considering an offer made by a consortium of coal companies to buy the state's coal rail tracks. Members of the consortium including BHP Billiton, Xstrata Plc and 11 other coal producers have made an offer of AUD$4.85 billion to the Queensland government.
Rio Tinto seems reassured enough by the federal government’s changes to the proposed new mining tax (MRRT) to begin investing in Australian mines again.
Whitehaven Coal Ltd. (ASX:WHC) may be facing a buyout. As per the company statement Whitehaven confirmed that a data room has been in place for a long time in relation to various potential transactions. However the uncertainty over any proposal developing due to the current third party talks still existed.
Paladin Energy (ASX: PDN) has entered a memorandum of understanding with China's biggest nuclear power company Guangdong Nuclear Power.
Nippon Steel's investment in Foxleigh coal mine ensures a steady supply of metallurgical coal, supporting its status as a leading steel producer.
Australia has posted a record monthly trade surplus of $3.54 billion dollars for the June period. The Australian Bureau of Statistics said that this was the highest surplus ever recorded.
Whilst the coal sector in Australia is consolidating gains and attracting new investments, Whitehaven Coal (ASX:WHC) is said to have refused an informal approach for a takeover bid but has confirmed it is in discussions with other companies over potential corporate transactions.
The global recession seems to be dissipating as more investments get planned for the mining industry. Mining giant Xstrata is all set to invest $ US5.3 billion to build a copper mine in Peru and to expand a coal mine in New South Wales, Australia.
Another effort to finally plug the oil leak in the Gulf of Mexico is being made by BP at its Macondo prospect. This time the company is pumping heavy drilling mud in an attempt to plug the ruptured well. As per vice president Kent Wells it was too early to know how long the process would take.
Australian mining and construction company Thiess is currently in negotiation with the 200 workers at a coal mine in Queensland. Workers at the Collinsville mine went on strike on Tuesday over job security concerns and pay disputes.
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