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.
Bandanna Energy Limited (ASX:BND) has stepped up its drilling activity with the addition of a sixth drill rig. Three rigs are now currently drilling in Bandanna's Golden Triangle area and three, operated by AMCI, are drilling in the South Galilee Project area.
Tony Hayward the Chief Executive of BP is set to be replaced by Robert Dudley. The disaster of the oil spill in the Gulf of Mexico seems to be claiming more than just sea and plant life.
Bore water tested at the site of the Cougar Energy plant near Kingaroy, Queensland has been found to be under permissible limits for levels of benzene and toluene.
The short respite won by Prime Minister Julia Gillard's intervention and negotiations with heads of the mining majors seems to be over with a new anti-tax campaign about to commence.
In a temporary truce between Kumba Iron Ore and ArcelorMittal, the world's largest steelmaker has agreed to buy ore from Kumba in the next year at about half of recent market prices. Kumba is a unit of Anglo American Plc.
If Fortescue Metals Group Ltd CEO Andrew Forrest has his way Prime Minister Julia Gillard can forget about having the new mining law passed in its current form after the elections.
Freeport McMoRan Copper & Gold Inc. (NYSE:FCX) has reported a 10% rise in its second quarter earnings.
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