The National Aluminum Company Ltd (NALCO) has obtained the final forest clearance permit for bauxite mining in the Indian state of Orissa. The renewal of its bauxite mining lease for the Panchpatmali South Block in Koraput district of Orissa for 20 more years required the diversion of 110.3 hectares of forest land.
Gina Rinehart said that the international competitiveness of Australia would be impaired by the proposed mining and carbon taxes. The iron ore heiress was speaking on the sidelines of the Boao Forum for Asia business conference in Perth.
The Chinese are worried about the mining reforms that Australia is planning. With the proposed mining tax coming up the Chinese diplomat Ouyang Cheng warned it would be difficult for Australia and China to maintain a healthy and steady economic co-operation unless reforms to foster Chinese investment were made.
In another setback to the mining tax proposed by the federal government a senate inquiry found that it would affect Australia’s competitiveness and should be cancelled. The Western Australia Liberal senator and committee’s chairman Mathias Cormann summarized the findings on the minerals resource rent tax (MRRT) in Perth.
The world’s largest mining company BHP Billiton is spending $3 billion on expanding the Worsley aluminum project in Western Australia.
Australian Treasurer Wayne Swan said on Tuesday that the investment needs and demand for capital for the country are set to grow proportionately with the resources boom. For this reason Australia will have huge opportunities for foreign investment. The Treasurer was speaking to the International CEO Forum in Canberra.
A draft of the proposed Minerals Resource Rent Tax (MRRT) has been released by the Treasury department of the Australian government. The new tax is a compromise which resulted after Kevin Rudd’s tax was rejected outright by the mining industry. The original resources supertax is what caused the ouster of the former Prime Minister after vehement opposition was seen to the tax proposal.
Australian Prime Minister Julia Gilard was happy with the new mining lease agreement that was signed between Rio Tinto and the Indigenous people this week. The bauxite mine and alumina refinery have been in operation since 1960 but only now have the Aboriginal people been given their due for the use of their traditional lands.
Traditional land owners are dissatisfied with a mining lease agreement with Rio Tinto Alcan in the Northern Territory. Several Aboriginal clan groups have claimed that they had not been consulted about the agreement that was signed between the Yolgnu people and the subsidiary of Rio Tinto.
The new Treasury Secretary Martin Parkinson is optimistic about the mining boom lasting about another decade barring global catastrophe.
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