Aquila Resources Ltd is selling its Washpool coal project. Tony Poli, chief executive officer of the company said that dozens of potential buyers were studying the purchase of the asset. The Perth based company hopes to raise AUD $1 billion for the asset.
The Swiss mining company Xstrata has decided to start a $47 million study to transform its Mount Isa mining operation. The firm wishes to develop a large multi-commodity open pit mine at the already present mine in north west Queensland. The study is to begin in August and will be completed by early 2013.
BHP Billiton is to acquire HWE Mining from Leighton Holdings, allowing the mining giant to switch to an owner-operater model at its iron ore mining operations in the Pilbara region. The deal will see Leighton Holdings richer by $735 million. HWE Mining had provided close to 70% of operations on behalf of BHP Billiton on contractual basis.
Jindal Steel and Power Limited are going to use a new technology for smelting iron ore by using non-coking coal in their upcoming plants in the Indian states of Jharkhand and Orissa. Jindal Steel operates a 3.0 million tons a year steel plant in Chhattisgarh state and is setting up a plant of an equal capacity in Jharkhand state.
Chinese shipping companies don’t want Brazilian company Vale SA to expand its own iron ore fleet. Vale has plans to spend $2.3 billion on building the largest iron ore carriers in the world that will help them haul steel making materials to China.
A Deloitte Access Economics report said that the Reserve Bank of Australia (RBA) would increase interest rates three times over the coming year. This will be in response to rising wages that go along with the mining boom that will help lift the economy out of the slump that it went into following natural disasters.
Hewlett Packard (HP) is making it easier for the Minerals and Mining Group (MMG) to communicate in-house in a multi million dollar IT transformation. When MMG took over OZ Minerals it had two infrastructure backbones. Then adding to the confusion was the fact that OZ Minerals had been formed by merging Oziana and Zinifex.
Despite the impending doom being spelled out by analysts against the mining tax and carbon tax, the coal industry in Australia has projects worth $15.9 billion under construction. There is also the hope that by the financial year 2015-16 exports of coal will be up by 60%.
Braemar Iron Alliance is likely to invest more than $7 billion at a new iron ore project near Broken Hill. As per the company the area between Peterborough in South Australia to Broken Hill is likely to become Australia's next major iron ore province.
Bradken (ASX: BKN), an Australian mining equipment supplier, saw its shares rise to $8.64 (+4.73%ý) last week after it announced that it had made some acquisitions that would raise earnings by $28 million.
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