Is the mining industry really the big boon for the Australian economy that it is made out to be? A new report from The Australia Institute questions this. The author of the report and economist Richard Dennis said that the political clout of the mining industry was way out of proportion with its economic reality.
The Brazilian miner Vale SA is likely to sell its giant bulk carrier ships to China. The world’s largest iron ore producer had commissioned more than a dozen such ships but has decided that it does not want to become a major freight operator.
Comstock Mining Inc. said that it wished to restart the gold and silver mining operations at the historic Comstock Lode site in Virginia City. The Comstock cache was discovered in 1859 and helped fund Union efforts in the Civil War and the construction of the city of San Francisco. The company added that they had been awarded the necessary permit from the state environmental regulators for this activity.
AECOM Technology has secured a services contract worth of US$20 million for constructing the US$1.4 billion Ravensworth North mine project, which is located in New South Wales, Australia.
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.
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