The Australian government has seen the proposed mining tax being criticised and slammed by the mining industry and analysts but it remains committed to seeing it passed into law. The federal treasurer Wayne Swan said that they would fight for it in the parliament as it was good for the economy.
The burgeoning demand by the mining industry for equipment is actually not a boon for the manufacturing industry. Unable to meet the huge demand companies like Caterpillar are looking to import equipment from Mexico rather than construct it in Australia.
The expansion of the George Fisher mine in Queensland, Australia may cost $274 million, but will also provide the Mount Isa region with hundreds of jobs. The zinc mine is one of the largest in the world and is owned by Xstrata. Located in north west Queensland the mine is hoping to produce 30% more zinc after the expansion by 2013.
The Canada Government has rejected the $815 million proposed Prosperity gold and copper mine to be located in British Columbia. This decision comes despite the plans of Vancouver based miner Taseko Mines being approved by the provincial government.
British engineering company Weir Group has done so well this year that it has re-entered the FTSE 100 Index. Based on a strong financial performance it has also upgraded its profits forecast for the current financial year. According to estimates by analysts the company is expected to report a pre tax profit of about £278 million for the fiscal year 2010.
Rio Tinto approves further US$3.1 billion for expansion of Pilbara iron ore capacity to 283 million tonnes per annum
Shale and Sands Oil Recovery LLC, a private company, has developed and patented a new method for producing useable oil from oil shale.
Leader of the Opposition Tony Abbot has called the mining tax an election fix saying that the Gillard government lied about reaching the agreement on the mineral resource rent tax (MRRT) to secure an election victory. This was in response to the three mining giants BHP Billiton, Rio Tinto and Xstrata having a meeting this week to consider abandoning the deal.
Macmahon Holdings said that the fewer contracts for its construction arm along with problems related to a West Australian rail project have plunged the profit forecast by half. A spokesperson said that the company would post profits just above $40 million.
Rio Tinto is pushing ahead with expansions in the Pilbara region despite its deal with BHP Billiton not taking off. Iron ore production in Australia is likely to get a 28% boost starting 2013 thanks to these expansions.
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