The proposed mining tax (MRRT) was criticized as being a mere election ploy by opposition finance spokesperson Andrew Robb.
The new deposit in Mato Grosso state of Brazil may be the largest discovered iron ore deposit in the world. It may potentially be greater than Vale SA’s Carajas mine. The state Secretary Pedro Nadaf said that the new deposit may contain 11.5 billion metric tons of ore with 41% iron content.
China Metallurgical Group Corp is planning to start construction on an iron ore mine in Western Australia by mid 2012 and start operations by 2015.
Origin Energy (ASX:ORG) wishes to build a multi-billion dollar LNG plant with partner ConocoPhillips. The liquefied natural gas plant is one of almost a dozen scheduled to start up in Australia by the year 2016.
Mining tax woes for the industry seem far from over. With no clear winner emerging after the elections there is grave uncertainty over how the tax will eventually end up being framed and passed. This is causing mining majors to tread with extreme caution.
Boart Longyear Ltd (ASX:BLY), the world's largest drilling services provider has announced that its net profit for the period ending June 30 was $US32.7 million. This comes after a $US5.4 million loss in the corresponding period last year.
China's abyssal safety record in the mining industry has provoked Chinese mining officials to seek the help of safety experts from Australia's Hunter Valley region. On an average, 13 people die in mining incidents in China each day.
Goldbrook Venture Inc has announced that the company is ready to exploit the known resources of the Nunavik Nickel Project in Ungava in northern Quebec.
Bob Brown, Australian senator, and Parliamentary Leader of the Australian Greens, has proposed a bigger mining tax to fund education to the tune of an extra $2 billion to be pumped into public schools and universities.
Woodside Petroleum (ASX:WPL), the Australian petroleum exploration and production company, has delayed its decision on the proposed expansion of the Pluto LNG project despite announcing a half yearly profit of nearly $1 billion.