The Obama administration's commitment to the preservation of the environment may be causing a lot of raised eyebrows in the mining industry but they are going ahead with it anyhow. U.S. Interior Secretary Ken Salazar said that banning uranium mining near the Grand Canyon for twenty years is part of a proposal in a draft study.
Extract Resources and Rio Tinto are talking about developing the Husab Uranium project owned by Extract Resources in Nambia jointly with Rio’s nearby Rossing Uranium mine. The Australian company said that it would be able to capture potential synergies if this were to happen.
With record profits announced by BHP Billiton and the alleged loss of tax funds due to the renegotiation of the new mining tax, there has been a call by the Australian Greens to impose a higher tax on mining companies.
Mega Uranium Ltd. (TSX:MGA) has provided an update on the development of its Lake Maitland Uranium Project in Western Australia.
First half year profits of BHP Billiton took a record leap of a 71 % to reach a profit of $10.6 billion of which $10 billion will be returned to shareholders. Reuter’s analysts had predicted a profit of $10.3 billion for the same period and they were also surpassed.
Australia will collect about $60 billion less in mining tax over the next ten years than previously predicted thanks to the changes made in the proposed mining tax last year prior to the elections. The treasury figures say that the original unhampered tax would have collected Australian $99 billion between the financial years of 2012/13 to 2020/21.
Paladin Energy (ASX: PDN) has seen its first half net loss grow to $29.5 million as the company revised its production forecast.
Rockgate Capital Corp. (TSX:RGT) has announced assay results from five diamond drill holes completed on the 084 Trend, North Zone Area at Rockgate's 100% owned Falea Project.
The Australian Greens are questioning the true stance of the government on the issue of selling uranium to India. The public stance of the government is that the developing nation must sign the nuclear non-proliferation treaty before it is allowed to import uranium from Australia.
BHP Billiton is expected to post record $15 billion earnings for the six month period pre-tax. This would give the company a $30 billion plus full year result. It has broken the record for biggest profits posted by a company in Britain with this. The last record was set by Shell three years ago when it unveiled profits of $27.5 billion.
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