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.
Good news came for the relatives of the 33 Chilean miners who have been trapped underground for 17 days. The rescue probe which drilled down to 688 meters in the San Jose gold and copper mine made contact with the miners who sent back a written message tied to the probe saying "all 33 of us are well inside the shelter".
By Joel Scanlon
23 Aug 2010
The proposed mining law review in South Africa may help calm down the fears of investors and the worries of mining companies. Rumours of mining concession rights battles and nationalization of mines have been doing the rounds all of this year.
By Joel Scanlon
22 Aug 2010
Senator Bob Brown of the Greens may be in the mood to negotiate but Prime Minister Julia Gillard is not. She was speaking to the National Press Club in Canberra regarding the fate of the Minerals Resource Rent Tax when she said that a re-elected Labor government would have a mandate for the tax.
By Joel Scanlon
22 Aug 2010
Congress Party President Sonia Gandhi has begun a campaign against illegal mining in Karnataka, India and the state BJP Government. Describing such activities has a threat to the economy of the country and a way of life she asked for a Commission of Inquiry to be set up.
By Joel Scanlon
22 Aug 2010
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.
By Joel Scanlon
22 Aug 2010
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.
By Joel Scanlon
19 Aug 2010
The anti tar (oil) sand group Rethink Alberta is now campaigning to discourage tourists from visiting the province.
By Joel Scanlon
19 Aug 2010
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.
By Joel Scanlon
19 Aug 2010
In a reminder of just how fast things can fall apart in the business world CuDeCo (ASX:CDU), a Queensland based mining company saw half its market value drop in one day.
By Joel Scanlon
19 Aug 2010
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.
Global steel company ArcelorMittal is now in talks with Chinese Wuhan Iron & Steel Group to develop overseas mining projects jointly to gain more raw material resources and reduce cost risks.
By Dr. Cameron Chai
18 Aug 2010
Vaaldiam Mining Inc (TSX: VAA), the Canadian based diamond mining and exploration company, has reported a net loss of $1,682,000 in the second quarter ending on June 30, 2010. It is a sign of improvement as for the same period in 2009 the company had reported a net loss of $2,231,000.
By Dr. Cameron Chai
18 Aug 2010
In a bid to provide better mining regulation and transparent functioning of government the Minerals Resources Minister of South Africa Susan Shabangu announced a new mining moratorium in Pretoria yesterday.
By Joel Scanlon
18 Aug 2010