Australia Mining News

We'll buy iron ore from our own companies, Chinese warn

Beijing has issued a veiled threat to Australia's long-term economic future. It has vowed to break the power of the big mining companies by sourcing 50 per cent of its iron ore imports from Chinese-invested companies.

Australia’s carbon tax may slash coal industry value by $8.7 billion

Australia’s planned carbon tax may reduce the value of the coal industry by about $8.7 billion as producers including Xstrata Plc and Anglo American Plc bear higher costs, according to a research group Wood Mackenzie Ltd. Prime Minister Julia Gillard plans to charge companies an initial A$23 a ton of carbon dioxide from July 2012 before moving to an emissions trading system by 2015. Coal mining companies in Australia, the world’s largest exporter, must pay for fugitive emissions while receiving A$1.3 billion in compensation, with the biggest polluters getting assistance over six years.

Strikes hit BHP, Anglo, De Beers and Xstrata across three continents

Bloomberg reports BHP workers in Chile voted Sunday to extend their strike at the world’s largest copper mine. Stoppages at BHP’s Australian coal operations may resume this week. Thirty thousand South African coal mine workers including Anglo American and Xstrata employees walked off the job Sunday and may be joined by 160,000 gold industry workers. Strikes that started over the weekend are impacting output from mines of diamond giant De Beers. Workers are seeking a larger slice as global producers report record earnings: Melbourne-based BHP, the world’s biggest mining company, is expected to report full-year profits of $22.5 billion next month, almost double 2010’s net income. Xstrata may report record 2011 profit of $7.3 billion and Anglo American $7.4 billion, estimates show.

US default fears push Australia stocks sharply lower

Australian share closed sharply lower on concerns the US government may default if an agreement cannot be reached on raising its debt ceiling.

Gold touches new high amid US debt jitters

Gold surged to a new record this morning the political stand-off in the United States over the country's debt-ceiling fuelled fears about a default among investors. Gold for August delivery climbed as much as 0.9 per cent, extending its rally to a record

AusNiCo intersects nickel from drilling at Pembroke prospect

AusNiCo has intersected 181 meters at 0.25% nickel from drilling at the Pembroke prospect, supporting extensions to its large low grade nickel sulphide mineralized system.

Xstrata buys cattle farm for coal mine

A large Queensland pastoral farm used for wagyu cattle breeding is set to become a coal mine after Australian Agricultural Company (AAC) agreed to sell a property to mining company Xstrata. The global miner will pay $21.6 million cash for the 17,474-hectare Meteor Downs property without any cattle or machinery. Image is from Cyrille BERNIZET

BHP losing $28m a day in strike

The largest union at Chile's Escondida copper mine has voted to "indefinitely" extend a strike at the mine, which is controlled by BHP Billiton. Members of the 2350-strong Escondida Mine Workers Union No 1 "unanimously voted" to extend the work stoppage, which began on Thursday night and was initially planned to end 24 hours later at 8pm on Friday, union leader Jose Vidal said.

External recruiters in BHP plans despite email scam

BHP Billiton will continue to source workers through external agencies despite a recent legal stoush over a rogue employment scam. The mining giant was forced to take legal action through an arm of the United Nations earlier this year to combat a scam

Oz Court goes to Rio

In the latest episode of a decade-long saga over third-party access rights to Pilbara iron ore infrastructure, Australia’s Federal Court has endorsed the decision of the Australian Competition Tribunal not to ‘declare’ Rio Tinto’s Hamersley rail line.

Macroeconomic indicators – Baltic index continues losing streak

Reuters reported that the Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, remained negative for the ninth straight session as trading stayed subdued and a West Australia to China benchmark weakened.

Chilean union will extend strike at Escondida mine

The largest union at Chile's Escondida copper mine voted to "indefinitely" extend a strike at the mine, which is controlled by global diversified miner BHP Billiton Ltd. (BHP, BHP.AU), union leader Jose Vidal said Friday. Members of 2,350-strong Escondida Mine Workers Union No. 1 "unanimously voted" to extend the work stoppage, which began Thursday night and was initially slated to end 24 hours later at 8 p.m. EDT on Friday, Vidal told Dow Jones Newswires.

Australian carbon tax will hold back export industries – Rio Tinto

Rio Tinto is disappointed with the Australian government's carbon tax proposal, warning it will inevitably hinder investment and jobs growth in Australia without reducing global carbon emissions. Rio Tinto believes the government's carbon tax will undermine Australia's international competitiveness and hurt the nation's export competing industries.

Pilbara's early expansion

Rio Tinto is accelerating its iron ore expansion programme in the Pilbara region of Western Australia with US$676m of funding for early works and procurement.

BHP Billiton big in Australia

BHP Billiton is good for the Australian pscyhe. Source: The Australian IN THE "good old days" a billion dollars used to be really worth, well, a billion dollars - these days it seems you are only talking real money when you talk trillions. Back in those

Calculating costs of the carbon tax

There are opportunities in a de-carbonised economy - but even offset and renewable energy stocks have their drawbacks. For all the angst the tax on carbon is causing Julia Gillard, how ironic that's not what it actually is.

Santos says skills shortage yet to hit

David Knox, Santos chief executive, says the expected skills shortage has not yet affected his company. Picture: Calum Robertson Source: News Limited SANTOS chief executive David Knox, whose company is building one of the three $15 billion-plus coal-seam

Coal exploration fears

Two weeks after the State Government ordered the permanent closure of an underground coal gasification (UCG) project at Kingaroy, information has emerged revealing UCG company Linc Energy lodged permits to conduct coal exploration projects at several sites across the North West.

Norseman Gold falls after it confirms full year losses of A$13m-A$14m

Shares in Norseman Gold (LON:NGL) fell after it confirmed it will post a full year pre-tax loss of A$13m-A$14m - despite a significant improvement in the fourth quarter.

Combet says strong future for Qld coal

Climate Change Minister Greg Combet has promised that Queensland coal mines will be compensated for losses caused by a carbon tax, saying pollution intensive areas like Gladstone will receive significant compensation.

Doray announces potential for substantial increase to high-grade gold project

Doray Minerals Ltd (ASX: DRM) today announced several high-grade gold intersections from the company's 80% owned Andy Well project that have the potential to significantly increase the size of the existing high-grade Wilber Lode resource.

JSW Energy delays power-project expansion on high coal costs

JSW Energy Ltd., the Indian power producer controlled by the billionaire Jindal family, delayed expansion of an electricity project because of high coal costs. The company will shelve a planned 3,200-megawatt expansion at a plant in Ratnagiri in the western state of Maharashtra as it waits for coal-pricing “clarity” from Indonesia and Australia, Chief Executive Officer Lalit Kumar Gupta said in an interview in Mumbai yesterday.

South Australia bans mining in Arkaroola forever

South Australia Premier Mike Rann on Friday banned mining in the Arkaroola region, in the state’s far-north, where junior Marathon Resources is drilling for uranium.

BHP’s Escondida workers strike as coal miners prepare for action

Workers at BHP Billiton Ltd. (BHP)’s Escondida copper mine, the world’s biggest, began striking as coal miners at the company’s Australian operations prepared to escalate industrial action. The strike by all union members at the northern Chilean mine began at 8 p.m. New York time yesterday with the changing of a shift and will run through to 8 p.m. today, which may lead to about 3,000 metric tons of lost copper production, union leader Jose Vidal said by telephone. Image of BHP's Escondida mine is by BHP Billiton.

Kalgoorlie Mining Company: Bullant Gold Mine to be void of water in two weeks

Kalgoorlie Mining Company ( ASX: KMC ) has been granted de-watering approval for the Bullant Gold Mine from the Department of Environment and Conservation.