News

06 Apr

Mine approval brings rail, export project a step closer

The approval of mining leases for the multibillion-dollar Carmichael coal mine and rail project in Queensland’s Galilee Basin has angered environmental groups. The Queensland Government on Sunday approved the three leases – 70441 Carmichael, 70505 Carmichael East and 70506 Carmichael North – which make up the project area. The announcement is a major step forward

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31 Mar

Unions bridle at BHP’s cost-cutting plans

Unions have not taken kindly to BHP Billiton’s refreshed push for productivity measures and an increased government focus on productivity policy. In a move signalled on March 16 by BHP chief executive Andrew Mackenzie, the mining giant wants to cut labour costs across its operations, and it wants the government to look into industrial relations

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23 Mar

Port of Melbourne lease process begins

The Victorian Government is fielding expressions of interest for parties interested in buying the Port of Melbourne under a long-term lease agreement, a move which will fund the removal of 50 road-rail level crossings across the state. The opening of an EoI period follows an extensive battle in State Parliament for the Andrews Government to

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16 Mar

Moody’s downgrades FMG, Russian billionaire sells shares

Russian billionaire Viktor Rashnikov is thought to have sold just under a sixth of his roughly 5% stake in Fortescue Metals Group, while credit agency Moody’s has  downgraded the miner’s rating. The Australian reported this week that Rashnikov, through his company Magnitogorsk Iron and Steel, took advantage of a bounce in Fortescue’s share price last week

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10 Mar

Fortescue surges on iron ore price, Vale talks

Fortescue Metals Group has enjoyed a significant share price bounce this week after it announced joint venture talks with Vale, and news from China drove iron ore prices upwards. ASX shares in Fortescue closed on Tuesday at $2.79 – up 29% over the last week. The Pilbara miner’s success was driven in part by the

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09 Mar

Graphite junior Triton goes into administration

[ad_1] Graphite. Photo: Valence Concerns over near to medium term funding have led the board of graphite junior Triton Minerals to put the company into voluntary administration. “After conversations the managing director had with third parties concerning near to medium term funding proposals,” the company told the ASX last week, “… the board met and

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09 Mar

Iron ore makes historic bounce, but will it last?

[ad_1] The price of iron ore has bounced this week. Photo: FMG Analysts are doubting the long-term significance of a 19% rise in the price of iron ore on Monday, which boosted Australia’s iron ore majors on the stock exchange. The spot price for 62% Fe benchmark iron ore surged to US$63.74 per tonne on

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09 Mar

Fortescue surges on iron ore price, Vale talks

[ad_1] FMG has discussed the possibility of Vale acquiring between 5 and 15 percent of the company. Photo: FMG Fortescue Metals Group has enjoyed a significant share price bounce this week after it announced joint venture talks with Vale, and news from China drove iron ore prices upwards. ASX shares in Fortescue closed on Tuesday

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09 Mar

Palmer back at the helm of Queensland Nickel

[ad_1] Clive Palmer says his new cash injection will keep the Yabulu refinery open. Photo: Shutterstock Mining entrepreneur turned politician Clive Palmer says he’s saved the Yabulu refinery from bankruptcy, injecting $23m in cash to keep the Townsville nickel plant open. According to the ABC, Palmer says he has “saved the Yabulu Refinery a second

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09 Mar

Sides agree to terms for Port of Melbourne sale

[ad_1] The Port of Melbourne will be sold. Photo: PoMC The Victorian Government and Opposition have come to terms on a deal which secures the privatisation of Australia’s biggest container port, the Port of Melbourne. The Liberal-National Coalition of Victoria, which has been holding up legislation to privatise the port over a number of concerns,

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