Mining & Resources

 

Fortescue shares soar 14.5pc on China rumours

Andrew Forrest, major shareholder of Fortescue Metal Group. The company's share have soared.

James Thomson 3:28 PM   Shares in Fortescue Metals Group have surged more than 14 per cent in early trade on Tuesday after the company was revealed to be in discussions with a number of Chinese groups about a potential investment.

Buy now, build tomorrow: why Baosteel wants FMG

Baosteel might reason that buying more of Fortescue is a better bet than building a mine

Peter Ker 11:27 AM   Chinese steel giant Baosteel may find Fortescue Metals Group an attractive alternative to its increasingly marginal West Pilbara project

Nationals want ban on CSG in the Northern Rivers

NSW National MPs want the party to change its policy and support a ban on coal seam gas extraction in the Northern Rivers region.

Anne Davies 8:51 AM   Several NSW National MPs want the Baird Government to change its policy and support a ban on coal seam gas for the Northern Rivers region to reflect strong opposition in their communities.

Fortescue in sights of Chinese investors

Fortescue Metals Group chief Andrew Forrest may confront Chinese suitors for his company.

11:51 PM   Chinese-linked companies have applied to the Foreign Investment Review Board seeking permission for an investment involving Fortescue Metals Group.

Creasy's wealth rises $630m on planned mining merger

Millionaire prospector Mark Creasy's wealth has surged on the Independence Group-Sirius merger.

Brian Robins 11:45 PM   A little over 20 years after selling two gold deposits for $123 million, the worth of the British-born mining engineer Mark Creasy rose $630 million Monday.

Evolution digs in to buy Barrick's Cowal mine

Evolution has described the latest deal as "truly transformational".

Peter Ker 6:58 PM   The acquisition of Barrick's Cowal mine is expected to make Evolution the second-largest gold producer on the ASX.

Why Roger Montgomery won't invest in mining

Montgomery Investment Management will not be snapping up any mining stocks during the dip.

Rose Powell 6:37 PM   Mining stocks have been on the up, but it's unlikely Roger Montgomery's funds will invest in the sector again.

Oz Minerals eyes at least four takeover targets

Oz Minerals chief executive Andrew Cole ... the company operates just one mine, the Prominent Hill copper and gold mine in South Australia.

Simon Evans 5:15 PM   OZ Minerals chief executive Andrew Cole says the copper and gold company has four potential acquisitions it is doing due diligence on, and argues Evolution Mining paid a steep price for Barrick's Cowal mine.

Obeid sons and businessmen accused of 'cartel conduct'

Moses Obeid, Eddie Obeid's middle son.

Kate McClymont   Moses Obeid and his brother Paul, along with prominent businessman John McGuigan, his son James and investment banker Richard Poole are being prosecuted for allegedly rigging the bid for a tender of coal exploration licences in the Bylong Valley, near Mudgee.

Protectionism threatens local steel makers

A flood of excess steel in Asia could hurt Australian manufacturers.

Tim Binsted   A surge in trade protectionism in the US and Europe is threatening to push more steel into South East Asia and increase margin pressure on already stretched Australian producers.

Anything but coal: the most popular energy sources in Australia

Site manager Nick Wain at the Royalla Solar Farm, near Canberra.

Peter Hannam   Solar energy is the most popular source of electricity in Australia with more than three times the backing of coal-fired or nuclear power, a survey by Ipsos has found.

Independence pays $1.8 billion for Sirius

Industry minister Ian Macfarlane says the resources industry is built on foreign money.

Peter Ker and Jake Mitchell   Base Metals miner Independence has paid $1.8 billion for the nickel assets of Sirius Resources

Origin to see special dividend payout from NZ's Contact Energy

Origin's majority-owned New Zealand subsidiary Contact Energy will pay a special dividend after failing to find suitable investment opportunities.

Angela Macdonald-Smith   Origin Energy is set to enjoy some relief to its stretched balance sheet after its majority owned New Zealand subsidiary Contact Energy declared it would return $NZ367 million to shareholders after failing to find suitable growth opportunities in renewable energy.

France's biggest insurer Axa axes coal investments

Axa loses its appetite for coal.

Tara Patel and Fabio Benedetti-Valentini   ​France's largest insurer will scrap holdings in coal companies because of concerns about climate change, broadening support for the fossil-fuel divestment movement to a major mainstream investor.

Fortescue mum as foreign vultures circle Australian iron ore

Iron ore has jumped.

Jessica Gardner   Andrew Forrest's Fortescue Metals Group has refused to comment on whether it is a primary target of foreign buyers said to be eyeing Australian iron ore miners.

GRAM ready to fund PanAust's Frieda River copper mine study

PanAust suitor Guangdong Rising Asset Management has secured funding to complete a feasibility study into the Frieda River project in Papua New Guinea.

Peter Ker   The Chinese company behind the $1.4 billion takeover of PanAust Limited is set to move quickly on the copper miner's prize asset, with a preliminary funding deal for the Frieda River project set to be announced as early as Monday.

Billions wasted on solar subsidy: report

Billions wasted on solar panels.

Brian Robins   It ranks among the worst government decisions of all time, with as much as $9 billion of the estimated $14 billion spent installing rooftop solar systems over the part few years wasted.

Mining bust taking a toll on Minerals Council

Dreams of owning a goldmine might be more achievable than you think.

Peter Ker   The once mighty Minerals Council of Australia has cut membership fees for cash-starved miners twice in past 18 months, in moves that are exacerbating a sharp revenue slide at the traditionally powerful lobby group

Oil's whodunit: Why millions of barrels are about to vanish

High stakes: More than half of the proved reserves of oil and natural gas liquids is from wells that don't exist yet.

Asjylyn Loder   Millions of barrels of untapped oil that US shale drillers discovered during the boom years are about to disappear - at least from their papers.

Forrest takes a black eye, but vows to punch on

Some believe Andrew Forrest's limitless energy is better deployed inside the Fortescue tent, where survival is far from assured.

Peter Ker and Ky Chow   Accepting defeat does not come easily to Andrew Forrest, nor Filipino boxer Manny Pacquiao.

Vale iron ore deal a 'reminder' for Australia

China has agreed a deal with Brazilian iron ore producer Vale which will lead to it buying product at US$11 a tonne.

Tess Ingram   Roy Hill chief executive Barry Fitzgerald says the iron ore expansion deals Brazilian miner Vale inked with China this week are a reminder Australian producers need to remain competitive in the global iron ore market.

Miners dismiss claims of 'shock and ore' lobbying operation as fiction

"You shouldn't be allowed to totally manipulate governments, which is what I think has been done here": Fortescue Metals Group chairman Andrew Forrest.

Heath Aston   Rio Tinto and BHP Billiton have pushed back at claims by billionaire Andrew Forrest and Senator Nick Xenophon that they "monstered" government out of holding a touted inquiry into iron ore.

Fundies eye 'very difficult' future for Fortescue

Mark Creasy knows when to bring in the right partners and take a bit of money off the table. 
The appears to be exactly what Andrew Forrest is in the process of doing too.

Ky Chow   Top fund managers have painted a bleak picture for Andrew Forrest's Fortescue and other "second-tier" iron ore players.

Iron ore market issue for ACCC, says Abbott

Tony Abbott

Paul Osborne   Having backed away from his initial support for an inquiry, Tony Abbott says the competition watchdog is best placed to deal with any problems in the iron ore market.

Miners see copper-tinted light at the end of the tunnel

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Firat Kayakiran, Jesse Riseborough and Agnieszka de Sousa   The mining giants haven't agreed on much lately as they argue about how to deal with a glut of iron ore and coal. When it comes to copper, however, they all agree.

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Government walks away from iron ore inquiry

Andrew Forrest has pushed for an inquiry.

James Massola and Mathew Dunckley   The federal government has abandoned a mooted inquiry into the iron ore market kess than a week after Prime Minister Tony Abbott publicly floated the idea.

Abbott caved over 'plane loads' of lobbyists: Twiggy

"You shouldn't be allowed to totally manipulate governments, which is what I think has been done here.": Fortescue Metals Group chairman Andrew Forrest.

Steve Lillebuen   Billionaire miner Andrew Forrest says "plane loads" of lobbyists are to blame for the government's back down on a proposed iron ore inquiry.

'Pendulum has swung too far' on gold deals

"I was pretty vocal when we were doing acquisitions that it was cheaper to buy assets than it was to drill, which is pretty unique," Bill Beament says. "But ... of late and the pendulum has swung the complete opposite way."

Tess Ingram   One of the gold sector's most acquisitive bosses says asset prices have reached the point where it's better to drill for gold than buy.

Perth mayor under scrutiny over mining giant's largesse

Perth mayor Lisa Scaffidi is under scrutiny over BHP Billiton's hospitality at the Beijing Olympics.

Nick McKenzie and Richard Baker   Police have referred Perth Mayor Lisa Scaffidi to Western Australia's corruption watchdog after US investigators found that BHP Billiton gave her flights and tickets to Beijing Olympics worth up to $16,000.

Santos cops government agency flak over CSG plans

Santos has been told to resubmit plans for the Leewood Produced Water and Beneficial Reuse Project in northern NSW.

Peter Hannam   Santos's plans to treat and dispose of coal seam gas waste water from its $2 billion project in northern NSW would pose a "significant environment risk" and face rejection, government agencies said.