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Mining & Resources


Newcrest vows to fight class action

PETER KER 10:25am Newcrest Mining has vowed to vigorously defend a class action lodged by law firm Slater & Gordon which is seeking damages in relation to the gold miners' market disclosure performance in the 2013 financial year.


Newcrest sued over guidance

The claim alleges that Newcrest had no reasonable grounds for the gold production guidance it released on August, 13, 2012, and further mislead and deceived investors leading up to a June 2013 downgrade announcement.

Gretchen Friemann and Tess Ingram 7:21am A class action has been launched against Australia’s largest goldminer, Newcrest Mining, over the company’s massive write-down last year.

Arrium iron ore price slumps after market downturn

BRIAN ROBINS The downturn in the iron ore price wiped $US23 a tonne off the price received by Arrium for its exports in the June quarter, with its free-on-board price dropping to just $US71 a tonne.

The mining tax is dead already

Malcolm Maiden dinkus

MALCOLM MAIDEN Even if it is not repealed, the mining tax is dead in the water.


Blackham Resources may take chairman Joseph Gutnick to court

Joseph Gutnick in his Melbourne office.

PETER KER Mining entrepreneur Joe Gutnick could soon be taken to court by a company he chairs.


Santos sales surge on PNG start-up


BRIAN ROBINS Resources giant has flagged that full year revenues could top a record $4 billion.


Korean company Posco to build Queensland railway for Indian coal miner Adani

An employee of POSCO walks next to a sculpture with POSCO's logo.

PETER KER Korean steel company Posco is continuing to increase its presence in Australia.

Who wins, who loses when the carbon tax goes?

Carbon crunch time for some industries.

PETER HANNAM Assuming the government can get the key parts of its changes through, who stands to win and who stands to lose?


AGL warns of profit hit from carbon tax removal

AGL's profit may take a $200 million initial hit from the removal of the carbon tax.

BRIAN ROBINS Energy utility AGL has warned the removal of the carbon tax will cut heavily into its profit for fiscal 2015.

Iluka buoyed by optimism on outlook

BRIAN ROBINS Optimism for an improving outlook for mineral sands helped buoy sentiment towards Iluka Resources on Wednesday, following the release of its June quarter production data, but wariness remained over the timing of any recovery.


Fortescue boosts shares with production guidance

Stockpiles of iron ore in the Pilbara region: Fortescue says it could produce as much as 160 million tonnes in the new financial year.

PETER KER Shares in Fortescue Metals Group have surged shortly around midday after the iron ore miner published aggressive production guidance for the 2015 financial year.


Sirius soars on promising nickel prospect

PETER KER Shares in Sirius Resources have surged as much as 19 per cent this morning after the nickel aspirant said it made another promising discovery near the Fraser Range region of Western Australia.


Copper starts to shine at Rio

The mining giant has been able to boost its guidance for its copper production.

PETER KER Rio Tinto has revealed a 15 per cent boost to its full-year copper guidance


Chinese group faces competition for PanAust

Copper is much in demand: Chinese groups are leading the race

PETER KER Takeover target PanAust has revealed it is talking to several groups over a possible acquisition bid, signalling Chinese group Guangdong Rising could have competition in its chase for the copper miner.


OZ Minerals updates copper forecast after waste rock changes

OZ Minerals' Prominent Hill mine in South Australia.

PETER KER OZ Minerals has raised its full year copper guidance as it prepares to extend some short term pain for long term gain.


Whitehaven says metallurgical coal prices will keep falling

Whitehaven's coal production has hit record levels.

Amanda Saunders Whitehaven Coal says metallurgical coal prices will continue to fall this quarter but is betting on a “modest recovery” later this year, with a string of mine closures and delays cutting into its competitors’ production.


Sirius' Nova nickel mine plan likely to draw investors


PETER KER Sirius Resources is telling lenders it wants to be free of hedging requirements and able to return early profits to shareholders as it begins talks with lenders over one of the few new mine projects in Australia.


BHP likely to smash iron ore export targets


PETER KER BHP Billiton looks set to easily beat its iron ore export target for the 2014 financial year, after data published by its Port Hedland neighbours indirectly shed light on BHP's performance.

Books fail to tell the full Clive Palmer company picture

Michael West dinkus

MICHAEL WEST Clive Palmer may be busy shaping the laws of the nation, but when it comes to obeying them, his flagship company is sadly lacking. An analysis of the accounts for Mineralogy Pty Ltd has identified a slew of irregularities. Some are technical, and are laid out in detail below.


Coal activist hoaxer Jonathan Moylan unlikely to face jail over fake 'ANZ' email

Jonathan Moylan outside the NSW Supreme Court.

LOUISE HALL An anti-coal campaigner who sent out a fake ANZ media release causing a $314 million slump in the value of Whitehaven Coal is unlikely to spend time in jail.

BHP's Caroona coal mine fails Gateway tests

'Autobahn' not Gateway, says local farmer Tim Duddy.

PETER HANNAM A major coal mine planned by BHP Billiton for north-west NSW would have "direct and significant impacts" on the productivity of rich local farmland, an independent panel has found.


Fund manager Allan Gray fails to block Roc Oil's $800m merger with Horizon

Allan Gray's managing director Simon Marais is hoping his Roc Oil campaign will trigger changes in ASX listing rules.

Perry Williams Roc Oil’s biggest shareholder, Allan Gray, has failed in a challenge to the company’s planned $800 million merger with Horizon Oil.


Fortescue Metals Group's export targets washed away by rain

Fortescue has fallen short of its own ambitious export targets.

PETER KER Fortescue Metals Group has failed to achieve its full year export guidance after succumbing to heavy rain in January and its own ambitious targets..


Geologists seek work - any work - as mining boom goes bust

The paring down in new mining investment has reduced demand for geologists unearthing metals.

James Regan After 25 years working around the world as a highly paid geologist earning a six-digit salary, Phil Scheimer is back in Australia weighing up his future prospects: day labourer or pizza delivery man.


Newcrest CEO Sandeep Biswas launches executive shake-up

Cadia Hill Gold and Copper Operation at Orange run by Newcrest Mining

PETER KER The new chief executive of Newcrest Mining, Sandeep Biswas, has wasted no time in putting his stamp on the gold miner’s executive ranks, with a slimmer structure revealed this morning.


Glencore kicks off $2bn takeover race for Syrah Resources

Ivan Glasenberg, chief executive officer of Glencore.

Amanda Saunders Swiss mining giant Glencore is understood to have made an informal approach to Syrah Resources that could value the graphite and vanadium junior at up to $2 billion.


Country's oldest producing mine faces shutdown

Tasmania's Mount Lyell mine has produced copper, gold and silver for more than 120 years.

ANDREW DARBY Australia's oldest producing mine, Mount Lyell, is to be shut down after a rockfall sealed a fate already feared following the deaths of three miners.


Australian banks face more pressure over support for coal projects

Banks are under pressure over the environmentally sensitive Abbot Point coal terminal project.

Amanda Saunders Pressure on Australia’s big four banks to join the global coal divestment movement is growing, with a Whitsunday tourism operator who succeeded in convincing Deutsche Bank to withdraw funding for the Abbot Point port expansion in Queensland set to meet with the banks.


Altona mining sells down Finland operations

Vanessa Desloires Altona Mining is offloading its Finnish operations and most of its assets to Swedish company Boliden Mineral for $106 million.


BHP happy to trail Rio in driverless road and rail


Amanda Saunders When it comes to breaking new ground on technology in the mining industry, BHP Billiton is happy to ''be first to be second'', says iron ore boss Jimmy Wilson.

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