Mining & Resources

 

CSG doubts fan fears in Barwon

Santos's CSG storage ponds in the Pilliga State Forest.

Peter Hannam 11:19 AM   Santos Energy is seeking approval for a new waste treatment plant at its controversial pilot coal seam gas field in northern NSW without identifying how it will dispose of the briny and potentially toxic end product.

Rio slashes M&A team as cuts deepen

Rio Tinto has lost a test case against the Australian Taxation Office over the claiming of GST credits for housing it builds for workers in remote locations.

Peter Ker 1:46 AM   Rio Tinto's continuing ongoing austerity campaign is set to force departures from its mergers and acquisitions and business development areas.

Mood builds for corporate tax cut

RED TAPE 040303 AFR PHOTO BY VIRGINIA STAR Generic pic of a businessman wrapped in red tape , male , executive , corporate , government , unions , tied up , tax , suit , afrphotos.com AFR FIRST USE ONLY SPECIALX 23798

Peter Ker 9:34 PM   Assistant Treasurer Josh Frydenberg has echoed Treasury's concerns about the impact Australia's high corporate tax rate is having on foreign investment

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Chevron selling 50% stake in Caltex

Woodside has sold its Caltex share.

5:45 PM   US energy giant Chevron is looking to sell its 50 per cent stake in Caltex Australia.

Rio Tinto to cut M&A jobs as deals appetite wanes

Rio Tinto has a long-standing blanket policy of not donating to any political parties.

Anjuli Davies and Silvia Antonioli 4:23 PM   Rio Tinto will cut jobs in M&A and business development to cut costs as it battles falling commodity prices.

Iron ore futures tumble as Rio comment stokes glut worries

Engineer.

4:14 PM   Iron ore futures in China and Singapore slid about 4 per cent on Friday, pressured by worries global producers would continue to lift supply in a glut-hit market.

Power sector to get special treatment under Direct Action

Hazelwood: Australia's most emissions-intensive major power plant.

Peter Hannam and Lisa Cox 3:59 PM   The Abbott government has proposed a major concession to the heavy-polluting electricity industry in its Direct Action climate change policy by exempting individual companies from caps on emissions.

Evolution confirms La Mancha talks

La Mancha's assets include Frog's Leg underground mine, the White Foil open pit mine and Mungari processing plant.

Tess Ingram   Evolution Mining has confirmed it is in talks with La Mancha Resources over the potential purchase of its West Australian gold assets.

Gina Rinehart steps up campaign against government costs

Gina Rinehart has attacked federal and state governments for inflicting high costs on local miners.

Mining billionaire Gina Rinehart has stepped up her criticism of governments for imposing too many costs on the mining sector amid a commodity price downturn.

Miners, steel mills reject hare-brained Forrest's cartel

Andrew Forrest proposed a co-ordinated cap on Tuesday in response to the impact that excess supply from the pilbara was having on iron ore prices.

Peter Ker and Tess Ingram   Fortescue Metals Group chairman Andrew Forrest's has earned widespread ridicule from big mining bosses over his call for an Australian iron ore cartel as Chinese Steel officials dismissed the idea as unworkable.

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Walsh slams Twiggy's iron ore cap scheme as 'harebrained nonsense'

"It's a great story, no matter how you tell it," Sam Walsh said, playing down the impact of weak iron ore prices.

Amanda Saunders   Competition lawyers say it will be very difficult for the watchdog to prosecute Mr Forrest over his offer to put a cap on Fortescue's production if others would do the same

BHP, Rio dividend growth 'isn't sustainable'

Morgan Stanley's top portfolio manager doubts that BHP Billiton and Rio Tinto can sustain their dividend growth.

Vesna Poljak   One of the world's top investors has challenged the ability of BHP Billiton and Rio Tinto to sustain their dividend growth as their pricing power erodes with declining commodity prices.

Abbott government resists US moves against coal power

Prime Minister Tony Abbott during question time on Wednesday.

Lisa Cox, Mark Kenny   The Abbott government has again put itself on a collision course with US President Barack Obama, this time over government funding for coal-fired power plants.

Rio's Walsh says trust crucial to tax reform

Culling jobs, not only at the hard hat level: Rio boss Sam Walsh.

Amanda Saunders   Rio Tinto chief executive Sam Walsh says Australia's tax system has lost its competitive edge, declaring that transparency is crucial in creating the public trust needed for reform of the system.

Oil downturn slows progress in bringing solar power to mines

Energy costs account for as much as 40 per cent of the operating costs at some mines, according to Ernst & Young.

James Paton   High oil prices spurred mining companies to look at renewable energy to cut their diesel fuel bills. With crude plunging, it's a different story today.

Santos strikes oil in Malaysian drilling

The Bestari-1 well found oil over a depth of 67 metres in several separate zones of 'high-quality' sands, according to Santos.

Angela Macdonald-Smith   Santos has reported a "significant" oil discovery in its deep-water exploration campaign in Malaysia.

Fortescue defends 'Twiggy', ACCC wanting an explanation

Twiggy Forrest's call on the mining majors to "start acting like grown-ups" has raised alarm bells with the competition regulator.

Tess Ingram and Lisa Murray   The ACCC will "look closely" into Andrew Forrest's call on the world's largest iron ore miners to cap production at current levels to stop the price rout.

BC Iron eyes contracts for further cost savings

BC Iron has awarded the mining contract for the Warrigal hub to Viento Group

Tess Ingram   A competitive tender process for the mining contract at BC Iron's Warrigal hub has given the junior iron ore miner hope it can continue to find cost reductions in its contracts.

Hockey rejects Twiggy's iron ore 'cartel'

Beg to differ: Federal Treasurer Joe Hockey, left,  and mining magnate Andrew Forrest.

Gareth Hutchens   Treasurer Joe Hockey has rejected a suggestion by mining millionaire Andrew ‘Twiggy’ Forrest that the world’s iron ore companies should band together to restrict iron ore supplies to stop global prices falling.

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Utilities' cheap gas benefits fading, says Fitch

Shortages in gas supplies at some of the Queensland LNG ventures will drive further sales of gas in the short term.

Angela Macdonald-Smith   Fitch noted that utilities with interests in upstream gas production would enjoy a lift to earnings with the start-up of LNG investments.

Australian coal prices fall to pre-2008 crisis levels

China's slowdown is throwing many coal and iron ore miners into crisis

Henning Gloystein   Australian physical coal prices have fallen to levels not seen since before the global financial crisis as Chinese demand suffers from slower economic growth and new environmental rules, with analysts predicting the market could slump further.

Twiggy Forrest calls on iron ore miners to cap production to end price rout

Twiggy Forrest's call on the mining majors to "start acting like grown-ups" has raised alarm bells with the competition regulator.

Lisa Murray   Andrew "Twiggy" Forrest has called on the world's big iron ore companies to announce publicly a cap on production in a bid to arrest declining prices, which have slumped more than 50 per cent over the past year.

Inpex writes down value of Kitan field in Timor Sea

Inpex says it has reduced the carrying value of its stake in the JPDA06-105 block holding Kitan by about 7.5 billion yen.

Angela Macdonald-Smith   Japanese oil and gas producer Inpex Corporation has written down the value of its Kitan oil field in the Timor Sea after the plunge in crude oil price.

Martin Ferguson steps up attack on Luke Foley over CSG

CSG: Political point of contention.

Peter Hannam   Martin Ferguson, a former trade union chief and resources minister in the Rudd-Gillard Labor governments, says he has no plans to exit Labor, despite attacking his party’s coal seam gas policies in NSW.

Woodside cuts 300 jobs and freezes pay

Woodside Petroleum is cutting 300 jobs.

Angela Macdonald-Smith   Woodside Petroleum is cutting 300 jobs and freezing pay as the energy giant slashes expenditure following a plunge in the oil price.

Sino Iron continues to weigh on Citic

Mining generic, trucks, mine, environment. Mining trucks move Iron ore out of the KCGM Super Pit in Kalgoorlie, WA. The pit is the largest open pit mine in Australia. Wednesday 14th January, 2015. Photo: Ryan Stuart

Peter Ker   Citic Limited has posted more impairments on its Sino Iron project in Australia

NSW Labor's CSG policy under attack

SMH News. NSW Election 2015. Labors Luke Foley tours the Northern Rivers, taking in Byron Bay and  Lismore areas.  Foley meets with members of Knitting Nannas on the outskirts of Lismore, near the Bentley Blockade. Photo: Peter Rae Tuesday 24 March 2015.

Angela Macdonald-Smith   NSW Labor's policy banning CSG on the state's north coast is unscientific populism, the Liberal Party says.

New Hope sees further falls in commodity prices

New Hope is on the hunt for bargain coal assets.

Brian Robins   Coal may be on the nose with the environmental lobby, but miner New Hope has a burgeoning cash pile looking for assets.

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Hunter Valley industries call for protection from coal mine expansion

Groups call for permanent protection: Rio Tinto's Warkworth open-cut coal mine in the Hunter Valley.

Peter Hannam   Horse breeders and wine and tourism groups want permanent protections to be passed within 100 days of the new parliament.

Noble action turns up heat on Iceberg

OPTrust, one of Canada's largest pension funds, says it may be interested in investing in the Port of Darwin.

Peter Ker   Commodity trader Noble has launched legal action in Hong Kong in a bid to exterminate the anonymous critic who has accused it of being the next Enron.