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Mining & Resources

ASX suspends Clive Palmer's Australasian Resources over missing accounts

PETER KER 12:15am Clive Palmer says he has no idea why a company holding $7 million of his wealth has failed to publish its full-year financial accounts in the allocated time.

Mining

CFMEU challenges BHP Billiton over job losses at BMA coking coalmines

Mining

PETER KER 12:31am BHP and the CFMEU have held talks over a plan to cut 700 jobs from the Bowen Basin coal joint venture with Mitsubishi.

Resources

Casualties looming for junior miners

Almost 20 per cent of listed junior miners and explorers have a cash balance of less than $500,000, with half sitting on less than $2 million, according to the results of a recent survey.

Tess Ingram The mining industry is expecting more casualties at its junior end as the intense funding pressure facing its smallest miners threatens to force many to close their doors.

LNG chief executive Maurice Brand says even he is surprised at 1300 per cent share price surge

Maurice Brand.

Angela Macdonald-Smith Liquefied Natural Gas Ltd chief executive Maurice Brand admits to being surprised at the timing of the company's spectacular sharemarket surge, rather than the magnitude, but says the pressure is now on to keep delivering on its flagship US export project.

Iron ore

Rio Tinto to open new mine, despite iron ore's five-year price slump

Rio Tinto.

Peter Ker and Tess Ingram Rio Tinto is set to push ahead with a new mine expansion that will grow its iron ore exports by 70 million tonnes per year, in a show of defiance against sliding iron ore prices and the current supply glut.

Exec pay

Newcrest Mining chief executive Sandeep Biswas top paid mining boss

BHP chief Andrew Mackenzie will have a lower base wage than Newcrest's Sandeep Biswas.

PETER KER The new boss of Newcrest Mining, Sandeep Biswas, will take home the biggest base salary of Australia's major miners.

Mining

Disclosure scandal bites into Newcrest bonuses

Former chief executive Greg Robinson, who resigned on the back of the scandal, received 42.8 per cent of his short term benefits; equivalent to just over $1 million.

PETER KER Two of Newcrest's most senior executives were denied more than half of their short term bonuses in the 2014 year, on the back of the company's market disclosure scandal.

Brazilian giant Vale joins Fraser Range nickel rush

Trucks looking for nickel

PETER KER The major miner has pegged some acreage north-east of market darling Sirius Resources.

Mining

Lenders expect Rio Tinto to miss Mongolia deadline

Wearing hard hats in the iron ore glut: Rio's debt investors benefit from the miner's push to reduce production costs to the lowest among its rivals.

PETER KER Lenders toward the second stage of the Oyu Tolgoi mine in Mongolia do not expect Rio Tinto to meet this week's funding deadline.

Mine Closures

Tom Albanese: Iron ore miners facing 'pain point'

Closures of higher-cost iron ore minds are probable, says former Rio Tinto chief Tom Alabanese.

Iron ore prices that fell to a five-year low this month will remain weak for a sustained period as supply exceeds demand and China's economy slows, according to Tom Albanese, former head of Rio Tinto Group.

Gold

Gold price: The world's wealthy are snapping up bullion

ANZ gold analyst Victor Thianpiriya:

JARED LYNCH Gold may be lingering at 9-month lows but demand for the precious metal is growing among the super rich.

Resources

Reserve Our Gas campaign launched to fight for lower gas prices

Headed overseas.. Australian gas prices are expected to skyrocket with no protection for domestic consumers.

ESTHER HAN The Reserve Our Gas campaign has been launched to demand the federal government pass laws to ensure a percentage of gas is kept for domestic use at domestic prices rather than being exported.

Comments 52

Mining

Real Energy on the fast-track to production

Real Energy CEO Scott Brown:

Angela Macdonald-Smith Success in its maiden exploration well has put Cooper Basin minnow Real Energy on the fast-track to production as early as 2016 at the same time as enhancing its attractiveness as a potential takeover target.

BHP has agreed with Exxon Mobil that a FLNG is the best development option for the Scarborough LNG asset

LNG ship.

PETER KER BHP fall into line with Exxon Mobil accepting a floating LNG platform is the best way to develop Australia's Scarborough gas project.

Santos making headway on Gladstone LNG project

Santos' GLNG vice-president Rod Duke.

Angela Macdonald-Smith Santos has welcomed the last two of 111 enormous modules for its liquefied natural gas project.

Fortescue loses court bid

Fortescue Chairman Andrew Forrest has had a court win

PETER KER Fortescue has lost the battle, but not the war, over railway access in the Pilbara.

Mining

Clive Palmer calls off iron ore partnership with China's Citic Pacific

Clive Palmer has ramped up the dispute with Citic over the Sino Iron Project.

MARISSA CALLIGEROS Clive Palmer’s company Mineralogy has served a termination notice on the Chinese operator of its $10 billion iron ore mine in Western Australia.

Comments

Clive Palmer tries to terminate iron ore partnership with Chinese company Citic Pacific

Clive Palmer

MARISSA CALLIGEROS Clive Palmer’s company Mineralogy has served a termination notice on the Chinese operator of its $10 billion iron ore mine in Western Australia.

Comments 4

Mining

China steel demand shrinks for first time in 14 years as slowdown stings

A worker at the Shanghai headquarters of Baosteel. Current low iron ore prices are here to stay, predicts the company's president, Dai Zhihao.

China's steel consumption dropped this year for the first time since at least 2000 due to slower economic growth, leading to a surplus of iron ore in the country and a more than 40 percent plunge in prices of the steelmaking raw material.

Resources

BHP signs deepwater deal with Mexico's Pemex

BHP's petroleum and potash president Tim Cutt said the mining major sees

Angela Macdonald-Smith BHP Billiton has signed an alliance with Mexican state oil company Pemex as it seeks to enter deepwater oil and gas exploration in the central American country.

Mining

'Inconvenient truth': Australian mining wages too high, says Mitsui

Amanda Saunders Japanese trading giant Mitsui says Australia’s lagging productivity fails to justify its high mining wages, while tipping a modest rebound in heavily depressed iron ore and coal prices by the end of the year.

BHP is not only leaner, it's greener

BHP Billiton

MALCOLM MAIDEN The environmental report that BHP Billiton releases with its annual report shows that the giant group casts a long shadow. No surprise there. The progress that BHP has made in the past decade is amazing, however.

Fortescue's Andrew Forrest talks up diversification

Fortescue Chairman Twiggy Forrest: Yields from notes issued by the pure-play iron ore producer are hurt by the slump in iron ore prices

Bloomberg Fortescue Metals Group, reliant on iron ore for all its revenue, is considering opportunities to expand into other commodities, provided it can offer similar returns to its existing mines.

BHP, Fortesque win in Port Hedland tugboat battle

Tugboat crews had planned to strike at Port Hedland over  over a long-running pay dispute.

Julie-anne Sprague BHP Billiton and Fortescue Metals Group have secured a major victory in their battle to prevent a closure of Port Hedland port after an 11th hour attempt to block key changes to workplace laws narrowly failed to pass the Senate.

Mining

Bonus for BHP chief Andrew Mackenzie after beating targets

Arguing his case: BHP boss Andrew Mackenzie plans to win over UK investors over the company's plan not to list NewCo in London.

PETER KER BHP Billiton chief executive Andrew Mackenzie will receive a $US1.56 million bonus ($1.8 million) this month, as part of a remuneration package that reached almost $US8 million for the recently completed 2014 financial year.

Markets

Short sellers swoop on Aussie miners amid iron ore rout

Having a dig: Short sellers are betting that the iron ore slump will continue and put further pressure on miners' share prices.

Investors are using Australia's stock market to bet that the iron ore rout has further to run.

Mining

BHP backflips, weighs London listing for $17b NewCo spinoff

Faced a shareholder backlash in the UK over the company's demerger plan: BHP chairman Jacques Nasser.

BHP Billiton is considering reversing a decision to skip a listing in London for what's set to be mining's biggest spinoff, marking the latest U-turn in an industry being cowed by rising shareholder activism.

Mining

BHP freezes pay of top executives

All smiles: BHP Billiton chief executive Andrew Mackenzie.

Amanda Saunders BHP Billiton has put a freeze on the pay packets of chief executive Andrew Mackenzie and his senior management team, as salaries continue to come under pressure across the mining industry.

Mining

Areva suing over Kakadu

The Ranger uranium mine, surrounded by Kakadu National Park.

Amanda Saunders French government-controlled Areva – the world's biggest nuclear company - is understood to be planning legal action against the Australian Government over a decision last year to veto mining at its billion dollar-plus Koongarra uranium project by including the deposit in the Kakadu National Park.

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Forced leave not fair

Tony Featherstone

First you want me to work in my downtime - now you're telling me I HAVE to take a holiday. Bosses are stealing our lives. Is it fair?

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