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Mining & Resources

Fortescue to push back debt load as iron ore price slumps

Fortescue Metals chairman Andrew Forrest.

PETER KER 5:54pm Fortescue plans to spread its debt obligations over a longer period under its third debt restructure in 30 months

AGL slapped with $15,000 fine for Camden coal seam gas release

An AGL coal seam gas well on Sydney's south-west fringe.

PETER HANNAM 4:20pm AGL’s troubled coal seam gas operations have suffered another setback, with the NSW Environment Protection Authority fining the energy giant $15,000 for a gas leak at its field on Sydney’s south-western edge.

Rio Tinto wins planning nod for controversial Warkworth coal mine

Rio Tinto's Warkworth open-cut coal mine in the Hunter Valley.

PETER HANNAM 5:10pm Mining giant Rio Tinto has scored a major victory in its bid to extend its controversial Mount Thorley-Warkworth coal mine in the Upper Hunter, with the Planning Assessment Commission recommending it proceeds.

Oil to stay below $US50 for the rest of 2015

Painted old oil pumps in a scrap yard in Bahrain. Oil prices are destined to remain low all year, Goldman Sachs says.

MARK MULLIGAN 3:11pm Goldman Sach's oil guru believes surplus storage space and oversupply of capital will keep United States oil prices at less than $US50 a barrel for at least the rest of 2015.

NSW Planning blasted over Camberwell coal mine secrecy

Coal mines near Camberwell in the Upper Hunter Valley.

PETER HANNAM 3:30pm The NSW Department of Planning has been accused of operating under a cloak of secrecy, with senior bureaucrats working closely with a mining company to overturn the rejection of a coal mine expansion near Camberwell in the Upper Hunter Valley.

Oil at $US95 a barrel discovered in SEC reporting rules

Deferred pain: There's a lot of write-downs in store when drillers' first-quarter numbers are announced over the next two months.

Asjylyn Loder 10:00am There's one place in the world where oil is still $US95 a barrel - on paper.

Woodside gets ACCC clearance for Apache deal

Woodside is buying Chevron's Wheatstone LNG project under construction in WA.

Angela Macdonald-Smith 4:37pm Woodside Petroleum secured clearance from the competition regulator for the purchase of Apache's Western Australian liquefied natural gas and oil assets, part of a $US3.75 billion deal agreed in December.

Fortescue Metals Group issues $US2.5b notes

 Fortescue Metals Group has moved to ease any pressure on its balance sheet.

James Thomson 9:45am Fortescue Metals Group has moved to ease any pressure on its balance sheet from falling iron ore prices by launching a $US2.5 billion ($3.2 billion) debt refinancing deal.

Republicans fail to override Obama veto of Keystone XL tar-sands pipeline

US President Barack Obama's veto against a tar sands pipeline survives a Senate vote.

Jim Snyder and Kathleen Hunter 6:58am The US Senate failed to override President Barack Obama's veto of a bill forcing approval of the Keystone XL pipeline, a setback for Republicans who've made building the $US8 billion U.S.-Canada oil link a legislative priority.

Glencore delivers a left hook to Rio Tinto

Elizabeth Knight.

ELIZABETH KNIGHT 12:15am From the predator's perspective, Rio is all the more vulnerable. For its part, Rio has reiterated recently that the merger is a no-fly zone. But, ultimately, it is up to shareholders.

Santos chair switch fuels debate over CSG, equity raising

Coal seam gas processing hub

Angela Macdonald-Smith The surprise switch in the chairmanship of Santos announced late on Tuesday has sharpened attention on the issues simmering beneath the surface at the beleaguered oil and gas player.

Rio Tinto goes mining for data

Rio tinto

PETER KER The miner is still investing in "big data" despite its austerity campaign

NSW election 2015: Government cancels two large CSG exploration licences

CSG: another setback for the industry in NSW.

PETER HANNAM The Baird government has cancelled two petroleum exploration permits for coal seam gas formerly held by Pangaea Resources in a bid to ease concern about the industry in the state.

Signs of life in copper but doubts remain

Copper prices have bounced off five-year lows seen in January.

LARISSA NICHOLSON Copper prices have bounced off five-year lows on the back of hopes of economic stimulus in China, with one prominent bank lifting its copper price forecast by more than 20 per cent.

Glencore cuts coal output in challenge to Rio Tinto, BHP Billiton

Glencore chief Ivan Glasenberg is trying to position himself as a superior marketing manager to his Rio counterpart, Sam Walsh.

Amanda Saunders Iron ore majors Rio Tinto and BHP Billiton will not be provoked into retailiating on Glencore chief Ivan Glasenberg's latest attack on their expansion strategies.

WA no longer world's best place for miners, hammered by royalties and taxes

Western Australia has fallen to No. 5 in the world's list of most-desirable mining investment locations from being the world leader last year.

Tess Ingram Western Australia has lost its world No.1 ranking for mining investment, with lobby groups pointing the finger at hefty royalty payments and taxes that can gobble as much as 47 per cent of mining companies' profits.

A massive increase in coal mining is a cause for concern

SMH editorial dinkus

Premier Mike Baird is very open about his plan to privatise the state's poles and wires.

Comments 25

Government, Labor block calls for investigation into Adani coal development

 Greens senator Larissa Waters is unhappy her inquiry call into big coal development has been blocked.

LISA COX The federal government and Labor have used their numbers to block an inquiry into which companies or individuals control Australia's largest coal development.

Bleak coal outlook to force consolidation: Yancoal


PETER KER Take-or-pay rail and port contracts have forced Yancoal into its second consecutive full-year loss.

Diversification may be only way for mining services to survive

Macmahon Holdings slashed its full-year outlook by up to 40 per cent after it posted a $112.5 million loss on Wednesday.

Vanessa Desloires and Tess Ingram Reporting season was likely not one looked forward to by the mining services sector. As earnings flooded in, their balance sheets were characteristically earmarked by heavy write-downs and cost cutting measures. 

Rob Cole to start next week as Beach Energy MD

Rob Cole's arrival at Beach comes at an unsettling time for the mid-cap player, after a 50 per cent dive in crude oil price.

Angela Macdonald-Smith Beach Energy managing director designate Rob Cole is to take up the position three months earlier than anticipated after freeing himself of commitments related to his previous role at Woodside Petroleum.

Sirius to supply nickel concentrate to BHP's Nickel West business

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back of truck / red dirt

PETER KER BHP has agreed to buy half the nickel produced at Sirius' Nova mine in Western Australia.

Rio fighting for $300m in Forge court stoush

Rio Tinto, generic Pilbara Operations, Iron Ore West Angelas Mine.  Sunday 19th  February 2012  AFR photo Louie Douvis

Amanda Saunders Rio Tinto could emerge ahead of ANZ as the biggest creditor in collapsed mining services firm Forge Group, with the mining giant lodging court action claiming it is owed $205 million on top of $100 million in bank bonds it called in last year after the contractor went under.

Andrew Forrest pursues new opportunities in minerals and energy commodities

Mr Forrest said the time was right to begin work on the next generation of mining projects in Australia.

PETER KER Andrew ''Twiggy" Forrest has called the bottom of the cycle for minerals development, and vowed to create a new venture to collect abandoned and undeveloped mineral projects across Australia.

Senators move to give CSG whistleblower air

Gas tangle: senators clash over gag on whistleblower.

PETER HANNAM Efforts will resume this week to make public documents and comments by a Queensland whistleblower about the controversial approval process involving two giant coal seam gas projects worth almost $50 billion.

Revealed: Major new coal mines planned for the Upper Hunter

A Rio Tinto coal mine in the Hunter Valley.

PETER HANNAM Leaked reports show that mining companies have prepared plans for as many as 16 new or expanded coal mines in the NSW Upper Hunter Valley.

Australian coal industry edges towards the abyss as Rio Tinto, Glencore, Vale announce cuts


PETER KER The downturn in the Australian coal industry has deepened, with three big mining companies warning on Friday that more jobs will be cut.

Woodside Petroleum raises $1 billion with biggest bond sale

Woodside Petroleum.

Benjamin Purvis Woodside Petroleum Ltd., Australia's second- largest oil and gas producer, has borrowed $1 billion via its biggest-ever bond sale as it acquires gas assets.

Australian coal industry takes another step closer to the abyss

Hard times: Hundreds of miners stand to lose their jobs as global resources companies cut their coal output and close local mines.

PETER KER The downturn in the Australian coal industry has deepened, with three major mining companies warning on Friday that more jobs will be cut, mines will close and assets will be written down to a shadow of their former value.

Glencore slashes Australian coal production, jobs on the line

The production cuts will

PETER KER Swiss miner Glencore is set to permanently cut production from its Australian coal mines in a move that could jeopardise close to 100 local jobs.

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