Indian company GVK Power has bought a stake in Australian company Hancock Group for $1.26 billion. The Hancock Group is owned by Gina Rinehart and the Indian company is investing in it to secure energy supplies for its future power plants.
The environmental group ‘Switch Off Coal’ is staging a protest at the Bacchus March located west of Melbourne. The conservation group is unhappy about the brown coal testing that Mantle Mining is conducting in the area. Testing began about two weeks ago.
The New South Wales government announced that tough conditions have been placed on the renewal of two controversial licenses held by BHP Billiton and Shenhua Watermark in the Liverpool Plains region. The licenses expired February this year.
The coal mining company Banpu Pcl from Thailand is to bid for the Australian-based coal explorer Hunnu Coal. Hunnu Coal is focused on Mongolia and had called for a trading halt on its shares last Friday saying that a potentially significant corporate transaction was due on or before Tuesday.
Is the mining industry really the big boon for the Australian economy that it is made out to be? A new report from The Australia Institute questions this. The author of the report and economist Richard Dennis said that the political clout of the mining industry was way out of proportion with its economic reality.
The managing director of Rio Tinto Australia, David Peever said that the federal government’s opinion that only ‘gassy’ coal mines needed carbon tax relief and non-gassy mines would be unaffected by the carbon tax was not viable.
A new report that was commissioned by the Minerals Council of Australia says that miners will pay close to $23.4 billion in tax to federal and state governments in 2010-11 financial year. Deloitte Access Economics said in the report that the mining industry has paid an average tax of 41.5% from the financial years between 2007-8 to 2009-10.
Australian company Coal of Africa Limited has been granted a license to mine near the Mapungubwe World Heritage site in Limpopo, South Africa. The company signed a deal on Thursday with the department of environmental affairs and South African National Parks (SANParks).
Australian mining companies are increasing their investment in African mines. The Foreign Affairs Minister Kevin Rudd said in a pre-recorded message to more than a thousand delegates at a mining conference in Perth that Australia was committed to sharing its mining experience.
First Reserve and AMCI have sold $390 million worth of shares they owned in Australian coal mining company Whitehaven Coal.
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