Exxaro Resources is the second largest producer of coal in South Africa and the diversified miner wants to increase its share in iron ore as well. As of now the company does not produce iron ore on its own and is evaluating projects in West Africa and Australia where it can take on an interest in a venture to boost its earnings.
By Joel Scanlon
Aquila Resources and Vale SA have been granted a mining lease by the government of Queensland for their Eagle Downs coal mine. The Eagle Downs coal project is located in the Bowen Basin. The board of d...
The government of Namibia has withdrawn its proposed mining tax hike. Earlier in the year the Namibian government had announced a proposal to raise the mining tax rate to 44% from its current rate of 37.5 %. The Deputy Finance Minister of Namibia, Calle Schlettwein, said that the proposal had been withdrawn to increase the corporate tax on mining companies.
Aquila Resources Ltd is selling its Washpool coal project. Tony Poli, chief executive officer of the company said that dozens of potential buyers were studying the purchase of the asset. The Perth based company hopes to raise AUD $1 billion for the asset.
Peabody Energy and ArcelorMittal have been told by the European Commission’s Directorate General for Competition that the EU Merger Regulation does not apply to PEAMCoal’s $15.50 share offer for Macarthur Coal.
Community groups in Manning and Gloucester have managed to oppose coal seam gas mining at public meetings successfully enough to have the New South Wales Upper House committee announce a full parliamentary inquiry into the impacts of the coal seam gas industry on the state.
Mining giant Rio Tinto has a ‘bumper’ $7.6 billion first half net profit. The record profit is linked to the steadily rising prices of commodities which are being driven by demand from Asian nations.
Rio Tinto is likely to post a net profit for its first half in the region of $8 billion. The profits have been bolstered by the hike in prices of iron ore, aluminium, and copper.
Hong Kong listed Yanzhou Coal Mining Company has decided to buy thermal coal exploration and production companies in Queensland. The Yanzhou Coal Mining Co will spend $202.5 million on acquiring Syntech Resources Pty Ltd and Syntech Holdings II Pty Ltd, from GS Power Holdings.
Macarthur Coal Ltd refused an unsolicited $5.2 billion bid from a pair of industrial giants over the weekend. Peabody Energy Corp and ArcelorMittal had offered a 40% premium over the current stock market value for Macarthur Coal.
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