The mining boom has brought prosperity to Australia but just to a select few parts. A fact shown by the annual State of the Regions report that claims that most of the country is missing out in the benefits of the profitable mining industry.
Tata Steel has decided to sell its 26.72 % stake in Riversdale Mining Ltd for $1.12 billion. The company which is currently controlled by majority stake holder Rio Tinto Jersey Holdings is hoping to de-list.
The Queensland government’s plan to save large parts of land for farming is unacceptable to the mining industry. A study which was commissioned by the Queensland Resources Council based on scientific and peer review evidence found that the criteria for the government’s strategic cropping land policy were not clearly defined.
Itochu Corp is to invest $1.6 billion in thermal coal operations in Colombia. The deal with Drummond Co. of the United States will give Itochu a 10% stake in the coal mining operations. The deal includes an exclusive right to export the extracted coal to Japan.
The Tanzania parliament has approved a five year development plan which includes an Australian inspired super-profit tax for the mining industry. The $27.4 billion development plan hopes to earn revenue from the mineral resources of the nation.
Australian Treasurer Wayne Swan said on Tuesday that the investment needs and demand for capital for the country are set to grow proportionately with the resources boom. For this reason Australia will have huge opportunities for foreign investment. The Treasurer was speaking to the International CEO Forum in Canberra.
Astra Mining, an Australian diversified mining company, has confirmed its intention to list on the Frankfurt Stock Exchange at an Extraordinary General Meeting held today.
South Africa’s National Union of Mineworkers is to ask the Chamber of Mines for a 14% wage hike as official talks began between between the two parties this week. This is part of the 2011 wage negation process.
The debate over the proposed Carbon Tax continues to gather steam as a new survey released on Tuesday by the Australian Coal Association shows that mining jobs in New South Wales and Queensland will be affected by it.
The coal mine project at Tavan Tolgoi in Mongolia is all set to move ahead with the government being deep into negotiations to appoint an operator for the mine. About six different companies have bid on operating the large coking coal resource. The ownership of the mine will remain with the government.
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