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.
A draft of the proposed Minerals Resource Rent Tax (MRRT) has been released by the Treasury department of the Australian government. The new tax is a compromise which resulted after Kevin Rudd’s tax was rejected outright by the mining industry. The original resources supertax is what caused the ouster of the former Prime Minister after vehement opposition was seen to the tax proposal.
Hong Kong based commodities trader Noble Group has made a rival bid for Territory Resources, an iron ore mining company. Territory Resources is currently under a takeover bid from Exxaro Resources, a South African coal mining company which is offering them 46 cents per share.
In Colombia major legislation was passed that will spread billions of dollars from oil and mining royalties more evenly across the nation. Colombia is the fourth largest producer of crude oil in Latin America and is set to hike exports of not just oil but also coal and metals in the coming years.
RPG Group firm CESC Ltd has decided to invest $10 million to gain a 4.8 % stake in Resource Generation which is a listed Australian mining firm. It made the investment using Bantal Singapore Pte Ltd, which is a Singapore based subsidiary that CESC owns wholly. The decision to buy a 10% stake in the company had been made last year.
The mining industry in the U.S. may not have a well established sense of history but the people still do. When a mining company proposed blowing up the historic site of the worker’s uprising at Blair Mountain to gain access to the coal lying below it faced major opposition to its plans.
Mining magnate Clive Palmer has managed to get China to finance his latest project. The Chinese Exim bank will help develop the mine by financing the China First project in the Galilee Basin in central Queensland.
The new Treasury Secretary Martin Parkinson is optimistic about the mining boom lasting about another decade barring global catastrophe.
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