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.
Sentry Petroleum has inked the final agreement with Depco Drilling to supply a drilling rig and workforce for its future coal seam gas drilling campaign in ATP 862 and 864 in Queensland Australia.
WestSide is the operator of the Meridian SeamGas CSG gas fields and has begun drilling at the MER05X exploration well in PL 94 close to Moura. It continues the momentum of the present reserve development program.
State run Brazilian steel maker CSN has announced first quarter profits as Net Income rose by 617.5 million Brazilian reais, a bit short of estimates of 677 million reais profits as expected by financial analysts. The Rio de Janeiro based company said that profits in the first quarter were up by 38%.
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