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.
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.
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