Riversdale Mining Ltd will see Tata Steel Ltd continue as a major stakeholder. The Indian steel company currently owns a 24% stake in the Australian coal mining company.
A petition to oppose a 100% 'fly-in, fly-out' mine in the Central Highlands, Queensland has been tabled by Ted Malone the member for Mirani.
With record profits announced by BHP Billiton and the alleged loss of tax funds due to the renegotiation of the new mining tax, there has been a call by the Australian Greens to impose a higher tax on mining companies.
Challenger Deep Resources Corp. (TSX VENTURE:CDE) has announced that it has, through its wholly-owned subsidiary, PT Bestindo Energy, entered into a Memorandum of Understanding with the principal shareholder of PT Pelangi Kertanegari, which gives Challenger the exclusive option, for a period of one year, to purchase all of the shares of PT Pelangi.
Coalspur Mines Limited (ASX: CPL) (TSX: CPT) has announced that the second phase of development drilling at the Company's flagship project, the Vista Coal Project has now commenced.
First half year profits of BHP Billiton took a record leap of a 71 % to reach a profit of $10.6 billion of which $10 billion will be returned to shareholders. Reuter’s analysts had predicted a profit of $10.3 billion for the same period and they were also surpassed.
Australia will collect about $60 billion less in mining tax over the next ten years than previously predicted thanks to the changes made in the proposed mining tax last year prior to the elections. The treasury figures say that the original unhampered tax would have collected Australian $99 billion between the financial years of 2012/13 to 2020/21.
The Chinese Lunar New Year has seen steel mills stock up on inventory before the holiday period to maintain production. This has led to imports of the three key raw materials for industrial steel production to China rising this month and global prices going up consequently. These raw materials include iron ore, oil and copper.
Korea Resources Corp and Daewoo International Corp have made a non-binding offer to buy the Australian Whitehaven Coal company. Whitehaven is valued at $3.497 billion and has been on the market since late last year. Final bids are expected to be placed by April 2011.
In Kentucky 14 people have had a sit in outside the Governor's office in a bid to convince him to change his stance on mountain top coal mining. The protestors in the Kentucky State Capitol say that they are calling it the "I love the mountains rally". The Governor Steve Beshear said that he would not change his position regarding the issue.
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