In the next financial year Australia will earn $251 billion from commodity exports as per the forecasts from the federal government. With the mining boom looking good for another decade and the prices for farm goods like wheat, cotton and sugar rising the export earnings for the country will most likely rise by 9% compared to the last financial year.
The state owned mining company recently launched in South Africa is hoping to start producing coal to the tune of 800,000 metric tons of coal by June this year. The African Exploration, Mining and Finance Corporation or AEMFC hopes to produce coal for Eskom Holdings the country's electric utility from a new coal mine in Vlakfontein.
Goldsource Mines Inc. (TSX VENTURE:GXS)(FRANKFURT:G5M) has reported that its Preliminary Assessment NI 43-101 Technical Report for its Border Coal Project in Saskatchewan is complete and results are positive based on preliminary economics for a coal to liquids conversion process.
The initial public offering (IPO) of the Tavan Tolgoi coal mine will be the largest that Mongolia has ever had. The country has shortlisted four banks for the process. The lucky four which survived the culling from a 150 plus applicants are BNP Paribas, Deutsche Bank, Goldman Sachs and Macquarie Bank.
The Elk Creek coal mine in western Colorado had been given permission by the Bureau of Land Management for an expansion but the Sierra Club and the Wild Earth Guardians group are challenging the decision. They have filed an appeal with the Board of Land Appeals registering their opposition.
Coalspur Mines Limited (ASX: CPL, TSX: CPT) has announced that the interpretation of the first phase development drilling has indicated the potential for the Silkstone seam to extend for over a 16km strike length within the Company's flagship project, the Vista Coal Project.
Glenn Stevens, the Reserve Bank governor, warned Australians that the mining boom would not last forever and they need to save for the time when commodity prices will fall.
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.
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