The cancellation of a mine in Queensland is going to cost the state hundreds of jobs as per members of the opposition. Cape Alumina Limited (ASX:CBX) has cancelled a $1.2 billion worth bauxite mining project on the Cape York Peninsula in Far North Queensland as the project ran into trouble with the Queensland Wild Rivers declaration.
Mr Kevin Rudd was warned by Australian Government solicitors (AGS) that there might be legal problems with the proposed mining Resources Super Profits Tax (RSPT) as per new evidence which came to light yesterday during a Senate estimates hearing.
The troubles are far from over for Vedanta Resources as the Madras High Court asked for the shutdown of its Tuticorin smelter in a coastal area in the southern state of Tamil Nadu, India.
After failing to acquire the copper mine in Namibia with Hindustan Copper, Indian company Nalco, Asia's largest, and one of the world's leading aluminium companies, has now decided to shoot for uranium assets in the African country.
After Vedanta was refused permission by the ruling Congress Party Government to set up a bauxite mine in the Niyamgiri Hills it has begun scouting for alternative locations. Rahul Gandhi having placed the last nail in the coffin for the plan on 26 August with his statement.
In response to the Indian Government’s actions Vedanta Aluminium has stopped the expansion of its alumina refinery at Lanjigarh in Orissa.
The Indian Government has blocked the plans of Vedanta Resources to mine bauxite from the Niyamgiri hills sacred to local tribes.
In a clash between tribal conservation groups and profitable mining the Vedanta mining project has run into a controversy. The bauxite mine proposed by Vedanta on sacred tribal land in Dongria Kondh has been stalled by an Indian government inquiry.
Alumina Ltd (ASX:AWC),(NYSE:AWC) and its partner have received a shot in the arm by the renewed demand in aluminium and alumina allowing the company to get out of the red.
Chalco, the Chinese Aluminum company has pulled out of a proposed project at Aurukun in north Queensland. Chalco is the world’s largest producer of alumina and this was to be its first investment in Australia.
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