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.
The Construction Forestry Mining and Energy Union (CFMEU) has applauded the breakthrough deal with mining giant Rio Tinto in Western Australia. The collective agreement for iron ore rail workers in the Pilbara region is the first such union agreement with the mining company for 18 years. With this the union gains its first foothold in the region after nearly two decades.
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.
Galahad Metals has established a cut-grid in the significant Regcourt gold mine shaft region.
Focus Metals has retained the services of Roscoe Postle Associates (RPA), to start the mine design and engineering work at Lac Knife, Quebec flake graphite property.
IronClad Mining Ltd had signed an agreement with Sea Transport Corporation to use a multi-user port facility concept developed by Sea Transport Corporation.
Explosives and chemicals manufacturer Orica has reported a strong profit with a nearly fivefold increase in the first half net profit for the year. The net profit of $263.8 million was posted by the company for the six months till March 31, 2011. This is a 379% increase from $55 million that was posted in the first fiscal half of 2010.
Mining contractor NRW Holdings has bagged a contract from Rio Tinto for earthworks and primary civil works in the Pilbara region. The $160 million worth 12 month contract will see work at the Brockman project and the Western Turner Syncline project.
In the west African nation of Guinea mining giant Rio Tinto has signed an agreement with the government to construct a new mining port. The agreement was signed by its subsidiary Simfer S.A. According to the deal the company will pay the government US$700 million and gain mining concessions in the country.
The Australian Treasurer Wayne Swan spoke to the Queensland Media Club and told them that there would be no rivers of gold from the mining industry in the upcoming budget.
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