The Australian Treasury Secretary Ken Henry gave his final speech on March 4 in which he said that the main obstacle to economic reforms was complacency. He added that the hardest part of his job had been to encourage the nation to make tough decisions.
Brigus Gold is moving closer to commercial production from its underground mining operations at the Black Fox Mine. Located 75 km east of Timmins, Ontario the mine construction was recently completed with the construction of the ventilation and service raise last month. Other underground services are in the final stages of commissioning.
Copper Mountain Mining Corporation released a statement saying that the construction on its flagship project is right on schedule. They hope that the construction of the mine in southern British Columbia will finish by April this year and that production will begin by June. The project is located 20 km south of Princeton town in British Colombia.
Rio Tinto is to invest $1.2 billion to expand mining operations in Australia and Canada. The mining giant intends to spend $933 million on the Marandoo iron ore mine in Australia to prolong its life by another 16 years till 2030. Another $277 million will be invested in the Iron Ore Company of Canada to raise concentrate production capacity by 40% to 26 million tonnes annually.
Western Plains Resources has given a $285 million mining contract for the Peculiar Knob high grade iron ore project in South Australia to MACA Ltd. The mine is located 90 km south east of Coober Pedy, a town known as the opal capital of the world.
The Mining Resources Department in South Africa is making sweeping changes to the mining application system. Henceforth new mining applications will be accepted online.
The mining industry may face an acute shortage of manpower in the next few years as per a report from professional services organization Deloitte. The report said that the industry will need 58,000 more workers by 2020 to maintain the production levels that the industry has at present.
The chief executive of Leighton Holdings David Stewart said that a number of companies were taking measures to safeguard the wellbeing of their employees during the extreme weather events that Queensland is currently facing.
The freight rates for shipping lines are dropping despite record rise in commodity prices. Leasing costs for capesizes, 1000-foot-plus ships, which haul iron ore and coal may go down 34% to their lowest prices since 2002 in the present year as per a survey conducted by Bloomberg.
The floods in Queensland are affecting its mining sector adversely. Projects worth $2 billion are facing delays and additional costs as the floods cause work disruptions in many mines across the state. Many mines have had to cease production on a temporary basis or shut down completely due to the heavy rains.
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