Australia’s competition watchdog has raised concerns over the potential impact of Pacific National or Aurizon buying the Hunter Valley rail business of mining giant Glencore. Global commodities giant Glencore is selling its Hunter rail operations business, GRail, as part of consolidation and debt reduction efforts. Pacific National and Aurizon – the two biggest bulk haulage
Read MoreA potential $200 million write-off on gas contracts has resulted in a 37% decline in the share price of Australian engineering and services group UGL. UGL announced on June 6 “substantial delays” in talks with the joint venture in charge of construction of the Ichthys LNG plant in the Northern Territory. JKC Australia – a
Read More$100m in additional funding announced in the budget will help map mineral, energy and groundwater potential in northern Australia and South Australia, resources minister Josh Frydenberg has said. The federal budget, handed down on Tuesday night, included $100m of new funding for Geoscience Australia. “The $100m Exploring for the Future programme will produce pre-competitive geoscience
Read MoreThe approval of mining leases for the multibillion-dollar Carmichael coal mine and rail project in Queensland’s Galilee Basin has angered environmental groups. The Queensland Government on Sunday approved the three leases – 70441 Carmichael, 70505 Carmichael East and 70506 Carmichael North – which make up the project area. The announcement is a major step forward
Read MoreUnions have not taken kindly to BHP Billiton’s refreshed push for productivity measures and an increased government focus on productivity policy. In a move signalled on March 16 by BHP chief executive Andrew Mackenzie, the mining giant wants to cut labour costs across its operations, and it wants the government to look into industrial relations
Read MoreThe Victorian Government is fielding expressions of interest for parties interested in buying the Port of Melbourne under a long-term lease agreement, a move which will fund the removal of 50 road-rail level crossings across the state. The opening of an EoI period follows an extensive battle in State Parliament for the Andrews Government to
Read MoreRussian billionaire Viktor Rashnikov is thought to have sold just under a sixth of his roughly 5% stake in Fortescue Metals Group, while credit agency Moody’s has downgraded the miner’s rating. The Australian reported this week that Rashnikov, through his company Magnitogorsk Iron and Steel, took advantage of a bounce in Fortescue’s share price last week
Read MoreFortescue Metals Group has enjoyed a significant share price bounce this week after it announced joint venture talks with Vale, and news from China drove iron ore prices upwards. ASX shares in Fortescue closed on Tuesday at $2.79 – up 29% over the last week. The Pilbara miner’s success was driven in part by the
Read More[ad_1] Graphite. Photo: Valence Concerns over near to medium term funding have led the board of graphite junior Triton Minerals to put the company into voluntary administration. “After conversations the managing director had with third parties concerning near to medium term funding proposals,” the company told the ASX last week, “… the board met and
Read More[ad_1] The price of iron ore has bounced this week. Photo: FMG Analysts are doubting the long-term significance of a 19% rise in the price of iron ore on Monday, which boosted Australia’s iron ore majors on the stock exchange. The spot price for 62% Fe benchmark iron ore surged to US$63.74 per tonne on
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