Metals & Mining

Burke logic founders on the reef

24 May 2012 | Matthew Stevens

PRINT: 24 May 2012 | PAGE 2 | Burke logic founders on the reef

South of Embley demonstrates the sort of damage that can be done by government rent miserably reactive through habit and failure of foresight.

Highlands Pacific (HIG)

24 May 2012 | Qaiser Malik

PRINT: 24 May 2012 | PAGE 39 |

Shares in junior miner Highlands Pacific rose more than 12 per cent yesterday after positive drilling results were announced at its Star Mountain exploration site in Papua New Guinea.

Dart Mining (DTM)

24 May 2012 | Brendon Lau

PRINT: 23 May 2012 | PAGE 39 |

There has been a muted response to Dart Mining’s latest assay results from its flagship Unicorn molybdenum project in north-eastern Victoria.

Atlas Iron (AGO)

24 May 2012 | Jamie Freed

PRINT: 23 May 2012 | PAGE 39 |

The recent sell-off of commodities stocks on Chinese growth concerns and a fall in the iron ore price have led to a 26 per cent fall in Atlas Iron’s share price since the start of the month.

Company briefs

24 May 2012 |

PRINT: 24 May 2012 | PAGE 3 |

Buccaneer Energyhas finalised binding agreements with New York-based Richmond Hill Investment for a $US20 million project debt facility to fund its Cook Inlet activities in Alaska. It is also completing a separate financing with another party for the acquisition of a drill-rig from Marathon Oil.

BHP board may delay mega-projects

24 May 2012 | Jamie Freed

PRINT: 24 May 2012 | PAGE 1 | BHP board may delay mega-projects

There is a growing expectation that BHP Billiton could delay the approval of all three of its mining mega-projects by at least a year following bearish comments by its chief executive and chairman last week.

Li may have tickets on Nine

24 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 24 May 2012 | PAGE 26 | Li may have tickets on Nine

All the attention is on Hollywood mogul Harry Sloan and whether he will commit to Nine Entertainment Co, but Nine has also dug out some other pretty interesting potential backers during its worldwide search.

Coalmining simulator

24 May 2012 |

PRINT: 24 May 2012 | PAGE 6 | Coalmining simulator

The Virtual Reality Training System is a high-tech $1 million tool designed to teach coalminers how to deal with emergencies without putting them in danger.

National briefs

24 May 2012 |

PRINT: 24 May 2012 | PAGE 5 |

The chief executive of the Business Council of Australia, Jennifer Westacott, welcomed the introduction into Parliament of a government bill intended to cut 12,000 unnecessary regulations.

Macdonald to face further public scrutiny

24 May 2012 | Dan Hall

PRINT: 23 May 2012 | PAGE 4 | ICAC probe

The NSW corruption watchdog will hold a public inquiry over allegations that former mineral resources minister Ian Macdonald corruptly used his position to advantage the private interests of others.

Change work laws to push output, says professor

24 May 2012 | Luke Forrestal

PRINT: 24 May 2012 | PAGE 4 | Change work laws to boost output, says professor

One of the country’s top workplace relations academics is backing the resources sector’s argument that changes must be made to the current system as a matter of urgency.

‘Cancer of the bush’ spreading

24 May 2012 | Fleur Anderson

PRINT: 24 May 2012 | PAGE 3 | ‘Cancer of the bush’ spreading

Opponents of the fly in, fly out industry call it the “cancer of the bush” for its impact on the social fabric of a town, but the mining industry says those social problems can been seen in any shift-working population.

Qantas gets resourceful

24 May 2012 | Jennifer Hewett

PRINT: 24 May 2012 | PAGE 2 | Qantas gets resourceful

Hewett | All those fluoro-vested blokes waiting for flights at Perth airport don’t just translate into big money for resources companies.

Rich 2012: Rein debuts, Rinehart soars

24 May 2012 | John Stensholt

PRINT: 24 May 2012 | PAGE 1 | Rich 2012: Rein debuts, Rinehart soars

Australia now boasts the world’s richest woman in Gina Rinehart and possibly the world’s richest former first lady in Therese Rein, according to the BRW Rich List, published today.

Call to end China trade deal talks

24 May 2012 | Greg Earl

PRINT: 24 May 2012 | PAGE 1 | Call to ditch China trade deal talks

One of Australia’s former top trade negotiators has called for an end to the long-running free-trade agreement talks with China amid new tensions between Canberra and Beijing.

Carbon tax, energy costs likely to close Kurri Kurri

23 May 2012 | Angela Macdonald-Smith

Norsk Hydro has entered talks with its workforce about a shutdown of the remaining operations at its Kurri Kurri aluminium smelter amid concerns about energy costs and the impact of the carbon tax.

Expect a bounce but not a boom

23 May 2012 | Stephen Wyatt

PRINT: 24 May 2012 | PAGE 1 |

Resource markets are trying to stage a recovery after losing all their price gains won earlier this year. And if data released on Thursday shows Chinese manufacturing in May has picked up, then the rally may even get some strong legs.

Fundamentals and price point to ‘cast iron future’

23 May 2012 | Brendon Lau

PRINT: 24 May 2012 | PAGE 4 | Fundamentals, price point to ‘cast iron future’

Iron ore stocks have taken the brunt of the latest sell-off as the commodity’s price tumbled following the European debt crisis and Chinese slowdown. But experts believe there is too much pessimism priced into shares.

Gold slumps on scepticism of EU meeting

23 May 2012 |

Gold eased on Wednesday extending sharp losses made in the previous session as investors were sceptical that an informal European Union meeting later in the day would yield steps to help solve the region's debt crisis.

Time for some Latin flair, says Carr

23 May 2012 | Katie Walsh

PRINT: 23 May 2012 | PAGE 5 | Time for Latin flair

Australia must build stronger ties with the burgeoning resource-heavy economies of Latin America, but not at the expense of relationships in the Asia-Pacific, Foreign Minister Bob Carr says.

Less zircon, but Iluka upbeat on growth

23 May 2012 | Luke Forrestal

PRINT: 23 May 2012 | PAGE 1 | Less zircon, but Iluka stays upbeat

Mineral sands miner Iluka Resources says it expects to post ‘material’ growth in profits this year despite recent moves to cut production in response to softening demand.

Road to riches: how Doyles Creek was granted

23 May 2012 |

The Doyles Creek mining licence was granted after a two-year research and approval process, with Ian Macdonald and John Maitland involved throughout.

Macdonald to face further public scrutiny

23 May 2012 | Dan Hall

The NSW corruption watchdog will hold a public inquiry over allegations that former mineral resources minister Ian Macdonald corruptly used his position to advantage the private interests of others.

Rio’s $1.5bn bauxite project clears Queensland hurdle

23 May 2012 | Jamie Freed

PRINT: 23 May 2012 | PAGE 8 | Weipa project held up

The Queensland coordinator-general has given the green light to Rio Tinto’s $US1.5 billion South of Embley bauxite development which has been struggling to receive the necessary federal environmental approvals in a timely manner.

Mining entrepreneurs plead not guilty

23 May 2012 | Jonathan Barrett

PRINT: 23 May 2012 | PAGE 4 | Mining chiefs

Western Australian mining entrepreneurs Peter Bartlett and Ron Sayers have pleaded not guilty to defrauding the federal government and will face a jury trial early next year.

Gold extends losses ahead of EU summit

23 May 2012 |

Gold edged lower on Wednesday, extending sharp losses made in the previous session as hopes faded that an informal European Union meeting later in the day would yield steps to help with the region's debt crisis.

CuDeco’s Townsville project approved

23 May 2012 |

Copper miner CuDeco has received development approval for a new ship loading and storage facility in Townsville, with construction to begin in late 2013.

Miners trapped in Chile, South Africa

23 May 2012 |

Two men have been trapped 140 metres underground after a cave-in at a coal mine in central Chile, while at least seven are imprisoned in a collapsed diamond De Beers mine in South Africa.

Smeltdown for aluminium

23 May 2012 | Angela Macdonald-Smith

PRINT: 24 May 2012 | PAGE 1 | Aluminium smeltdown

Almost 30 per cent of Australia’s aluminium capacity could be mothballed by the end of the year, hit by high power prices and cheap Chinese imports, and the prospect of the ­carbon tax.

Customer trouble sees Patriot’s shares plunge

23 May 2012 |

After its shares plunged 50 per cent, US coalminer Patriot has declared it’s seeking a substantial loan deal to defend itself against potential customer trouble.

Macquarie, Merrill lead $1bn Mongolia IPO

23 May 2012 | Angela Macdonald-Smith

Macquarie Group and Merrill Lynch have reportedly snared lead roles in the planned float of Mongolia’s Altain Khuder, one of the country’s largest producers of iron ore.

Cautious on copper as metals steady

23 May 2012 |

Base metals have closed mixed on the LME, boosted later in the session by stronger-than-expected homes sales data from the US, but still trading cautiously ahead of a much-anticipated European Union summit the following day.

Gold falls ahead of European summit

23 May 2012 |

Gold traded near intraday lows with selling accelerating on low volumes as the euro lost further ground ahead of a much-anticipated European summit.

Decision time for BHP

23 May 2012 | Peter Roberts

PRINT: 23 May 2012 | PAGE 3 | SA making up some lost ground

As South Australians await BHP Billiton’s decision later this year on whether to spend $30 billion expanding the Olympic Dam copper, gold and uranium mine it is also awaiting proof of a decades-long experiment in providing timely infrastructure.

Flinders wrapped in Russian enigma

23 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 23 May 2012 | PAGE 18 | Flinders wrapped in Russian enigma

Hedge funds that are experts in Russian takeover law will put their knowledge to the test when the Flinders Mines case is heard tomorrow.

Whitehaven bid a bit low but no talks in sight

23 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 23 May 2012 | PAGE 18 | Whitehaven bid a bit low but no talks in sight

A fortnight after Whitehaven Coal launched a $172 million hostile takeover bid for Coalworks, word is the pair have yet to hold talks about a potential bump to the offer price.

£500 stake costs Rinehart dearly

23 May 2012 | Jonathan Barrett

PRINT: 23 May 2012 | PAGE 2 | £500 stake costs Rinehart dearly

Australia’s richest person, Gina Rinehart, will cede tens of millions of dollars in iron ore royalty income to Perth billionaire Stan Perron after settling an extraordinary dispute days before a Supreme Court trial.

Rio’s great barrier grief

23 May 2012 | Matthew Stevens

PRINT: 23 May 2012 | PAGE 1 | Rio Tinto’s great barrier grief

Stevens | Tony Burke’s decision to send Rio Tinto’s South of Embley bauxite project into stasis in the name of the Great Barrier Reef is a political stunt.

Call for stricter CSG rules in Victoria

22 May 2012 | Mathew Dunckley

Victorian Premier Ted Baillieu is under pressure from within his own party to ramp up obligations on miners when dealing with landholders and to conduct an immediate review of the coal seam gas industry.

Beach Energy (BPT)

22 May 2012 | Angela Macdonald-smith

PRINT: 22 May 2012 | PAGE 35 | Beach Energy

Mid-cap oil and gas play Beach Energy is trading near a seven-month low amid uncertainty about the prospects for a partnership for its shale gas interests in the Cooper Basin.

Queensland to streamline major project regulation

22 May 2012 | Mark Ludlow

PRINT: 22 May 2012 | PAGE 5 | Queensland streamlines regulation

Queensland has declared big mining projects that help kick-start the state’s economy will get the regulatory assistance they need.

Tax Google like Twiggy, says Conroy

22 May 2012 | David Ramli

PRINT: 22 May 2012 | PAGE 1 | Tax Google like Twiggy, says Conroy

Stephen Conroy says tech giants such as Google will be hit by tax laws designed to stop them transferring profits out of Australia, a step he compared with the government’s policy on wealthy mining entrepreneurs.

China looks good for second half, says Xstrata

22 May 2012 | Jamie Freed

PRINT: 23 May 2012 | PAGE 1 | China good for copper: Xstrata

China’s demand for copper should improve in the second half of the year despite “problematic” economic conditions globally, says Xstrata’s Charlie Sartain.

BHP to fire up TEMCO operation

22 May 2012 | Jamie Freed

PRINT: 22 May 2012 | PAGE 1 | BHP to fire up TEMCO operation

BHP Billiton has decided to restart production at its TEMCO manganese alloy plant in Tasmania following a 90-day suspension while it reviewed the ongoing viability of the operation.

Don’t be sure about gold’s future

22 May 2012 | Stephen Wyatt

The gold bubble will burst. It’s just a matter of when and how far the price will fall.

Iron ore deferrals cast doubt on China story

22 May 2012 | Peter Wells

Like a saucepan full of red bean soup, China’s economic outlook continues to simmer away despite much of the attention garnered by Europe.

Whitehaven lifts stake in Ferndale project

22 May 2012 | Dan Hall

Listed coal producer Whitehaven Coal has earned the right to a 25 per cent interest in the Ferndale coal project in the Hunter Valley under a farm-in agreement with takeover target Coalworks.

Miners should engage with Latin America: Ferguson

22 May 2012 |

Resources Minister Martin Ferguson is hoping more Australian mining companies set up operations in Latin America.

Gold flat, investors await euro zone meeting

22 May 2012 |

Gold traded little changed on Tuesday, as investors await a European Union summit that is expected to discuss fresh action to solve the region's debt crisis that has been threatening global growth.

Qld ranks $2bn Gladstone terminal ‘significant’

22 May 2012 | Dan Hall

PRINT: 22 May 2012 | PAGE 16 | Coal facility wins state favour

A consortium of high-powered businessmen have won state significant project status for a new $2 billion-plus coal terminal project at the industrial port of Gladstone.

Xstrata mulls geothermal for Argentina

22 May 2012 | Angela Macdonald-Smith

Xstrata’s copper division has signed a tentative agreement to buy about 50 megawatts of geothermal power from an Earth Heat Resources venture in Argentina.

Vale: iron ore sales brisk despite China

22 May 2012 |

Brazilian miner Vale is selling iron ore about as fast as it can mine it despite a slowdown in the economy of China, its top customer, the company’s head of investor relations said on Monday.

Gold falls back as investor anxiety rises

22 May 2012 |

Gold futures have pulled back, the first loss in three trading sessions, as a lack of a new economic-policy response to Europe's debt woes limited demand for the precious metal as an alternative asset.

Gold eases after failing to breach $US1600/oz

22 May 2012 |

Gold prices slipped on Monday after early buying failed to lift prices past $US1600 an ounce, with investors still cautious about the precious metal,

Resources executives to push Perth hotel rates highest

22 May 2012 | Ainslie Chandler

PRINT: 22 May 2012 | PAGE 2 | Resources executives to push Perth lodging rates highest

Buoyed by mid-week demand from resources executives, Perth is expected to become Australia’s most expensive hotel market by the third quarter of 2012.

Record profit for Campbell Brothers

22 May 2012 | Dan Hall

PRINT: 21 May 2012 | PAGE 25 | Campbell reports record profit, bright outlook

Campbell Brothers managing director Greg Kilmister has rejected suggestions that the mining sector has come off the boil after reporting a record net profit after tax of $222.4 million for the year ended March 31.

Spot iron down 10pc in month

22 May 2012 | Jamie Freed

PRINT: 22 May 2012 | PAGE 3 | Spot iron down 10pc in month

The iron ore market has become increasingly fragile as weakening market sentiment hits Chinese steel producers.

Licence brings $15m windfall

22 May 2012 | Angus Grigg

PRINT: 22 May 2012 | PAGE 2 | Licence brings $15m windfall

A Sydney mortgage broker with connections to ALP power broker Eddie Obeid is sitting on a $15.1 million windfall after securing a lucrative coal exploration licence from the former NSW Labor Government.

PanAust (PAN)

21 May 2012 | Luke Forrestal

PRINT: 21 May 2012 | PAGE 39 | PanAust (PAN)

Copper producer PanAust has lost about a quarter of its value since the start of February as concerns about a slowdown in China and the European crisis weigh on commodity prices.

OM Holdings (OMH)

21 May 2012 |

PRINT: 21 May 2012 | PAGE 39 |

Manganese miner OM Holdings’ share price has started to show a sign of a rebound, rising by more than 30 per cent since the year began due to an early indication of a rise in the price of the metal.

Environmental go-ahead for WA uranium mine

21 May 2012 | Luke Forrestal

PRINT: 22 May 2012 | PAGE 2 | Environmental go-ahead for WA uranium mine

WA’s Environmental Protection Authority on Monday recommended approval of what could become the state’s first uranium mine, the $300 million Wiluna project owned by Toro Energy.

Toro strides ahead on Wiluna uranium

21 May 2012 | LUKE FORRESTA

Toro Energy is in the box seat to develop Western Australia’s first uranium mine after the state Environmental Protection Authority recommended its $300 million Wiluna project for approval.

Gold edges up but Europe concerns remain

21 May 2012 |

Gold inched up on Monday to extend last week's rise, tracking a steady euro after world leaders pledged to combat financial turmoil, although worries about Greece and the euro zone debt crisis continued to feed caution in the financial markets.

Stanmore Coal (SMR)

21 May 2012 | Dan Hall

PRINT: 21 May 2012 | PAGE 39 |

Shares in coal junior Stanmore Coal have been thrashed in recent weeks amid fears that Australia’s mining boom has come off the boil.

Campbell Brothers reach record profit

21 May 2012 | Dan Hall

PRINT: 21 May 2012 | PAGE 1 |

Analytical testing and commercial services company Campbell Brothers has reported a record net profit after tax of $222.4 million for the year ended March 31, following strong growth in mineral exploration activity.

Sims Metal Management (SGM)

21 May 2012 | Brendon Lau

Goldman Sachs has cut its 12-month price target on Sims Metal Management to $14.98 from $16.60 following results from its key peer Schnitzer Steel, but has kept its “buy” rating.

New CFO for Berkeley follows string of exits

21 May 2012 | Shaun Drummond

Troubled uranium explorer Berkeley Resources has replaced its Spain-based CFO of five months and its company secretary with one person based in Australia.

Oil keeps falling, while gold rebounds

21 May 2012 |

Investors have take a shine to precious metals as gold, silver and platinum regained strength on Friday. But oil is sinking to its lowest price in months as markets remain pessimistic.

Meka engineers some magic, just like his dad

21 May 2012 | Dan Hall

PRINT: 21 May 2012 | PAGE 2 | Meka engineers some magic – just like his dad

Ausenco CEO Zimi Meka credits his father’s harrowing escape from communist Europe soon after World War II the inspiration for his entrepreneurial success.

Minemakers to reject UCL bid

21 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 21 May 2012 | PAGE 18 | Minemakers to reject UCL bid

The impasse between the partners in the $400 million-plus Sandpiper phosphate project in Namibia is expected to continue today with Minemakers set to rebuff UCL Resources’ $51 million takeover offer.

World briefs

21 May 2012 |

PRINT: 21 May 2012 | PAGE 16 |

Christian groups in the Philippines have called for a ban on Lady Gaga’s Manila concerts, alleging that her song Judas is an offensive mockery of Jesus Christ.

Employers find slim picking in US

21 May 2012 | Ben Potter

PRINT: 21 May 2012 | PAGE 4 | Slim pickings in US jobs drive

They came from California, Chicago and even Hawaii to fill some of the 650 jobs on offer at the “Skills Australia Needs” jobs fair in Houston. And results were mixed.

WA’s embarrassment of royalty riches

21 May 2012 | Julie-anne Sprague

PRINT: 21 May 2012 | PAGE 3 | WA’s embarrassment of royalty riches

Pressure is mounting on West Australian Nationals leader Brendon Grylls to spend a quarter of the state’s ballooning mining royalties held in a fund which now has at least $1.2 billion more than originally estimated five years ago.

Forrest hones jobs push

21 May 2012 | Jennifer Hewett

PRINT: 21 May 2012 | PAGE 1 | Forrest hones jobs push

Hewett | Warren Mundine calls it wanting things to be ‘’normal’’. A father going to work all day. But it doesn’t exist for most Aboriginal families.

Hope is gone, but China’s still going

21 May 2012 | Stephen Wyatt

PRINT: 21 May 2012 | PAGE 26 | Bubble of hope explodes, but China’s still strong

The “hope premium” that has been priced into resource markets over the past three years is being ruthlessly stripped away right now.

Bullion meets resistance at $US1597 an ounce

19 May 2012 |

Gold rose more than 1 per cent on Friday, on track for its largest two-day gain since October, boosted by investors’ consolidation of positions ahead of the weekend and a stronger euro.

BHP, Rio shareholders advised to stay calm

19 May 2012 | Ayesha de Kretser

PRINT: 19 May 2012 | PAGE 3 | BHP, Rio shareholders advised to stay calm

It’s been a rough ride for shareholders invested in mining stocks this week but there’s no sign yet that anyone should be racing for the exits.

Next big thing may take a while

19 May 2012 | Philip Baker

PRINT: 19 May 2012 | PAGE 3 | Next big thing may take a while

Baker | Over the past 40 years there has been a powerful trend at the beginning of each decade that was viewed as the next big thing.

Mincor suffers slump in market value

19 May 2012 | Luke Forrestal

PRINT: 19 May 2012 | PAGE 3 | Mincor suffers slump in market value

With unhealthy markets, it is not unusual for some small base metals miners to trade at close to their cash backing, just like nickel producer Mincor Resources.

Way clear for Wilton project as millionaires end dispute

19 May 2012 | Dan Hall

PRINT: 19 May 2012 | PAGE 2 | Way clear for project as millionaires end dispute

The Teoh family of telecommunications entrepreneurs has settled a dispute with Paul Williams in a move that will give them a larger stake in Coal of Queensland.

Poland a rare gem for opal dealers

19 May 2012 | Claire Stewart

PRINT: 19 May 2012 | PAGE 2 | Poland a rare gem for opal dealers

Australia may be hallowed ground for Europeans looking to escape unemployment and economic troubles, but for some expats the debt crisis has opened doors.

Abbot Pt coal terminal expansion scrapped

19 May 2012 | Mark Ludlow

PRINT: 19 May 2012 | PAGE 1 | $9bn coal port plan

The Newman government has pulled the plug on the $9 billion privately-funded expansion of Abbot Point coal terminal in North Queensland, a project that would have created one of the largest coal ports in the world.

Round two buoys BMA

19 May 2012 | Matthew Stevens

PRINT: 19 May 2012 | PAGE 2 | Round two buoys BMA

Stevens | BMA management has reason to be quietly content with the result in its second ballot of the unionised half of its Bowen Basin coal-mining workforce.

WA economy roars, but future needs work

19 May 2012 | Jonathan Barrett

PRINT: 19 May 2012 | PAGE 1 | WA roars but future needs work

If Western Australia were a nation, it would be the fastest-growing among all advanced economies in the world. Yet critics say the government has done very little to create a long-term, non-resources revenue base.

Big challenges in uncertain world

19 May 2012 | The Australian Financial Review

PRINT: 19 May 2012 | PAGE 62 | Serious challenges in an uncertain world

Editorial | Evidence of fragility in the world economy and financial market jitters should probably be viewed here in Australia with caution rather than alarm.

Workers to take strike action

18 May 2012 | Pip Freebairn

PRINT: 19 May 2012 | PAGE 2 | Workers at BHP to take action

Mining giant BHP Billiton faces an escalation in industrial action with its workforce at its Queensland coalmines joint venture declaring a seven-day strike from next Thursday.

Land of the rising sum

18 May 2012 | Stephen Wyatt

There may well be a new pillar of support for Australian resources and the Australian economy – Japan, which is seeing growth at last.

Gold gains but 3-week trend still negative

18 May 2012 |

Gold rose on Friday, after posting its largest one-day gain in more than three months in the previous session, but prices were on track to drop for a third straight week on mounting worries over the euro zone debt crisis.

Land of the rising sum

18 May 2012 | Stephen Wyatt

PRINT: 18 May 2012 | PAGE 1 |

There may well be a new pillar of support for Australian resources and the Australian economy – Japan, which is seeing growth at last.

Barnett lauds ‘historic’ WA future fund

18 May 2012 | Natalie Gerritsen

WA Premier Colin Barnett has labelled the state’s new $1 billion future fund “historic” and says it is the first time a state budget has looked to secure benefits for the next generation and beyond.

Gold ticks higher after largest one-day gain in three months

18 May 2012 |

Gold ticked up on Friday, after posting its largest one-day gain in more than three months, but prices were on track to drop for a third straight week on mounting worries over the euro-zone debt crisis.

Gold rallies from rout on technicals

18 May 2012 |

Spot gold rallied more than 2pc on Thursday for its largest one-day gain since January, as technical buy signals and a decline in regional US factory activity more than offset deepening despair over the euro zone.

Copper steady but near four-month lows

18 May 2012 |

Copper steadied after hitting four-month lows the previous session, but sentiment was cautious given worries Spain might be hard hit if Greece leaves the euro and defaults on its debt.

China not the only game in town: banker

18 May 2012 | Greg Earl

PRINT: 18 May 2012 | PAGE 2 | China not the only game: banker

Australian companies are diversifying their connections across emerging world markets to provide some buffer from any slowdown in China, a leading banker says.

Kloppers, Nasser have misjudged resource cycle

18 May 2012 | Phil Henty

PRINT: 18 May 2012 | PAGE 47 | Kloppers, Nasser have misjudged cycle

BHP chairman Jac Nasser and his chief executive Marius Kloppers think Australia is an expensive place to do business ( “BHP salvo on IR, tax”, May 17).

Listings suffer in a capsizing market

18 May 2012 | Tony Featherstone

PRINT: 18 May 2012 | PAGE 3 | Listings suffer in a capsizing market

The latest sharemarket rout is battering the initial public offerings market. More companies have withdrawn their listing applications and some prominent floats have been crunched.

Gold’s down but not out, say analysts

18 May 2012 | Brendon Lau

PRINT: 18 May 2012 | PAGE 3 | Gold’s down but not out, say analysts

Gold dipped briefly into bear territory for the second time in six months on fears of a break-up of the European Union, fuelling debate on whether the precious metal has lost its safe-haven appeal.

Iron ore income to hit $4.26bn

18 May 2012 | Luke Forrestal

PRINT: 18 May 2012 | PAGE 16 | Iron ore income to hit $4.26bn

Increasing production volumes should more than offset a weakening in the iron ore price and drive another jump in mining royalties in Western Australia over the next two years, according to budget forecasts.

Union show of defiance targets BHP

18 May 2012 | Pip Freebairn

PRINT: 18 May 2012 | PAGE 1 | Union show of defiance to hit BHP

Coalminers are preparing to declare a mass, seven-day strike across BHP Billiton’s Queensland coalmines from next week in a show of defiance against the company’s call to reduce the power of unions.

Labor should heed Nasser’s wise words

18 May 2012 | The Australian Financial Review

PRINT: 18 May 2012 | PAGE 2 | Labor should heed

Editorial | BHP Billiton chairman Jac Nasser is to be congratulated for hitting the federal government hard for creating a high-cost business environment with declining competitiveness.

Mirabela will need to show improvement

17 May 2012 | Sarah Thompson and Anthony Macdonald

Mirabela Nickel’s $120 million equity raising may have shored up its short-term funding issues, but investors still want to see operating improvement.

Gold rises as bargainers start buying

17 May 2012 |

Gold rose 0.5 per cent on Thursday as bargain hunters resurfaced after prices tumbled to another four-and-a-half-month low in the previous session and the euro rebounded, but gains could be limited by fears of a deepening debt crisis in Greece.

BHP turns back on joint venture

17 May 2012 |

BHP Billiton is turning its back on a silver, lead and zinc joint venture project in north Queensland amid doubts over its potential.

Coalworks steps up attack on takeover bid

17 May 2012 |

Coalworks has stepped up its calls for shareholders to reject a $142 million takeover offer as well as a separate bid to dump its chairman and chief executive.

Olympic Dam ‘ready to go’: Weatherill

17 May 2012 | Ayesha de Kretser

PRINT: 18 May 2012 | PAGE 1 | Weatherill confident on Olympic Dam

South Australian Premier Jay Weatherill says he has no reason to believe BHP Billiton will not approve spending on the $US30 billion expansion of the Olympic Dam copper, uranium and gold mine by the end of the year.

Gold rises as bargainers start buying

17 May 2012 |

Gold rose 0.5 per cent on Thursday as bargain hunters resurfaced after prices tumbled to another four-and-a-half-month low in the previous session and the euro rebounded.

BHP to blame for IR disputes: Shorten

17 May 2012 | Mathew Dunckley

Updated | BHP Billiton's inability to negotiate with its workers is to blame for never-ending industrial strife at its Queensland coal mines, federal Workplace Relations Minister Bill Shorten says.

BHP Billiton backs away from joint venture

17 May 2012 |

BHP Billiton is turning its back on a silver, lead and zinc joint venture project in north Queensland amid doubts over its potential.

Copper rises after four-day slide

17 May 2012 |

London copper edged higher for the first time in five sessions on Thursday with a firmer euro aiding its bounce from four-month lows in the previous session amid a deepening debt crisis in Europe.

Leighton reviewing disclosure methods

17 May 2012 |

Leighton Holdings has appointed an external consultant to review its disclosure procedures after breaching laws and being fined $300,000 earlier this year.

Paladin backs early return at Malawi mine

17 May 2012 | Elise Shaw

Paladin Energy said discussions with the Local Staff Association (LSA) and government officials in Malawi were continuing in a bid to get striking employees at the Kayelekera uranium mine back to work.

Investors abandon oil and key metals

17 May 2012 |

Oil and a range of metal prices extended their downward slide Wednesday over fears that debt-crippled Greece will exit the euro, wreaking havoc in the euro zone.

Alacer Gold Corp (AQG)

17 May 2012 | Brendon Lau

Morgan Stanley has lowered its price target on Alacer Gold Corporation to $9.80 from $10.40 a share following management’s higher cost guidance but kept its “overweight” recommendation.

Gold futures slump to 10-month low

17 May 2012 |

Gold futures have slumped for the 11th time in 13 trading sessions, ending at a 10-month low as worries about Europe's debt crisis and investor demand for the dollar spurred flight from precious metals.

A hairy situation

17 May 2012 |

PRINT: 17 May 2012 | PAGE 64 | A hairy situation

We’d say that stranger things have happened, but we’re not really sure it would be true. On Tuesday night at the Melbourne Mining Club’s regular seminar with three small Victorian miners, there was a shock attack of the bearded ladies.

Savage beasts soothed

17 May 2012 |

PRINT: 17 May 2012 | PAGE 64 | Savage beasts soothed

More from the oil and gas love-in which wrapped up in Adelaide on Wednesday (and whoever said those petroleum folk were boring).

Rio’s Pacific Aluminium in $6m Brisbane lease deal

17 May 2012 | Matthew Cranston

PRINT: 17 May 2012 | PAGE 2 | Rio’s Pacific Aluminium in $6m deal

Mining giant Rio Tinto’s Pacific Aluminium business has agreed to take 2400 square metres of office space in Brisbane city in a deal valued at about $6.6 million.

Miners hit middle ground

17 May 2012 | Joanna Heath

PRINT: 17 May 2012 | PAGE 4 | Miners hit middle ground

The falling Australian dollar is good news for some locally listed resource companies, but falling commodity prices may negate any positive impact.

Slump sparks supercycle anxiety

17 May 2012 | Luke Forrestal

PRINT: 17 May 2012 | PAGE 4 | Slump sparks supercycle anxiety

The commodities supercycle may have come to an end, some strategists warn, after another day in which resources stocks were smashed, touching their lowest level in more than three years.

Company briefs

17 May 2012 |

PRINT: 17 May 2012 | PAGE 28 |

Grocery wholesaler Metcash is entering into joint ventures with independent retailers to protect and expand the market share of hardware chain Mitre 10.

Next on agenda: sell Onsite

17 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 17 May 2012 | PAGE 24 | Next on agenda: sell Onsite

Resources companies are sneezing, causing mining services companies to catch cold.

Japan confronts a nuclear void

17 May 2012 | Greg Earl

PRINT: 17 May 2012 | PAGE 2 | Japan confronts a nuclear void

A battle over nuclear and renewable energy will determine Japan’s future but has also broader global implications.

Adani boss dumped as mine awaits approval

17 May 2012 | Mark Ludlow

PRINT: 17 May 2012 | PAGE 5 | Adani boss dumped as mine awaits approval

The head of Indian power giant Adani Group’s Australian operations, Jignesh Derasari, has resigned, amid concerns about the progress of the company’s $10 billion coal project in central Queensland.

Toll’s Kruger must tackle ‘bigger’ issue

17 May 2012 | Jenny Wiggins

PRINT: 17 May 2012 | PAGE 2 | Kruger must tackle ‘bigger’ issue

Brian Kruger has been running Toll for less than six months, but already the honeymoon is over.

Kloppers gets message home

17 May 2012 | Ayesha de Kretser

PRINT: 17 May 2012 | PAGE 1 | Kloppers gets message home

Marius Kloppers is a smart man and yesterday’s presentation, however bland it seemed on the surface, conveyed a powerful message.

Jac Nasser nails Labor

17 May 2012 | Jennifer Hewett

PRINT: 17 May 2012 | PAGE 1 | Nasser nails Labor

Hewett | Whack! Plain speaking BHP Billiton chairman Jac Nasser has never been one for equivocation when he sees a problem.

The problem with BHP

17 May 2012 | Tony Boyd

PRINT: 17 May 2012 | PAGE 1 | The problem with BHP Billiton

A speech in Sydney by BHP Billiton chairman Jac Nasser and an earlier presentation by CEO Marius Kloppers in Florida, did nothing for the stock.

Double act but one message

17 May 2012 | Matthew Stevens

PRINT: 17 May 2012 | PAGE 1 | Double act but one message

The double act played out by BHP’s Jac Nasser and Marius Kloppers warns Australia about its minerals and energy future.

BHP fires salvo on industrial relations, tax

16 May 2012 | Andrew White

PRINT: 17 May 2012 | PAGE 1 | BHP salvo on IR, tax

BHP Billiton chairman Jac Nasser has launched a broadside at the Gillard government, calling for a halt to tax changes that have unsettled investors, and for an industrial relations system that balances the needs of ­companies and employees to stem a fall in competitiveness.

China remains great pillar of support

16 May 2012 | Stephen Wyatt

PRINT: 17 May 2012 | PAGE 4 | China remains the one steadfast pillar of support

Commodity markets and resource equities are in strife. But they may well be the great survivors of the Great Recession. And if so, Australia will also be one of the great survivors.

Mining workforce turnover ‘costs $140m’

16 May 2012 |

A high staff turnover is costing Queensland's mining industry hundreds of millions of dollars a year, a report into the sector says, finding almost a quarter of the total workforce in the sector is turned over each year.

Whitehaven Coal (WHC)

16 May 2012 | Qaiser Malik

PRINT: 17 May 2012 | PAGE 37 |

Shares of Whitehaven Coal fell by almost 8 per cent on Wednesday amid fears of a China slowdown and its attempted takeover of small-cap coal miner Coalworks.

CSR won’t rule out a swoop on Alesco

16 May 2012 | Sarah Thompson and Stephen Shore

CSRmanaging director Rob Snidel would not rule out a bid for in-play Alesco, saying there were “all sorts of opportunities” available in the building materials sector.

Iron ore demand to drop: Kloppers

16 May 2012 | Kevin Chinnery

BHP Billiton chief executive Marius Kloppers says that a plateau in the use of steel in China after 2025, and rising availability of scrap steel, will see the iron ore export business slowing. His comments were part of a bearish presentation to the Bank of America Merrill Lynch Global Metals, Mining and Steel conference on Wednesday.

Home appliance sales boosted

16 May 2012 |

China plans to subsidise energy-efficient home appliances to boost sluggish sales of home appliances.

Copper falls to 4-month low on Greece

16 May 2012 | Reuters

London copper fell to a four-month low on Wednesday, extending losses to a fourth consecutive session, as investors continued to shy away from riskier assets with the Greek political malaise threatening to plunge Europe into a deeper financial mess.

Gold hits 4-1/2 month low as $US strengthens

16 May 2012 |

Gold extended losses on Wednesday and slipped to its lowest since December after Greece's failure to form a government prompted investors to cut their exposure to the precious metal, which is now behaving like other risk assets.

London copper slips to 4-mth low on Greece woes

16 May 2012 |

London copper fell to a four-month low on Wednesday, extending losses to a fourth consecutive session after Greece said it would hold a second round of elections.

Iron ore demand to drop: Kloppers

16 May 2012 |

PRINT: 17 May 2012 | PAGE 1 | Iron ore demand to fall: BHP chief

BHP Billiton chief executive Marius Kloppers has warned that commodity prices are set to fall as demand growth slows, forcing the company to scrutinise investment decisions more closely.

Mirabela Nickel (MBN)

16 May 2012 | Joanna Heath

Citigroup has nearly halved its 12-month target price on embattled company Mirabela Nickel, but has kept the company on a “buy/high risk” rating.

GE offers $470m for Industrea

16 May 2012 | Luke Forrestal

PRINT: 16 May 2012 | PAGE 25 | GE makes $470m bid for Industrea

Industrea has been given approval to seek buyers for its contracting business after agreeing to a $470 million takeover from giant US conglomerate General Electric.

Beijing goes back a gear in year of the tortoise

16 May 2012 | Kevin Hamlin

PRINT: 16 May 2012 | PAGE 3 | Beijing goes back a gear in year of the tortoise

China’s slowdown might deepen as policymakers go easy on the stimulus, leaving 2012 growth at its weakest in 13 years.

China fear sinks resource stocks

16 May 2012 | Ayesha de Krester

PRINT: 16 May 2012 | PAGE 5 | China fear sinks resource stocks

Australian resources stocks were sold to their lowest level since October 2009 after commodity prices plunged on fears about slowing Chinese growth and the deepening European crisis.

OZ looks at timeline to sell Sandfire stake

16 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 16 May 2012 | PAGE 18 | OZ looks at timeline for Sandfire stake

Ever since OZ Minerals picked up its 19.9 per cent stake in Sandfire Resources in June 2010, speculation has been rife as to what the endgame would be.

Pushing on a string in deflationary spiral

16 May 2012 | Ambrose Evans-Pritchard

PRINT: 16 May 2012 | PAGE 3 | Pushing on a string in deflationary spiral

All key indicators of China’s money supply are flashing warning signs. The broader measures have slumped to stagnation levels not seen since the late 1990s.

Beware a hard landing in China

16 May 2012 | Philip Baker

PRINT: 16 May 2012 | PAGE 1 | China: glue that may be losing grip

Baker | The only shining light for investors over the past few years has been the resources boom. But lately the news out of China has not been good.

Foreign investment nears pre-GFC levels

16 May 2012 | Andrea Hayward

PRINT: 16 May 2012 | PAGE 4 | Investment on the rise

Approvals for foreign investment in Australia grew by 27 per cent in the last financial year, to be almost in line with levels before the global financial crisis levels.

Chinese paper heads to Africa

16 May 2012 | David Smith

PRINT: 16 May 2012 | PAGE 3 | Beijing paper beats the investment drum in Africa

China’s biggest English-language newspaper is to publish a weekly African edition with bureaux in at least two countries.

Eyes on Tiger after slump

15 May 2012 |

Tiger Resources appears undervalued. There are a number of potential positive share price catalysts including successful exploration activity, production increases, corporate activity and a rebound in commodity prices.

Carbon Energy (CNX)

15 May 2012 | Qaiser Malik

PRINT: 15 May 2012 | PAGE 39 |

The share price of Carbon Energy jumped by more than 20 per cent on Monday after it announced signing an agreement with Shanxi Sanyuan Coal, which is China’s second-largest coal company.