The ongoing strike by BHP Billiton (ASX: BHP) miners is expected to reach a peak on Thursday with about 4,000 employees from six mines expected to walk off their jobs following a deadlock in enterprise bargaining discussion.
Australia's mining sector continues to gallop, while the rest of the economy trails behind.
Australian miner Dart Energy said on Friday that it would no longer drill a coal seam gas (CSG) well in St Peters, Sydney, The firm confirmed its statement in a filing with the Australian Securities Exchange.
Although two of the richest persons in Australia often agree to oppose certain government policies such as the mining tax and the carbon tax, Andrew Forrest and Gina Rinehart are on the opposite sides when it comes to employment of foreign workers.
Rio Tinto and Chinalco's listed subsidiary, Chalco, have completed the formation of their joint venture (JV) to develop and operate the Simandou iron ore project in Guinea, following the completion of all Chinese regulatory approvals. As a result, a consortium led by Chalco has made an earn-in payment of US$1.35 billion, in line with an agreement reached with Rio Tinto in March 2010.
Miner Rio Tinto (ASX: RIO) is the official medals provider of the London 2012 Olympic and Paralympic Games. The firm announced on Tuesday that the 4,700 medals it will supply the games would be crafted from metals sourced from Rio's Kennecott Utah Copper Mines and Oyu Tolgoi Mine.
Finance Minister Penny Wong said on Friday that the Wednesday announcement by BHP Mitsubishi Alliance (BMA) that it would close its Norwich Park coking coal mine in Queensland is not an indicator of the state of the mining industry in Australia.
The two large Australian mining firms, BHP Billiton (ASX: BHP) and Rio Tinto (ASX: Rio) are expected to report next week 4 per cent lower of total estimated iron ore output for the March quarter.
Oscar Valdes, cabinet chief to Peruvian President Ollanta Humala, said on Tuesday that it would take about three more days before the nine trapped miners could be rescued.
Qatar became the third-largest stockholder of mining firm Xstrata after it bought 5 percent of the company's shares at $A2.65 billion. The purchase was made by the country's sovereign wealth fund.
The Construction, Forestry, Mining and Engineering Union (CFMEU) foresees the prolonged labour dispute at the BHP Billiton Mitsubishi Alliance (BMA) at the Bowen Basin coal mines may last longer, possibly until the end of April.
Through its takeover of Anvil Mining, Minmetal Resources of China said on Friday that it would use its recently acquired assets to acquire mines in southern Africa.
Thailand is wooing struggling automotive companies in Australia to move their operations to the former. Visiting Thai Deputy Secretary General Duangjai Asawacintachit, who heads the Board of Investment, said Thailand's solid economic growth and free trade links to other Asian nations offered wide opportunities for Aussie firms.
Following BHP Billiton's earlier move to divest all from its diamond business, Rio Tinto is also undertaking a review of its diamond operations leading to a possible divestment of its assets in Australia, Canada and India, which seemed no longer fit to its business strategy.
The Cancer Society is against the planned increase of New Zealand export of tobacco products to Australia. While the hiked production of cigarettes would lead to the creation of 50 new jobs in the next 24 months, it would also cause the loss of 20,000 lives yearly in Australia, Cancer Society Health Promotion Manager Jan Pearson said.
A firm and steady opening has set in the Australian stock market today and analysts are closely watching if it would break the barrier resistance of 4320, an indicator that a change in sentiment towards the positive amidst concerns of the economy's correlation to China's economic slowdown may take place.
Passenger car sales in the European Union plummeted almost 10 percent in February -- their biggest drop since 2010 -- as consumers tread warily through uncertain economic times.
Fortescue Metals Group (ASX: FMG) is planning to issue the largest junk bond issue in Australia. The firm aims to raise $1 billion through the bond issue that will be made up of two tranches.
While opening some business opportunities in India, mining giant Rio Tinto (ASX: RIO) is also closing some doors. The company announced on Wednesday that it would shutter its Lynemouth aluminium smelter in Northumberland in England by the end of March.
Rio Tinto (ASX: RIO) will make the largest investment by an Australian company in India through a $2 billion investment at the Orissa iron ore project in India. The project will supply iron ore to India and overseas with the steel making material.
Of the 2,600 mining deals made globally in 2011 valued at $149 billion, Australian miners accounted for 22 per cent of market value making them the most acquisitive last year, a report by PricewaterhouseCoopers (PwC) released on Monday said.
Stocks rebounded from the biggest decline in two weeks, rising after a strong reading on weekly U.S. jobless claims. The Dow Jones Industrial Average climbed 32 points, or 0.3%, to 13032, in Thursday afternoon trading.
Engineering firm WolreyParsons complained Thursday on the slow payment by large Australian mining and energy firms despite the resources boom in the country. WorleyParsons Chief Executive John Grill said the situation is squeezing its margin and delaying projects.
Significant increases across the clothing and footwear and transport equipment sub-sectors together with a lift in new orders were leading contributors to another month of expansion in the manufacturing sector, according to the latest Australian Industry Group - PwC Australian Performance of Manufacturing Index (Australian PMI®).
The U.S. Navy has ordered two more join high speed vessels (JHSV) or catamaran worth $321.7 million from Australian shipbuilder Austal. With the two new orders, the total catamaran orders awarded to Austal has reached $1.45 billion.
For car maker Holden to maintain its two-model manufacturing facility in Adelaide, the firm needs $250 million assistance from the government, Holden Chairman and Chief Executive Mike Devereux said on Sunday.
The risk of the closure of Caltex Australia's Sydney and Brisbane refineries became higher after the oil giant announced on Monday $852 million loss for 2011. Caltex is currently reviewing its operations which could result in the axing of 800 refinery jobs.
Santos, a coal seam gas (CSG) mining company in Australia, admitted committing environmental errors in its Pilliga East State Forest operations. In a report to the New South Wales government which contained a review of its drilling operation, Santos said there were many instances of pollution, including leaks and spills, that were reported.
The Minerals Council of Australia is supporting the minerals resource rent tax. Mitch Hooke, chief of the council, told a Senate hearing in Canberra on Tuesday that the proposed 30 per cent tax on profits of large coal and iron producers is workable.
Alcoa clarified on Tuesday media reports that it has offered Point Henry smelter workers job offers in Saudi Arabia to work in a joint venture project.
