Australian mining tax update
Australia, miners strike tax compromise The “super profits tax” has been discarded in favour of a resources rent tax that has been endorsed by key global miners including London-listed BHP Billiton, Rio Tinto and Xstrata. See http://www.mineweb.com/mineweb/view/mineweb/en/page72068?oid=107295&sn=Detail. Mining industry roars back to life Share prices soared and hundreds of millions of dollars worth of stalled [...]
Xstrata and partners in the Philippines
Indophil seeks new buyer for Tampakan copper-gold project INDOPHIL Resources is seeking a buyer for its stake in the Tampakan copper-gold project in the Philippines after China’s Zijin Mining Group abandoned a takeover bid for the company. There has been speculation that Swiss-based, London-listed miner Xstrata, which owns the remaining 62.5 per cent stake in [...]
Philippine province bans open-pit mining – affects Xstrata
The governor of the Philippine province of South Cotabato – where large-scale mining was formerly given high priority – has introduced legislation to ban it, thus joining provinces in Marinduque, Mindoro and Palawan. The government’s mining bureau is arguing that national law supersedes provincial law, although this is an issue that the courts may well [...]
Nickel: A breakthrough in China, another blow for many others
A potentially highly significant “development” has just been announced in China. At first sight, it relates only to changes in methods of refining nickel, primarily in the manufacture of stainless steel. But, if verified, the process has profound (and negative) implications, both for the health of Chinese people, and for that of communities in Indonesia [...]
Xstrata burning coal to mine copper and gold
SAGITTARIUS Mines Inc. is allotting up to $1 billion in putting up its dedicated 400-megawatt power plant for the Tampakan copper and gold mining site in South Cotabato in the Philippines. Peter Forrestal, president of Sagittarius Mines and executive general manager for project development of Xstrata Copper in the Asia-Pacific region, said their target is [...]
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