The newly forged iron ore-to-copper empire Glencore Xstrata was forced to slash the value of its assets by $8.5bn (£5.4bn) in the first set of results since the merger that created it.
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Saturday 03 July 2010
The message is clear: Australian politicians tangle with the mighty national mining industry at their peril.
Thursday 01 July 2010
Talks between the Australian government and leading mining executives failed to break the deadlock over the proposed 40 per cent profits tax on the resources industry, both sides confirmed yesterday, with more negotiations now scheduled for the end of the week.
Friday 25 June 2010
The mining industry could barely contain its collective glee yesterday as Australia's new Prime Minister, Julia Gillard, offered fresh talks on the country's proposed resources super tax, which the miners have spent millions of dollars campaigning against over the past two months.
Tuesday 22 June 2010
Rio Tinto and BHP Billiton yesterday agreed to pay Western Australia increased royalties if the companies' huge iron ore joint venture in the state is given the green light.
Tuesday 25 May 2010
BHP Billiton is looking worldwide for acquisition opportunities to take advantage of the current market weakness, the global miner's petroleum president, Michael Yeager, said yesterday.
Sunday 23 May 2010
Friday 21 May 2010
Rio Tinto, the mining group that analysts expect to be hardest hit by the proposed 40 per cent tax on resources groups' profits in Australia, said yesterday that it is not against a profits-based levy.
Thursday 13 May 2010
Rio Tinto's chief executive, Tom Albanese, broke his silence on Australia's proposed 40 per cent on profits in the mining industry yesterday, threatening to withdraw investment from the country.
Wednesday 05 May 2010
Outlook How British politicians must envy Kevin Rudd, the Prime Minister of Australia. Every time they even hint at the possibility of higher levies on the City, the engine room of the UK economy, the banks and the hedge funds insist they'll decamp to Switzerland faster than you can say windfall tax. Mr Rudd, by contrast, knows the mining industry that he is about to hit with a 40 per cent supertax on profits can make no such threats. It must base itself where the world's minerals are to be found. For the likes of Rio Tinto and BHP Billiton, getting out of Western Australia would be unthinkable.
Thursday 22 April 2010
BHP Billiton became the latest mining company to be embroiled in a corruption scandal yesterday when it admitted it has been under investigation by the US Securities and Exchange Commission (SEC) since August last year.
Wednesday 21 April 2010
The Russian oligarch Oleg Deripaska is donating two-thirds of a $62m (£40m) bonus for the successful flotation of aluminium giant Rusal to charity. Mr Deripaska is required to hold on to the stock options for two years, but they will then be spent helping to set up service companies and industrial ventures in areas where Rusal operates. The payout drew particular attention when it was made public last week because Rusal's shares are still trading at less than the opening price at the initial public offering in Hong Kong in January, despite a 10 per cent increase in the Hang Seng index. Mr Deripaska's bonus comes on top of a $10m basic salary that dwarfs that of rivals such as Marius Kloppers at BHP Billiton. But he defended his pay packet. "Spending time in London or New York is very different to flying into Nigeria to free staff or to oversee a construction in minus 41 degrees in Siberia," he said. "It's certainly nicer to sit at home by 7pm wearing carpet slippers."
Thursday 15 April 2010
Wednesday 31 March 2010
Friday 05 March 2010
Iron ore producers have offered Chinese steel mills a 50 per cent hike in the price of the commodity during annual negotiations, reports in the state-owned Chinese media suggested yesterday.
Wednesday 03 March 2010
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Durham Free School: 'Creationism taught at' free school facing closure
Ukip would cut billions from Scottish budget to fund English tax cuts
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
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