BHP

It is now clear that the mining industry has really launched a campaign against a resources rent tax and it started long before the Government released the Henry Report. Macquarie and Merrill Lynch lately came up with their reports estimating the effect of the mooted 40 percent tax over the mining giant BHP Billiton (BHP). The report also shows a reduction in earnings for the miner by as much as 7.5 percent and 16 percent correspondingly.

One of the leading mining companies of the world BHP Billiton (BHP) is planning to invest $US267 million in an attempt to speed up the development of its Queensland coking coal mine along with a terminal expansion. According to BHP, the fund will be used for procurement of long-lead-time items, feasibility study and preliminary project activities for the Caval Ridge mine and the Hay Point Coal Terminal Stage three extension. BHP Billiton Mitsubishi Alliance jointly owns the projects.

Marius Kloppers, the chief executive of one of the largest mining companies of the world BHP Billiton (BHP) today have mentioned that the market condition have improved in the last month with demand from the steel sector of China- the world’s fastest growing economy has been pretty much strong.

Akio Mimura, the chairman of Nippon Steel have expressed his concerns regarding the future market condition which might see significant developments due to an iron ore merger deal which is expected to be signed among Rio Tinto (RIO) and BHP Billiton (BHP), two internationally renowned mining giants. Mr.

The two iron ore export giants- BHP Billiton (BHP) and Rio Tinto (RIO) has finally dropped their plan of jointly marketing up to 15 percent of iron ores from the Pilbara operation.

Australia based mining giant BHP Billition (BHP) has demanded a 20 percent reduction on which it is currently paying for supplies and labours something that has become a major headache for the North Queensland businesses. BHP’s announcement was send to the suppliers of Cairns and Townsville in the form of a letter signed by general manager Robert Fulker which carried the clear message that the suppliers might see a decline in profits and wages.

The Australia based iron ore, copper, nickel and manganese ore producer BHP Billiton (BHP) has dropped its Perseverance Deeps underground nickel mine plans in Western Australia. BHP has also stopped working on plans which were suppose to add 20 years to the life of Cannington silver, zinc and lead mine which is located near the Mt. Isa.

The iron ore price in the spot market have seen a rise of 10 percent despite the crisis regarding the China crackdown over Rio Tinto (RIO) executives is still making the headlines in the corporate world. The crisis started on July 5th when the Chinese authority arrested Stern Hu, a high official of Rio Tinto who was operating as the chief negotiator for iron ore here in China as the country claims he was involved in corruption, bribery and spying.

Two corporate giants in the mining industry, BHP Billiton (BHP) and Rio Tinto (RIO) are reported to moving ahead with the massive plan to merge their iron ore operation in Western Australia.