Mitsubishi eyes more Australian coalmines
Mitsubishi Corporation may seek to invest in more metallurgical coal mine developments in Australia once its existing investments have boosted productivity, according to the Australian Financial Review.
Speaking at the opening of the Daunia open-cut coking coal mine in Queensland yesterday, Mitsubishi Corporation divisional chief operating officer of mineral resources investment Kanji Nishiura said the global company would review opportunities after work to enhance profitability across its joint venture with BHP Billiton had occurred.
“We are always open about it but at the moment we wish to make our asset stronger and more competitive. When we overcome the present situation, we are pleased to study further investment,” he said.
Nishiura said local market cost pressures had eased.
Newman vows to keep Queensland mining royalties
Queensland Premier Campbell Newman has vowed not to alter the state’s mining royalty regime amid calls from global resources companies to cut red tape and reduce regulatory burdens, according to the Australian Financial Review.
Premier Newman said the decision to introduce the state royalty was difficult, and the state government was reviewing a number of ways to help resources companies develop and expand operations.
“The changes we made to the royalty regime were made after a lot of soul searching and with a heavy heart. We didn’t like to do it. There won’t be any further changes and we are certainly trying to give companies some offsets,” Premier Newman said yesterday.
Rio Tinto on track to hit 360Mtpa by 2016, says Deutsche
Deutsche Bank analyst Paul Young says Rio Tinto is moving full steam ahead with the expansion of its Pilbara iron ore operations and could be producing 360 million tonnes a year by early 2016, according to the Australian Financial Review.
Speculation has arisen in recent months that Rio could take a staged approach to approving the $5 billion in investment required to reach 360Mt, allowing more capital to be set aside for shareholder returns.
But Young, who is visiting the Pilbara operations with other analysts this week, said he saw no sign that the company was about to take that option.
