Miners out to show they aid economy

The mining industry is pushing back against claims it hasn’t contributed its fair share to Australia’s economy and the federal budget by releasing fresh research showing it still accounts for more than one in every four dollars of gross domestic product, according to the Australian Financial Review.

Minerals Council of Australia chairman Andrew Michelmore will unveil the findings in a speech early today to the Minerals Week conference in Canberra, arguing that mining will continue to underpin the economy, jobs and revenue for public services.

Speaking on the same day government figures are expected to show further evidence the resources boom has peaked, Michelmore will emphasise that minerals exports helped Australia weather the worst of the global financial crisis.

Russia's mega gas deal with China bad news for Australia

Any chance for Queensland's major gas export projects to further expand may have been derailed by the latest mega deal for Russia to sell gas to China, the largest market in Asia, according to the Sydney Morning Herald.

Several export gas projects are being built in Queensland with initial shipments expected by year end.

However, while the projects have scope to be expanded further, last week's deal by Russia to pipe gas to China may undermine those plans.

WA government to intervene in Port Hedland dispute

The West Australian government is preparing a legal case to stop Port Hedland tugboat deckhands from striking, according to the Australian Financial Review.

The intervention will be made in response to a potential Maritime Union of Australia-led strike that the resources industry expects will cost $100 million a day in lost iron ore exports.

Attorney-General and Commerce Minister Michael Mischin said the threat of a strike was a concern, even though the MUA agreed last week to suspend industrial action for 30 days.

“The state is preparing a case for intervention in the event that it is necessary; hopefully, that won’t be,” he said.