BHP’s Gregory Crinum mine auction on thin ice

BHP Billiton Mitsubishi Alliance’s Gregory Crinum mine in Queensland may be added to the growing list of Australian coal assets left on the shelf, according to sources quoted in the Australian Financial Review.

The miner closed the Gregory open pit at the operation last year after a steep fall in coking coal prices left it unprofitable, but the Crinum underground has remained open and profitable. UBS was hired in February to run an auction for the asset, which BHP hoped would garner a price tag of about $800 million.

A formal decision to terminate the sale process has not been made. But the flailing coking coal price, lack of buyers and plethora of coal assets up for grabs has made it increasingly likely the auction will be put on ice.

Rio to pay no mining tax for June quarter

Labor’s already slashed mining tax forecasts are under more pressure, with the nation's biggest and most profitable iron ore miner paying no tax in the first quarter of the new financial year, despite healthy prices and a lower dollar, according to The Australian.

It is understood Rio Tinto, which paid no mining tax in the first half of 2012-13, has decided it is not liable to pay any tax for the June quarter due earlier this week.

Clive Palmer seeks $80M nickel cash

Prime ministerial aspirant Clive Palmer is confidentially seeking about $80 million as a cash advance from one of the world's largest resources companies, amid mounting financial losses and the exit of key staff at his Queensland Nickel refinery, according to claims by senior sources quoted in The Australian.

Palmer, who says he is a multi-billionaire, has allegedly been asking international trader Glencore Xstrata to pay three months in advance for the nickel product it purchases, to provide cash flow to the refinery near Townsville, the sources claimed yesterday.