Hunt announces Shenhua mine review on radio

Environment Minister Greg Hunt reopened – midway through a radio interview – the approval of a Chinese-owned coal mine near prime farming land in NSW, after a torrent of complaints led by a cabinet colleague, Agriculture Minister Barnaby Joyce, and radio broadcaster Alan Jones, according to the Australian Financial Review.

Hunt stuck to his position that the Shenhua mine at Mount Watermark near the Namoi catchment would not harm water supplies, but offered to ask scientists to re-examine its likely effect on the water table.

The new external review of the company's water strategy, which isn't legally necessary, opens the possibility that the government will reverse what seemed like a final approval granted last week, a switch that could harm trade relations with China and would cost the owner the $600 million it has already spent on the project.

Commodity price woes weigh on Australian miners

Challenging market conditions continue to batter miners exposed to mineral sands, nickel and uranium, as quarterly reports reveal the extent of the sustained downturn on Australian producers, according to the Australian Financial Review.

Mineral sands prices are languishing well below their 2012 peaks, with prices for rutile sitting at about $US800 ($1085) a tonne, compared to a high of $US2050 a tonne, Deustche Bank said.

Gold loses safe-haven allure as price nears 2009 level

Gold has failed as a safe-haven commodity despite a plethora of global economic woes, Barclays says, as the precious metal slides towards a six-year low, according to the Sydney Morning Herald.

Unfortunately for bullion fans, things aren't likely to improve any time soon, Barclays says.

Gold, traditionally a commodity that investors flock to in troubled times, has “failed to garner safe-haven interest” despite the recent unrest in Greece and China, Barclays said in a research note.