News Wrap

IN THIS morning’s News Wrap: Mining investment downturn only half finished, says NAB; Palmer ‘taking steps’ to reopen refinery; and Turquoise Hill rises on bet Rio Tinto may boost stake.

Lou Caruana

Mining investment downturn only half finished, says NAB

Australia's mining investment downturn is only about halfway complete, with more pain to come in terms of job losses and the drag on growth, according to the Australian Financial Review.

So says National Australia Bank's economics team in a new paper that seeks to pinpoint how far we've come since the peak of the resources-related capital expenditure boom in 2012.

Palmer ‘taking steps’ to reopen refinery

Clive Palmer is pressing on with plans to reopen his troubled Townsville nickel refinery and says he's on the look-out for workers, according to the Sydney Morning Herald.

Queensland Nickel Sales is seeking expressions of interest for future job vacancies, with Palmer announcing he is “taking steps” to reopen the Yabulu operation.

Turquoise Hill rises on bet Rio Tinto may boost stake

Turquoise Hill Resources soared after the Sunday Times reported that its controlling shareholder Rio Tinto is preparing for a commodity price recovery by increasing its stake in the company, according to the Australian Financial Review.

Shares in the Vancouver-based company, whose Oyu Tolgoi copper and gold mine in Mongolia is more than doubling output, rose as much as 19% on Monday, the biggest intraday gain since October 2011. The stock was up 12% to $C4.15 at 2.30pm in Toronto on Monday.

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