News Wrap

IN THIS morning’s News Wrap: NSW govt sells Vales Point power station for $1M; Rebalance away from resources picking up speed; and Mineral Resources boss predicts weak iron ore prices for two years.

Lou Caruana

NSW govt sells Vales Point power station for $1M

Two investors have just bought one of NSW largest coal-fired power stations for the price of a nice suburban house, according to the Australian Financial Review.

Brisbane-based energy consultant Trevor St Baker and coal baron Brain Flannery paid the princely sum of $A1 million to the NSW government for the Vales Point power station.

Rebalance away from resources picking up speed

The rebalancing of the economy is finally under way, with a revival in demand for blue-collar workers taking up the slack from the resources downturn, according to the Sydney Morning Herald.

At least that's the view of one of the country's largest labour hire groups, Programmed Maintenance Services, which recently paid $320 million for Skilled Group, as it bulked up its labour hire offering.

Mineral Resources boss predicts weak iron ore prices for two years

Mineral Resources managing director Chris Ellison says there is no doubt weak iron ore prices of around $US50 a tonne will be sustained for the next two years, according to the Australian Financial Review.

Ellison, the mining services company's founder and a member of the BRW Rich List, told the company's annual meeting in Perth the past 12 months had been “fairly difficult” and were likely to remain challenging because of weak commodity prices.

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