Oil slump costs BHP, asset values slashed
MINING giant BHP Billiton will write down the value of its US shale assets by $10.3 billion amid collapsing oil and gas prices and a gloomy short term outlook.
Mining
Big iron ore players to slash dividends
AUSTRALIA’S biggest iron ore miners are expected to slash dividends as the price of the steelmaking commodity dropped to $US40 a tonne overnight.
BC Iron shuts Pilbara mine, jobs lost
JUNIOR iron ore miner BC Iron will shut its key Pilbara mine due to falling iron ore prices, putting hundreds of jobs at risk.
Chevron cuts Perth staff as oil price bites
OIL and gas giant Chevron is cutting staff in Perth as part of a global workforce cull to combat low oil prices.
Clive Palmer ‘could go belly up today’
CLIVE Palmer’s nickel refinery could go belly-up today after he lost a court bid to force his former Chinese business partner to hand over $66 million.
Sinking iron ore price’s affects us all
THINK you are safe from the slumping iron ore price? Think again. The impacts are hitting more than just frustrated investors.
Wallabies star’s other epic battle
WALLABIES backrower David Pocock is preparing for battle in the Rugby World Cup final. But he’s got another fight on his hands.
Missing out on $10 billion cash cow
THIS controversial industry could add $9.5 billion and 20,000 jobs to our economy. Instead, we’re getting beaten by Kazakhstan.
Massive coal mine gets green light
THE Federal Government has approved a controversial coal mine and rail project in Queensland but green groups say it’s “a dangerous pipedream”.
Rinehart scores royalties win against Rio
UPDATE: BILLIONAIRE Gina Rinehart has had a multi-million dollar High Court win against mining giant Rio Tinto.
‘A slap in the face for South Australia’
A RADIO campaign by a lobbyist group has been slammed for its insensitive timing after it was announced that South Australia’s only coal mine will close next month.
Glencore to shed jobs in Australia
MINING giant Glencore plans to shed up to 535 jobs at its Australian operations after announcing it will cut its global zinc production by a third.
Glencore to make tough decisions
MINING giant Glencore says Australian coal mines will be shut down if the long downturn in commodity prices makes them unprofitable.
Company could trigger GFC 2.0
GLENCORE, the company which sparked Tuesday’s $60 billion rout on the ASX, could be the trigger for the next GFC.
Penis-measurer in diamond scam
AN AUSTRALIAN energy executive accused of drunkenly challenging a colleague to a penis-measuring contest has been charged in a $26 million “blood diamond” scam.
‘Another one will be game over’
IN THE waters off our coast, a gold mine is waiting to be plundered. The potential for profit, and disaster, is scarily high.
BHP defends dividend after profit fall
MINING giant BHP Billiton has defended its increased dividends and cut spending after annual profit halved to $US6.4 billion.
The town where mining is not welcome
THERE are some towns where the mining industry has been warmly welcomed. But tonight’s episode of Insight on SBS will reveal the towns where the opposition is fierce.
The making of a ghost town
THE mining downturn is devastating Australian towns, with entire populations are disappearing and leaving virtual ghost towns behind.
Palmer company loses port court battle
CLIVE Palmer’s Mineralogy has lost its long-running court battle with its estranged Chinese joint venture partner over the Cape Preston port in WA.
Coal mining giant’s bitter fight
AUSTRALIA’s biggest mining company, BHP Billiton, is in a perilous fight with angry locals over one of its most prominent projects.
$16.5 billion coal mine shot down
ENVIRONMENTALISTS have won a court case putting another roadblock in front of the controversial Carmichael coal mine in Queensland’s Galilee Basin.
Miners team up to promote WA’s gold heart
WEST Australia’s gold miners have joined forces to ‘champion’ the industry on day two of the Diggers & Dealers conference in Kalgoorlie.
Gina to ‘give half her fortune away’
WELL, no one saw this coming. A bitter legal dispute between the mining billionaire and her children may end in a massive payday for complete strangers.
Pilbara miner seeks return to trade
TROUBLED Pilbara miner Atlas Iron will resume trading shares from Monday.
Bad weather hits Rio Tinto production
BAD weather has achieved what rival miners and senior politicians have failed to do — rein in Rio Tinto’s iron ore production.
‘Secret’ heiress’s $25 million victory
SHE was the forgotten daughter of a mining magnate. Now she’s claimed a slice of the family fortune, and broken her silence.
‘F***ing useless’: Giant mine no one can stop
IT’S a $1 billion project that will swallow up 4000 football fields’ worth of prime agricultural land. And despite angry protests, no one appears to be able to stop it.
‘She made the dream come true’
HER kids slammed it as a “PR exercise”, but a rare, interview with Australia’s richest citizen, Gina Rinehart, posed an interesting question: Should we take more pride in her achievements?
Pilbara iron exports up, price drops again
IRON ore exports from Port Hedland, the world’s largest iron ore port, hit a record high in June as prices continue to fall.
The other side of Australia’s iron lady
SHE’S Australia’s richest woman – and one of its most private. Now a new documentary is set to show a different side to Gina Rinehart – and it features a most surprising Aussie singing her praises.
Shocking trend in this tiny US town
WHEN midwife Donna Young noticed a shocking trend of babies being born with fatal defects in her small town, it kicked off a Erin Brockovich-style crusade against powerful vested interests.
Gina wants workers to take pay cut
AUSTRALIA’S richest woman, Gina Rinehart, wants employees at one of her mines to accept pay cuts.
BHP cuts 140 jobs in Adelaide
BHP Billiton is cutting about 140 jobs in South Australia, mostly from its Adelaide support operations.
Slimmer Atlas ready for iron storm
ATLAS Iron boss David Flanagan is ready to battle the “blizzard” with plans to raise $180 million.
FIFO crisis: ‘mine rosters must change’
MINING companies are under pressure to change fly-in, fly-out rosters following warnings in a parliamentary report into mental health issues. Have your say
Atlas founder Flanagan rolls up sleeves
ATLAS Iron founder David Flanagan is preparing to steer his troubled company through uncharted waters with the support of loyal contractors.
‘I have two children to feed’
HE once blew $5000 of union money on prostitutes, now ‘desperate’ former Labor MP Craig Thomson has taken a surprise new job to make a buck.
Huge slump in construction work
THE amount of construction work completed in Australia had its largest fall in almost 14 years, dragged down by a record slump in the mining sector.
‘BHP, Rio lobbying’ killed inquiry
ANDREW Forrest says Australians are being left in the dark following the rejection of his parliamentary inquiry into the iron ore price. | Iron ore inquiry backdown
Worker killed at WA gold mine
A CONTRACTOR working at gold miner Newcrest’s underground mine at Telfer in WA’s north has been killed in an accident on Friday.
Fortescue job cuts ‘heartbreaking’: Twiggy
FORTESCUE Metals Group is cutting up to 100 jobs a day, founder Andrew “Twiggy” Forrest has confirmed.
Iron ore price fall not our fault: Rio
RIO Tinto has defended its massive iron ore expansion against accusations it is responsible for the commodity’s price falls, and is confident in China’s demand for the next decade.
No near-term deals for BHP spin-off
BHP Billiton’s spin-off South32 is keeping its eye out for opportunistic mergers and acquisitions but is in no rush to seal any deals, chief executive Graham Kerr says.
Miner’s ‘heartless’ worker treatment slammed
THE Australian Workers’ Union says Fortescue Metals Group treated its long-term workers ‘appallingly’ in the wake of about 200 redundancies.
Gina Rinehart opens up on ‘new kids’
AUSTRALIA’S richest person, Gina Rinehart, is famously estranged from at least two of her own children — but she has news for them: there are some new kids on the block.
Gold miner fined after steel mesh incident
AGNEW Gold Mining Company has been fined $75,000 for failing to provide a safe working environment after an incident that seriously injured three workers at a WA mine.
My mum ‘the fatty’: son’s brutal emails
THE dirty laundry just keeps piling up. Bitter court brawl between Gina Rinehart and her children now reveals nasty nicknames they had for her behind her back.
Kintyre uranium mine gets federal stamp
CANADIAN uranium producer Cameco has secured federal environmental approval for its Kintyre project in remote WA.
BHP breaks ranks on iron ore
IT was only two sentences in a quarterly report but a significant split has occurred between Australia’s iron ore giants — BHP has signalled it is slowing its expansion.
Macmahon to axe another 40 jobs
LOSS-making mining services contractor Macmahon will cut another 40 staff and alter its corporate rosters to cut costs.
BHP slows iron ore growth
BHP Billiton has shrugged off price worries to lift iron ore production guidance for this year by two per cent to 250 million tonnes but has delayed growth beyond that.
Atlas Iron seeks suspension extension
ATLAS Iron has asked for an extension to its share trading suspension as it continues carrying out a review and talking with creditors and contractors.
Miner losing $9 for every iron ore tonne
LOSS making iron ore miner Arrium’s cost cuts are failing to keep pace with plunging prices, putting its hopes of a brighter end to the year in doubt.
Mining wages may soon be under pressure
IRON ore giant Fortescue Metals’ roster restructure is likely to be replicated across the industry as weak prices force deep cost cutting.
The hell that’s right here on Earth
LYING hidden in a little-known corner of China is a town that will horrify you, yet it’s responsible for many of the luxuries we take for granted today.
Rio Tinto will ‘thrive’ despite falling prices
RIO Tinto chairman Jan du Plessis says falling prices are hurting rival producers but increased market volatility will actually help the mining giant thrive.
BC Iron should close WA mines
JUNIOR miner BC Iron should prepare to stop production in WA to help save cash if iron ore prices tumble further, analysts say. FORTESCUE ROSTER REJIG
Fortescue rejigs rosters as prices fall
FORTESCUE Metals Group has restructured rosters for mine workers in Western Australia’s Pilbara in its latest move to cope with plunging iron ore prices.
Ore slump eats into GST carve-up
NSW is expected to get a smaller than expected slice of the $57 billion GST pie because of the global collapse of the iron-ore price.
Atlas looks to sell assets as price falls
WA’S Atlas Iron is looking to sell assets as it launches an extensive review of its Pilbara operations and finances following steep falls in the iron ore price.
We’re about to lose a billion bucks
AUSTRALIA’S economy could be in for another massive blow, with the news that we’re about to lose billions of dollars. Here’s why everyone is worried.
The Aussie towns destroyed by China’s economic slowdown
THESE Aussie towns were booming. But now, they’re plagued by closed businesses, plummeting property prices and fleeing residents.
Fortescue slashes dividend as profit dives
FALLING iron ore prices have forced Fortescue Metals Group to slash its dividend after suffering an 81 per cent fall in first half profit.
Miner’s future uncertain after $870m loss
IRON ore junior Mt Gibson Iron is considering a move into other commodities after suffering a massive half year loss.
‘New plan’ as Rio Tinto orders wage review
PILBARA iron ore miners are among the nation’s best paid workers but Rio Tinto has told its workers that employee costs are one of a range of areas that must be cut.
The staggering amount Clive donated to… Clive
A MYSTERIOUS gentleman named Clive Frederick Palmer is single-handedly keeping the Palmer United Party afloat. An expert says he’s never seen anything like it.
BC Iron cuts deeper amid weak prices
PILBARA iron ore producer BC Iron is making deeper cost cuts as it weathers a falling iron ore price.
Fortescue cuts costs, stays profitable
FORTESCUE Metals has reassured investors it remains profitable despite the brutal slide in iron ore prices.
Worker dies at Pilbara manganese mine
A WORKER has died at Consolidated Minerals’ Woodie Woodie mine in Western Australia’s Pilbara region.
Is this going to stop mining?
A NEW threat to mining has emerged and is giving supporters of one of the largest mining developments in Australia a huge headache.
Roy Hill to be audited after safety scare
GINA Rinehart’s Roy Hill iron ore mine has been issued two prohibition notices over safety concerns.
Fracking valve deliberately damaged
A GAS valve at a fracking site in the Kimberley region was deliberately damaged, a preliminary investigation has found.
Fortescue boosts its iron ore resource
FORTESCUE Metals Group has increased its iron ore resource base by more than 300 million tonnes.
Looking into the iron ore crystal ball
WILL Australian iron ore producers get some relief next year after prices halved in 2014?
Poisoned food found at Rinehart mine
WA Police have sent extra resources, including forensic officers, to investigate a case of suspected poison found in food at one of Gina Rinehart’s Pilbara mines.
Staff, costs cut at BC Iron mine
BC Iron has slashed dozens of jobs at its West Australian mine and head office as it reduces costs amid weak iron ore prices.
FIFO worker: ‘I was on my way to retirement’
A FIFO worker has revealed how he went from a promising career and owning two properties, to losing everything in a six-month, $130,000 alcohol-fuelled bender.
The mining industry’s secret dirty laundry
HOTBEDDING. Almost one in four FIFO miners do it, and they’re not happy about it. One female miner shares her story.
Koolan Island mine workers stood down
UPDATE WORKERS at the Koolan Island iron ore mine will be stood down, as Conservation Council WA demands a ban on mining in the Buccaneer Archipelago.
Original URL: https://www.news.com.au/finance/business/mining/page/30