The traditional owners’ opposition could mean that Energy Resources of Australia (ERA), a subsidiary of Rio Tinto, has to write down the value of its assets.
The dramatic fall in overall market capitalization reflects, according to PwC, the impact of the ongoing commodities rout and other challenges the local industry has faced in the last year.
The National Union of Mineworkers (NUM) and the Chamber of Mines, which has been negotiating on behalf of the country’s main coal producers, will sign the agreement later today.
Oil production from the Organization of the Petroleum Exporting Countries (OPEC) totaled 31.2 million barrels per day (b/d) in September, down 60,000 b/d from August as Saudi Arabia further reined in supply, according to a just-released Platts survey of OPEC and oil industry officials and analysts.