Australia’s mining giants are threatening both the government of Queensland and the federal authorities with dropping all of their new projects in response to the state’s surprise increase in coal mining royalties.
ABB has won orders totaling $140 million from Brazilian miner giant Vale to supply automation and electrical equipment for the world’s largest iron ore project investment, which includes developing a mine and a processing plant located in the South American country.
Mining companies would give their eye teeth to exploit Afghanistan’s recently discovered $1 trillion of untapped mineral wealth, but analysts warn that corruption, war and lack of infrastructure are likely to keep delaying a mining boom in the country.
China is showing further signs that stimulus spending to prop up its slowing economy could well be on the way with President Hu Jintao evincing a commitment to economic growth at the APEC summit over the weekend.
Even before building up Xstrata through a series of billion dollar transactions, Big Mick was a formidable dealmaker who with fellow South African Brian Gilbertson created Billiton before selling it to BHP in 2001.
Australian trade minister Craig Emerson has said Chinese demand will continue to give support to the country's mining boom despite declines in export prices.