Rinehart’s Hancock weighs $3.3 billion iron ore mine project
Hancock acquired a 51% interest in the Mt Bevan project from Legacy Iron Ore Ltd. and Hawthorn Resources.
The Canberra Times reports Australia’s proposed emissions trading scheme – which will evolve from the carbon tax being implemented next year – has won praise from Beijing, where it will be the model for one of six Chinese pilot programmes to be introduced in 2013.
Earlier this week the EU also endorsed the controversial Australian plans and announced the start of talks for the eventual linkage of carbon trading by 2015. The carbon tax is vociferously opposed by Australia’s coal export industry, the world’s largest, which will be forced to pay a levy of $25 per metric tonne of carbon pollution next year.
The Canberra Times quotes Jiang Kejun, head of the Chinese government’s energy and environmental policy agency, who said pilot carbon trading schemes currently being researched would trial different designs based on schemes from Australia, Europe and California.
The Geneva-based International Centre for Trade and Sustainable Development reports Australia’s controversial carbon tax plan has received a public pledge of support from Europe at a 5 September bilateral meeting between European Commission President José Manuel Barroso and Australian Prime Minister Julia Gillard.
MINING.com reported last week Australian miners are pumping $82 billion into the Australian economy representing 55% of total capital expenditure in the country’s economy. The spending spree by the resources sector – mostly in Western Australia and Queensland – represents a whopping 70% increase over last year.
2 Comments
Lwomble
What will be the impact of this carbon tax on Austriaia’s competitive position in its primary marketing area?
WLW
Please excuse the typo in the “Austrialia’s”. No disrespect intended.