Australia’s top gold miner boosts bet on Ecuador copper project
Newcrest Mining has upped its holdings in Ecuador-focused explorer SolGold to 15.33% from 13.83%, nudging further ahead of the company's second biggest shareholder BHP.
“The economics of some of these projects has changed,” he said. “I think for the next two years, 18 months perhaps, we will just wait and see how things develop.”
A delegation from the Australian state of Queensland will meet federal environment minister Tony Burke on Thursday to hammer out a deal on a massive coal project led by India's GVK and Hancock Prospecting after Burke halted the approval process.
Consulting firm says the top 40 global mining firms earned a record profit of $133 billion last year driven mainly by iron ore, however their market capitalization fell by 25%.
Australian environment minister Tony Burke decided on Tuesday to "stop the clock" on Hancock Prospecting and GVK's Alpha coal project despite approval from the state of Queensland given last week.
Canada-based Nautilus Minerals Inc. said its Solwara 1 underwater copper project could be delayed or even cancelled due to a dispute with Papua New Guinea over the mine ownership agreement.