Rio Tinto hires CFO from Danish shipper Maersk

The proposed development of one of South Australia’s most significant infrastructure projects - a new multi-million dollar bulk commodities export facility at Port Bonython on Spencer Gulf - has taken a significant step forward. The South Australian Government and Spencer Gulf Port Link Consortium, the group originally selected by the government as its preferred bidder for project, jointly announced a comprehensive Environmental Impact Statement (EIS) will be undertaken into the project. The consortium comprises Flinders Port Holdings, Leighton Contractors, Macquarie Capital, BIS Industrial Logistics and the Australian Rail Track Corporation (ARTC).

Coal India, the world's largest coal producer, is on a high. The state-run company is set to pick up a 15% stake in a joint venture with US-based coal firm Peabody Energy's $600 million mining project in Australia. The deal size could be upwards of $100 million. Officials privy to the discussion said both the companies were mulling over the exact details and were to form a joint venture company to tackle the Wilkie Creek coal mine, in Queensland, Australia, which is owned by Peabody.

A Mine Concept Study conducted by Steffen Robertson Kirsten (SRK) on the Bungaroo South project has confirmed both the technical and financial viability of a mine development. The mine plan supports a 15 million tonnes per year operation with a mine life of 15 years, with production possible by 2015.

The game of corporate musical chairs has ended with more frustrations than success for the two companies concerned, after BC Iron Ltd (ASX: BCI) got annoyed about Regent Pacific withdrawing its original bid, BC Iron then successfully got the bid reinstated through Australia's Takeovers Panel, and then deciding it didn't want to proceed. The end of this chain was the expert's report to BC Iron that, in summary, said Regent Pacific's bid was neither fair nor reasonable.

In results released on Friday, Australia’s Paladin Energy showed a 47% increase in production from its Namibian and Malawian operations and record revenues of $208.7m on the back of a 31% increase in sales volumes for the nine months to March. The company said despite the concerns about the nuclear energy market following the tsunami damage to Japan’s Fukushima plant, it believes supply and demand imbalances will only widen in future as more plants, such as the 25 under construction in China, come on stream. Paladin is on an aggressive growth drive. Stage 3 of the expansion of its Langer Heinrich mine that would bring capacity to 5.2m lb is 92% complete and in February 2011 the company announced that it completed its acquisition of the uranium assets of Aurora Energy in Labrador, Canada for C$260.8m.

The Directors of Aurelia Resources Limited (ASX:AJU) are pleased to confirm the opening of the company’s Offer Period for an Initial Public Offering (IPO) to raise $3 million, and to undertake a listing on the Australian Securities Exchange (ASX). Listing on the ASX is expected before the end of June 2011. Fifteen million shares are being offered at 20 cents per share and the company may accept subscriptions for a further 5 million shares to raise an additional $1 million. Also, a loyalty option, priced at 1 cent will be offered to shareholders after three months on a 1 for 2 basis. The exercise price is 20 cents with an expiry date of 30 April 2014. Image by Aurelia Resources Limited

Uranium miner Paladin Energy believes it will not be affected by planned changes in Namibia's policy on ownership of strategic minerals after the government said existing licenses would not be affected. "Paladin has welcomed this clarification, which removes any uncertainty over its operations in Namibia," the company said in a statement to the Australian Securities Exchange.

Australian contractor Barminco has signed the company's largest contract in its 21-year history with the renewal of its contract with AngloGold Ashanti Australia to deliver underground mining services at the 600,000 t/y Sunrise Dam gold mining operation, located 56 km south of Laverton in Western Australia. The company has been contract mining at Sunrise Dam since October 2003.

OZ Minerals has reached an agreement to settle the two class actions brought against it by Maurice Blackburn and Slater & Gordon on behalf of certain shareholders who acquired shares in 2008. The total settlement payment in respect of the class actions is $55.1 million plus costs of $4.9 million with those totals to be allocated between the Maurice Blackburn and the Slater & Gordon classes.