Rio Tinto names Shell’s Katie Jackson as new copper chief
Jackson, who is the current president of National Grid Ventures, an energy group, joins Rio Tinto on September 1.
Chinese slowdown, weak commodity prices, rising costs, politics and poor business confidence sent these five monster mining services projects to the shelf in 2012-2013.
Have a look:
5) Abbot Point T4–9
Company: NQBP and Partners
Estimated value: $11 billion
Facing substantial opposition from environmental groups, the state government pulled the plug, saying the project wouldn’t bring sufficient benefits in the near term.
4) Sunrise LNG
Company: Woodside
Estimated value: $12 billion
What was originally a deal between Woodside, the Australian and East-Timorese governments fell through when Woodside and East Timor couldn’t agree on whether processing would be carried out onshore or offshore. Onshore would have allowed East Timor to get its hands on more than just royalties.
3) Olympic Dam Expansion
Company: BHP Billiton
Estimated value: $21 billion
BHP delayed its massive Olympic Dam copper, uranium, gold and silver expansion in response to slumps in commodities prices as part of a new cost-cutting regime focused on bringing higher returns to investors.
2) Port Hedland Outer Harbour
Company: BHP Billiton
Estimated value: $30 billion
In part of a massive cost-cutting sweep that also closed the doors on Olympic Dam, BHP put Outer Harbour on the back-burner.
1) Browse LNG
Company: Woodside
Estimated value: $45 billion
The plan was to commercialize three gas fields containing 15.9 trillion cubic feet of gas and 436 million barrels of condensate, but “commercial risk,” a fear of poor economic return put this behemoth on the shelf.
Source: Shaw Stockbroking
