Rio Tinto to spend $US5.3b on Oyu Tolgoi expansion in Mongolia
Rio Tinto's Oyu Tolgoi mine is one of the world's richest copper deposits. Photo: Rio Tinto will push ahead with a $US5.3 billion expansion of its Oyu Tolgoi copper and gold mine in Mongolia, with the project set to cost about $US400 million more than previously thought.Ending a three-year stalemate, the approval was agreed by Rio, its Canadian subsidiary Turquoise Hill Resources and the Mongolian Government.Development will begin within months, and firs..>> view originalArrium CEO Andrew Roberts steps out door at collapsed firm
Andrew Roberts had held numerous executive positions with Arrium. Photo: James Alcock Andrew Roberts, the chief executive of collapsed steel maker Arrium, has left the company along with another senior executive, Naomi James.Mr Roberts left Arrium on Friday after staying on for an extra four weeks after the company went into administration on April 7, with creditors owed $4 billion.Administrators KordaMentha are understood to have sent a note to staff on Frid..>> view originalQIC buys cattle station business NAPCo in deal bigger than S.Kidman & Co
QIC has purchased an 80 per cent stake in the North Australian Pastoral Company. Photo: Glenn Campbell The $78 billion Queensland Investment Corporation, owned by the state government, has purchased an 80 per cent stake in the cattle station operator North Australian Pastoral Company (NAPCo). The price of the deal, foreshadowed in The Australian Financial Review last month, was not revealed. It could be worth more than $300 million in equity al..>> view originalGovt signs deal to build ships in Spain
The government has quietly signed a contract to build new navy supply ships in Spain, in a deal with $130 million worth of Australian content but not one job for an Australian shipyard worker. The decision comes as further workers at the ASC shipyard in Adelaide face being laid off as work on air warfare destroyers winds up. Amid accusations the government had failed to stand up for Australian jobs, Prime Minister Malcolm Turnbull on Friday defended the decision, saying there would still be sub..>> view originalGreg Hywood flags future print changes as Fairfax embraces 24/7 digital
Greg Hywood, Fairfax Media CEO, has emphasised the company sees a ''future sustainable, profitable publishing model''. Photo: Peter Braig Fairfax Media chief executive Greg Hywood has told investors that the company's metropolitan publishing titles will move to a new publishing model in future years with fewer print editions and a 24/7 digital publishing focus.Mr Hywood told the Macquarie investor conference that because of major cuts carried out over the pas..>> view original640 more shipbuilding jobs to be lost
Another 640 workers at Adelaide shipbuilder ASC will lose their jobs by the end of next year. Friday May 06, 2016. Friday May 06, 2016 Comments. Comments Print article. Advertisement. Today's top stories. Premier silent while Flinders Ranges threatened ...>> view originalWasp nest on plane's airspeed instrument caused Airbus emergency landing, ASTB report finds
Wasp nest on plane's airspeed instrument caused Airbus emergency landing, ASTB report finds Posted May 06, 2016 19:46:53 Busy insects have been blamed for a technical fault on board a plane forced to make a sudden landing at the Brisbane International Airport shortly after take-off in 2013.A report by the Australian Safety Transport Bureau found it took less than two hours for wasps to build a mud nest on a crucial piece of equipment as an Etihad Airways Airbus A330 w..>> view originalHolden drives to first profit since 2011
The Holden manufacturing plant at Elizabeth in northern Adelaide will shut towards the end of 2017. A reversal of some previous one-offs helped Holden make its first annual profit since 2011. Photo: kate geraghty Holden has made its first annual profit since 2011, with sales of imported vehicles and one-off accounting gains offsetting heavy losses from its local manufacturing operations to deliver an overall profit of $128 million in 2015.But Holden managing ..>> view originalElection 2016: Second interest rate cut on the cards
Video will begin in 5 seconds. Government releases company tax cut costs The budget will take a hit of nearly $50 billion over the next ten years Treasury costings reveal. PT3M54S 620 349 Interest rates could be cut again as soon as next month, throwing a wildcard into the election campaign, after the Reserve Bank released dramatically lower inflation forecasts, predicting price growth would remain below the bank's target band up to 2018.As the government talks up its budget ..>> view originalBHP just got sign off on its $3.1 billion Brazilian mine disaster clean-up deal
A Brazilian court has ratified a plan by BHP Billiton and its partner Vale on the clean-up of the fatal Samarco iron ore mine disaster. Brazil’s Federal Court of Appeal gave the okay to the agreement between the miners and the Federal Attorney General of Brazil, the States of Espirito Santo and Minas Gerais and other public authorities for the restoration of the environment and communities affected by tailings dam failure. BHP and Vale still face a BRL 155 billion ($A58 billion) civil suit seek..>> view original
Friday, May 6, 2016
Rio Tinto to spend $US5.3b on Oyu Tolgoi expansion in Mongolia and other top stories.
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