Review 2012: May and June PDF Print E-mail
STAFF REPORTER   
Monday, 31 December 2012 09:01

Gina Rinehart angers unions over foreign workers, expected income from the MRRT downgraded, United Nations’ report declares Australian natural icon “in danger,” and Wah Nam International’s drawn out takeover of Brockman Resources made news in May and June.

 

 

May

* Unions are less than happy with plans for Gina Rinehart’s Roy Hill iron ore project in Western Australia’s Pilbara region to be built by foreign workers. Fortescue Metals Group’s Andrew Forrest also joins in (although without naming names) saying indigenous people in the area should be encouraged to participate.

* Expected income from the MRRT in its first three years is downgraded from $10.7 billion to $9.1 billion because of falling prices.

* Treasury boss Martin Parkinson says he has sympathy for mining companies, because the peak of the resources boom has probably passed and the “golden bit” is over, but the pipeline of investment still has some way to run.

June

* A report from the United Nations threatens to declare the Great Barrier Reef as being “in danger” unless Australia improves conservation and makes substantial changes to its supervision of the area.

* After almost two years of persistence Hong Kong’s Wah Nam International gets takeover target Brockman Resources after securing 98.12 per cent of the Pilbara iron ore explorer’s shares.

* Rio Tinto approves a US$5.2 billion ($4.9 billion) investment in its Pilbara iron ore operations despite jitters from miners over Chinese demand falling away.

 

Pic: Treasury boss Martin Parkinson.



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