Worried BHP CEO pressed Hockey to keep diesel rebate
BHP Billiton chief executive Andrew Mackenzie was among several mining executives who directly lobbied the federal government against cutting the industry’s rebate for diesel excise at last week’s federal budget, according to the Australian Financial Review.
Sources said Mackenzie wrote to Treasurer Joe Hockey before the May 13 budget outlining concerns at any cut to the rebate. He met separately with Hockey and other senior ministers, including deputy Liberal leader and senior Western Australian minister Julie Bishop.
In addition, the major minerals companies sent a joint letter under the umbrella of the Minerals Council. Fortescue Metals Group sent its own letter as well.
Port strike averted
The threat of an immediate strike that would have shut down one of the nation’s busiest ports eased for at least 30 days after the Maritime Union of Australia agreed on Thursday to suspend industrial action, according to the Australian Financial Review.
The decision delivers much needed breathing room for BHP Billiton’s shipping contractor Teekay Shipping to resolve a protracted dispute over pay and conditions for tug boat deckhands that threatened to bring Port Hedland port to a grinding halt, costing the nation $100 million a day in lost iron ore exports.
Nickel run still has plenty of mettle
Nickel's stellar run may have cooled in the past week, but Citi is convinced the metal's rise is far from over and that it will bounce back quickly, according to the Sydney Morning Herald.
The investment bank has forecast nickel to surge 50%, hitting more than $US30,000 a tonne next year, reaching prices not seen since mid-2008.
Nickel has slumped nearly 10% since last week hitting $US21,625 a tonne amid investor concerns that its price moved too far and too quick after rallying about 54% since January. Overnight, the price slipped 1.8% to $US19,500 a tonne.
