China keen to move on new trade deal with Australia

China has given the strongest indication yet that it will push to seal a free-trade agreement with Australia by the end of the year, according to the Sydney Morning Herald.

At a media briefing in Beijing on Friday, Commerce Minister Gao Hucheng said the prospects of signing an agreement “as soon as possible” were “optimistic”

While he did not provide a specific timeframe for sealing the deal, Gao noted the Australian government's desire to seal a deal within the year.

“We are willing to work together with the Australian side,” he said.

Eastern Iron to become Victoria’s first ore producer

Ambitious Victorian miner Eastern Iron is set to become the state’s first iron ore producer, targeting a deposit of more than 10 million tonnes three hours from Melbourne, according to the Australian Financial Review.

Tiny take sounds MRRT’s swansong

The mining tax was originally forecast to produce $4 billion in revenue this financial year but has raised just $232 million, despite Rio Tinto, BHP Billiton and Fortescue Metals Group posting collective profits of more than $14 billion from their West Australian iron ore mines, according to The Australian.

As Tony Abbott prepares for a fresh Senate election campaign in Western Australia centred on his attempt to repeal the mining and carbon imposts, the tax has failed to raise revenue - even though the profits of the three big iron ore miners soared 81% and the price of the commodity rose to more than $US130 a tonne.