Rio Tinto readies iron ore arsenal to boost cash returns

A $US1 billion ($1.25 billion) stockpile of iron ore and a conservative gearing will allow Rio Tinto to increase returns to shareholders starting as soon as next month, as part of its efforts to fight off Glencore’s Ivan Glasenberg.

Rio’s December quarter production numbers, released on Tuesday, showed it sold 8 million tonnes of its Pilbara stockpiles in 2014, netting roughly $US700 million in extra cash. It is expected this will be used to help fund an on-market buyback of at least $US2 billion, to be announced at its February full year results presentation.

Santos looking for investor into Narrabri coal seam gas venture

Santos is negotiating with gas buyers, manufacturers and international companies as it seeks to sell about 30% of its proposed $2 billion Narrabri coal seam gas venture in NSW, according to the Sydney Morning Herald.

“We are in active conversations with a number of parties,” Santos vice-president eastern Australia James Baulderstone said.

“There won't be a project unless there are more investors coming in. The question is when, and how and where you go about it.”

Former environment employee blasts miners’ dominance in NSW

A former New South Wales ecologist says key departments in the Baird government have “been captured in a big coal and gas rush” that has run roughshod over environmental protection measures, according to the Sydney Morning Herald.

David Paull, who resigned his position as a biodiversity officer in Newcastle for the Office of Environment and Heritage (OEH), said changes including giving the economy top priority in state environmental planning policies had “seriously undermined the ability of OEH as a regulator”