MARKETS

News Wrap

IN THIS morning's News Wrap: boom defies PM's gloom; Rinehart calls for action against wind power...

Staff Reporter

Boom defies PM's gloom

Kevin Rudd's warnings about the end of the resources boom must come as a continuing surprise to Australia's miners, whose iron ore and coal exports to China and Japan have set new records, according to The Australian.

Australia's trade balance sank from a $240 million surplus in June to a $765 million deficit in July – the second biggest deficit this year – but iron ore and coal exports, Australia's biggest by value, rose and the annual trade surplus with China exceeded $35 billion for the first time.

Rinehart calls for action against wind power

Australia’s richest woman Gina Rinehart has urged people to speak out against wind power and for the country to address its debt by getting non-violent prisoners to pay to avoid jail and for governments to sell their art and décor, according to The Australian.

Rinehart, in her latest article in Australian Resources and Investment magazine, used a conversation she had with a Dutch cab driver to lead her argument about concerns around the use of renewable energy.

“He (cab driver) advised that most people now don't like the higher taxes due to building such new power and especially don't like the increased power costs out of their own pockets, and also the consequences to industry, with industries closing down in Holland and moving elsewhere,” she said.

“He said people in Holland now wished they hadn't incurred these cleaner power burdens.”

Mining services mergers on the horizon

The imminent $1 billion-plus merger between Australian firm Sinclair Knight Merz and US-based Jacobs Engineering is expected to spark a string of other deals in the mining services and engineering space, with WorleyParsons tipped to be the next mover, according to The Australian.

A deal between Australian-based Worley and London-based engineering giant Amec has been mooted for some time, but an agreement between SKM and Jacobs Engineering could mean rivals such as WorleyParsons would have to become larger to compete and may become more focused on consolidation.

TOPICS:

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Magazine Intelligence Exploration Report 2024 (feat. Opaxe data)

A comprehensive review of exploration trends and technologies, highlighting the best intercepts and discoveries and the latest initial resource estimates.

editions

Mining Magazine Intelligence Future Fleets Report 2024

The report paints a picture of the equipment landscape and includes detailed profiles of mines that are employing these fleets

editions

Mining Magazine Intelligence Digitalisation Report 2023

An in-depth review of operations that use digitalisation technology to drive improvements across all areas of mining production