The negotiations between the Government and the group including BHP Billiton Ltd. regarding the privatization of the coal freight business of Queensland Rail are still going on, as expressed by Premier Anna Bligh. But, she declined to disclose anything more.
As stated by an Australian’s newspaper, the association of coal Companies is now demanding the deal to be realized at $5.2 billion from an earlier amount of $4.8 billion.
Rio Tinto Ltd's positive stance in regards to the proposed $126 billion iron ore venture with BHP Billiton Ltd. seems to have been shaken, with boss, Tom Albanese; supposedly informing analysts that it was facing high level of political pressure, which is making the chances somewhat negatively stunning.
Leading mining Companies, Rio Tinto and BHP Billiton have agreed to increase the royalty payments to the Western Australia Government. This will ensure that the Government receives an additional $340 million, every year.
The Government has failed to give any indication of addressing their concerns about the new resources super profits tax, revealed three major mining Companies following a meeting in Canberra, today. As the Prime Minister has been facing pressure from the Opposition to scrap the 40% tax on super profits, the stand-off between the Government and industry is still continuing.
After reports of the proposed resource super-profits tax by the Australian Government, mining giant BHP Billiton is readying plans to invest $US5 billion-plus ($6bn) in West Africa. It feels that the region holds a lot of promise and this is the reason it has intensified its plans in the region.
It has also been due to the increasing demand for the steel apart from the high iron ore prices, the Company is increasing its focus on the West African region. It will mainly be investing money in developing resources in Guinea and Liberia.
An iron ore agreement has been signed by BHP Billiton Ltd. with Liberia, which is reported to worth $3 billion dollar.
Yesterday, at the Liberian capital, Monrovia, Richard Tolbert, Chairman of the National Investment Commission said, "The deal followed 18 months of negotiations with BHP and the cabinet has endorsed the deal. It will now be submitted to the National Legislature for ratification".
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