North Australia Digest – 20/09/1220 September 2012
Here is a digest of today’s major stories that impact North Australia:
The Financial Review
Ross Garnaut has warned Australians to prepare for a living standards ‘bust’ as the resources boom gives way to falling export prices and a slump in mining development.
An influential Chinese insider says Australia must prepare for falling demand for coal and iron ore as the world’s second-biggest economy undergoes structural changes.
BHP Billiton, the world’s largest mining company, says the first phase of major economic growth in China has come to an end, as is reflected in a slowdown in demand for iron ore.
Another serious dispute has flared in the Australia-Indonesia live cattle trade, with Jakarta officials rejecting more than 11,000 breeding cows shipped since May and exports halted since the middle of last month.
BHP Billiton has shelved multi-billion-dollar plans to build one of the nation’s biggest coalmines as it reviews its Queensland coking coal development plans amid sliding commodities prices and lower growth expectations in China.
Australia’s mining contractors are bracing themselves for a margin squeeze from clients taking advantage of the rapidly changing industry dynamics.
BHP Billiton has shelved plans to build a $3 billion coking coal mine in Queensland as part of the spending cuts announced by the world’s largest miner last month, the Australian newspaper reports today.
The resources industry has hailed a State Government determination on Toro Energy’s Wiluna uranium project as another positive step towards approval of WA’s first uranium mine.
Environmental conditions for WA’s planned first uranium mine have been strengthened after an independent review of appeals.
Mining companies are making a concerted push to influence the State Government in a bid to shore up the multibillion-dollar pipeline of future projects.
A developer who sold residential blocks before he had approval to subdivide said it was “not uncommon” for developers to “jump the gun” because the approval process was too slow.