North Australia Digest – 10/10/12

We’d love to know what you think about today’s major stories that impact North Australia:
The Australian
Rio Tinto chief Tom Albanese says the global mining giant has cut its forecasts for Chinese growth this year as expected stimulus packages take longer to materialise.
Pessimism within the civil and mining construction sector has returned to levels not seen since the global financial crisis as a new survey reveals that a slowing mining boom and a lack of infrastructure funds are taking a toll.
Tokyo Gas is in talks to acquire a stake of up to 10 per cent in BG Group’s flagship $20 billion liquefied natural gas project in Gladstone, Queensland, a move that would guarantee vital new energy supplies for Japan.
Australian Financial Review
A senior resources industry source has said mining companies have intentionally been conservative in their financial accounts in recording the value of billions of dollars in tax shields for existing investments.
Rio Tinto will delay approving any major projects in the near term and look to cut more costs after lowering its expectations for Chinese growth.
The Age
Rio Tinto will increase its global cost-cutting drive and reduce spending on new projects, as the pace of the slowdown in China continues to surprise the resource industry.
The mining boom has helped create jobs well away from Queensland’s coalmines and Western Australia’s iron ore deposits, the Reserve Bank says.
West Australian
Lifeline is launching new research into the mental health of fly-in, fly-out workers and their families which it hopes will be used to develop new occupational health and safety programs.
The wave of project cancellations and deferrals in the Australian mining sector has led to some softening of cost inflation, according to Rio Tinto chief executive Tom Albanese.
Almost a quarter of WA apprentices and trainees are walking away from their training, sparking fears young workers in unskilled mine jobs will be left without work as the boom slows.
Herald Sun
Australia must look beyond mining to drive its next phase of growth as the resources investment boom enters its twilight phase, an RBA official has warned.
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