iron ore

Decade-long Australia mining boom turns to bust

MACKAY, Australia (AP) — The Australian mining boom built over a decade on Chinese hunger for energy and raw materials is turning into bust for many business owners as China's cooling growth reverberates through a country accustomed to winning from the rise of an Asian economic giant.

Anglo American mining company reports loss

LONDON (AP) — Mining company Anglo American PLC has posted a $1.5 billion net loss for 2012 due to weak commodity prices and problems with a Brazilian iron ore project.

Amid shale boom, steel makers look at expanded investment

Source: 
Bloomberg
Driven by a surge in natural gas production through shale drilling, foreign and domestic steel makers are looking to build new factories that would use gas to purify iron ore, Bloomberg reports.

Activists: China at center of illegal timber trade

BEIJING (AP) — Voracious demand for wood to feed factories for exports and satisfy wealthier consumers at home has turned China into a magnet for the illegal timber trade, causing other countries to strip their forests as Beijing does little to discourage the practices, an environmental group said in a report released Thursday.

Australian Senate approves new 30 pct mining tax

The Australian government pushed a new 30 percent tax on big mining companies through Parliament on Monday but faces an uphill battle to reduce the tax burden on struggling companies outside the booming commodities sector.

The Senate passed the legislation 38 votes to 32, allowing the government to take a bigger slice of profits from a mining boom driven by Chinese and Indian demand for raw materials.

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