Resource and mining companies making news include global miner BHP Billiton named as Australia’s largest company, bullish announcements from gold companies, Alcoa’s positive outlook for aluminium and Iluka Resources’ negative outlook for mineral sands.
Resources News Queensland to fight with FortescueThe Queensland Liberal National Party (LNP) has decided to join Fortescue Metals Group Limited
(ASX:FMG) in challenging the Minerals Resource Rent Tax (MRRT) in the High Court claiming the MRRT is an unfair tax which discriminates against the resource-rich state.
Port Hedland exports growThe Port Hedland Export Harbour has handled 247 million tonnes of commodities last year, underpinned by BHP Billiton Limited
(ASX:BHP) and Fortescue Metals Group boosting their production in the Pilbara region of Western Australia. The bulk export port exports have seen solid gains over the past two years on the back of Chinese demand.
China GDP meets expectationsChina has grown at a pace in line with expectations, albeit at the slowest rate in three years. China’s National Bureau of Statistics has reported the world’s second biggest economy grew at 7.6 per cent in the second quarter of this year compared to the year before, dropping from 8.1 per cent in the first quarter of this year.
Company news Top Aussie Fortune 500 companyBHP Billiton Limited
(ASX:BHP) has been named as Australia’s largest company in Fortune Magazine's Global 500 list of the world’s largest companies. Among the Australian companies the global miner made the 108
th position. The list is ranked from the revenues generated by the world’s biggest companies and eight of the top ten companies were from the energy sector.
Gold miners going strongResolute Mining Limited
(ASX:RSG) is expecting gold production to rise by 4 per cent in fiscal 2013 from the current financial year. The Australia and Africa-focused gold producer says continued growth at its flagship Syama gold mining operation in West Africa is expected to more than offset run down at its Golden Pride mine in East Africa.
Evolution Mining
(ASX:EVN) has achieved record gold production at its operations in Queensland and Western Australia. The gold miner says gold production for the June quarter totalled 97,149 ounces, representing a 15 per cent increase on the March quarter. Executive Chairman Jake Klein says the result was in line with guidance and a reflection of its diverse portfolio of assets.
Iluka cuts FY sales guidance Shares in Iluka Resources Limited
(ASX:ILU) took a tumble over last week after cutting its full year sales forecast, despite the mineral sands producer later posting a 16 per cent rise in revenue for the first half of the year. Iluka blamed the sales guidance on a deteriorating and pessimistic economic outlook that has had a flow on impact on the confidence levels of its customers.
Aluminium prices hit Alcoa result The parent of Australia’s Alcoa
(ASX:AAI), Alcoa Incorporated (NYSE:AA), has reported a second quarter net loss of $US2 million. The US based aluminium giant’s result was hit by an 18 per cent drop in prices for its main product. However Alcoa has affirmed it expects 7 per cent growth in global aluminium demand this year and says although aluminium prices are down, the fundamentals of the aluminium market remain sound with strong demand and tight supply.
