Aussie miners make Forbes Rich List

Resources Corner

Mining billionaire Gina Rinehart is the richest Australian on the Forbes Rich List, with Fortescue’s Andrew Forrest also making the cut. That’s not surprising given the total value of energy and resources exports reached $190 billion last year.
 
Gina Rinehart & Andrew "Twiggy" Forrest make rich list
Mining billionaire Gina Rinehart has been placed as the richest Australian on the Forbes Rich List, coming in at the 29th spot with an estimated worth of $US18 billion. Fellow Western Australian mining billionaire and Fortescue Metals Group Limited (ASX:FMG) founder Andrew Forrest made the 173rd spot with an estimated worth of $US5.8 billion.
 
Resources news
The total value of energy and resources exports reached $190 billion last year, reported the Bureau of Resources and Energy Economics. There was a 20 per cent rise in the value of energy commodities and a 9 per cent price increase for minerals and metals on worldwide markets.
 
 
Treasures approves Gloucester merger
Treasurer Wayne Swan has approved the merger of Gloucester Coal Limited (ASX:GCL) with China's state-owned Yancoal Australia.
 
Mr Swan said in a statement, "The merger will also allow Yancoal's parent company, Yanzhou Coal Mining Company Limited, to achieve a listing of its Australian operations by the end of 2012, which was a condition of its acquisition of Felix Resources limited in 2009".
 
Under the new deal recently approved by the Gloucester board, Yancoal would control 78 per cent of the new entity with Gloucester holding the remaining 22 per cent.
 
In a release to the market, the NSW coal producer said, “Gloucester is continuing its endeavours to ensure satisfaction of the remaining conditions of the merger proposal as summarised in its ASX announcement of 23 December 2011”.
 
Shareholder meetings for the merger proposal and separate capital return are planned for next month.
 
Kagara posts loss
Queensland metals producer Kagara Limited (ASX:KZL) posted a first half net loss of $48.9 million, announced job cuts and flagged the suspension of less profitable operations. Kagara has reported it has offloaded its nickel assets to Western Areas NL (ASX:WSA) for $68 million. Kagara has also announced its founding chairman Kim Robinson will step down but remain on the board as non-executive director as part of a board restructure.
 
Newcrest strikes deal with frontier
Gold producer Newcrest Mining Limited (ASX:NCM) has struck a deal with gold and copper explorer Frontier Resources Limited (ASX:FNT). Newcrest has agreed to pay $750,000 for a 2.3 per cent stake in Frontier. Both companies have also agreed to negotiate the terms of a proposed farm-in by Newcrest into Frontier’s Mt Andewa project in Papua New Guinea. Newcrest could earn a 60 per cent interest in the project by investing $15.25 million in exploration over four years.
 
Rio Tinto to close UK smelter
Rio Tinto Limited (ASX:RIO, NYSE:RIO) has announced it will close its Lynemouth aluminium smelter in Northumberland, England at the end of this month. Rio’s aluminum division says the decision was made after an extensive period of consultation and a thorough strategic review. More than 300 of the 515 employees at the smelter will be made redundant in May and only some operational activity will continue this year. Rio says it will now focus on decommissioning the plant and that it is in talks concerning the sale of the Lynemouth Power Station.
 
 
Melissa Beaumont Lee