Coalition unveils broadband plan
The coalition has unveiled its plan to replace Labor's $43 billion National Broadband Network with a $6.3 billion version of its own. The plan would be private sector-based, in contrast to the government’s network. The coalition plan provides for a mix of fixed line, wireless and satellite access to high-speed broadband.
IOH, Rio deal ends
Iron Ore Holdings much vaunted alliance with Rio Tinto, trumpeted as an example of big miners supporting junior iron ore companies in the Pilbara, has come to naught, with the two companies terminating a sales agreement. IOH said it would still continue discussions with Rio.
Hancock invests $30m in Min Resources
Mineral Resources substantially bolstered its balance sheet last week, obtaining a $30 million capital injection from Gina Rinehart's Hancock Prospecting one day after finalising a deal to extract itself from the costly Windimurra Vanadium project.
Rio Tinto profits up 260%
Mining giant Rio Tinto has unveiled a first half net profit of US$5.85 billion, strongly up on the equivalent period last year, reflecting higher commodity prices. Rio said its net earnings were $US5.85 billion for the half-year to June 2010, up 260 per cent on the prior corresponding period, and underlying earnings were $US5.77 billion, up 125 per cent.
WA still prepared to acquire LNG site
The threat of compulsory acquisition continues to loom over the site of a proposed liquefied natural gas hub in far north Western Australia, Premier Colin Barnett said. Traditional Aboriginal owners in the Kimberley voted last Tuesday to continue with a native title claim on the site of the LNG hub albeit with different applicants.