Business
Australia’s trade surplus ballooned to a record $12.1 billion in July, buoyed by a five per cent increase in exports, specifically iron ore to China.
Business
Fortescue Metals Group has more than doubled full-year profit and its final dividend after iron ore production exceeded annual guidance and prices surged in the second half of the year.
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BHP has warned that the China trade bans on its coal were likely to remain in place for “a number of years” while its iron ore division hit record production levels and the company said it was positioned for the coming global megatrends.
Mt Isa could lead the economic recovery for Queensland after a new report points to big increases in commodities out of the north west as the world transitions to clean energy.
Fortescue Metals founder Andrew “Twiggy” Forrest has revealed a plan to start building an environmentally-friendly steel pilot plant in Australia, doing away with coal.
Mining giant BHP will slash up to $US1.25 billion ($A1.6 billion) from the value of its NSW energy coal division as prices across all coal dropped by as much as 30 per cent in the December quarter.
