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Posts Tagged ‘Ore.’

China and the market for iron ore: Testing their metal

Chinese efforts to gain influence over a vital commodity have come to naught

THE offer that BHP Billiton, a mining conglomerate, made in mid-October to buy United Minerals, a prospecting firm with operations near BHP’s iron-ore mines in the Pilbara region of Australia, came with one notable string attached: United must abandon plans to sell an 11% stake to China Railway Materials Group, a state-owned Chinese firm. If United’s shareholders accept the A$204m ($187m) BHP is proffering, as their managers recommend, it will mark another defeat in the Chinese government’s concerted but largely fruitless campaign to gain more influence over the market for iron ore.

The wares of Western mining giants, especially iron ore, are vital to the vast infrastructure projects that are transforming China. The government is nervous about this dependence, especially because just three firms—BHP Billiton, Rio Tinto and Vale—dominate the international trade in iron ore. So China’s government, acting through state-controlled companies, has been trying to overturn this oligopoly by encouraging Chinese customers to negotiate purchases in unison, by hunting for alternate supplies and even by buying a stake in Rio, all to little effect. …

China urges ‘respect’ in Rio case

Rio Tinto office

Beijing has called on Australia to "respect" its legal system, as it probes allegations of bribery by employees at mining firm Rio Tinto.

China’s vice foreign minister Liu Jieyu urged Canberra not to interfere after the arrest of Australian national Stern Hu and three Chinese colleagues at Rio.

They are accused of using bribery to obtain state secrets – souring relations between the two countries.

Rio denies the allegations and no charges have yet been laid.

The facts of the case would constitute a violation of Australian laws if they were to happen in Australia, said Liu Jieyu.

"The Chinese government respects the independent judiciary of the Australian judicial system. I think we would expect that the same from other countries," he added.

"By dealing with this case, we are really establishing or we are really trying to establish a good environment for all companies in China – foreign companies operating in China and local Chinese companies."

Trading partner

Last month, the Australian trade minister, Simon Crean, warned that business relations with China could be damaged if the case of the detained Rio Tinto workers was not handled appropriately.

Australian opposition politicians have complained that the arrest may be in retaliation for the collapse in June of Rio’s proposed deal with Chinese state-owned firm Chinalco.

Rio scrapped a $19.5bn (£11.8bn) investment by Chinalco in favour of a tie-up with fellow Anglo-Australian miner BHP Billiton. Rio Tinto is now finalising a deal with BHP to merge their iron ore operations in Western Australia.

However, Mr Crean did not believe that the two incidents were related

China is Australia’s biggest trade partner, worth $53bn in 2008. Of this, $14bn came from iron ore exports, powered by Rio Tinto and BHP Billiton.

The world’s fastest-growing economy, China consumes more than half the globally-traded iron ore. China needs Australia’s resources and Australia needs Chinese demand.

It has been thanks to the robust Chinese demand for its natural resources that Australia has so far managed to avoid falling into a recession.</p


This article is from the BBC News website. © British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.

Nike Fights Deforestation, Won’t Use Leather From Amazon-Bred Cattle

SAO PAULO (AP) – Sportswear giant Nike Inc. announced Wednesday that it will stop using leather from cattle raised in Brazil’s Amazon rainforest, saying the move is part of the company’s commitment to curbing the region’s deforestation.

In a …

Clearwire Adding Devices to WiMax Service

As 4G wireless broadband provider Clearwire celebrates its latest market rollout in Las Vegas, Samsung says it will introduce the Mondi WiMax tablet for Clearwire customers. Clearwire also announces an Aug. 1 debut for a dual-mode 4G/3G modem for customers who travel outside of the company’s 4G coverage.
– Samsung plans to debut its Mondi WiMax tablet for Clearwire customers on
Aug. 1 in Atlanta, Baltimore,
Las Vegas and Portland,
Ore., the four markets where Clearwire has
rolled out its 4G mobile Internet service.

The 4.3-inch touch-screen Mondi offers WiMax and Wi-Fi connectivity with a QWERT…


Starting to get crowded in 100-year-olds’ club

WASHINGTON — It’s starting to get crowded in the 100-year-olds’ club. Once virtually nonexistent, the world’s population of centenarians is projected to reach nearly 6 million by midcentury. That’s pushing the median age toward 50 in man…

Orszag: Republicans Trying To Kill Health Care Reform Through Delay

President Obama’s Director of the Office of Management and Budget, Peter Orszag, accused Senate Republicans on Sunday of trying to kill health care reform by dragging out the legislative process.

Appearing on CNN’s State of the Union, Orszag…

Michael Markarian: Obstructionist Lawmakers Harm Animals and the Economy

If they were truly concerned about the economy, self-described fiscal conservatives like Boehner, Bishop, and King should have been the first to line up today in support of the mustang legislation.

Gang Of Six Centrist Senators Demands Delay On Health Care Reform

A bipartisan group of centrist and conservative senators sent a letter to the Democratic and Republican leaders on Friday urging delay in consideration of health care reform.

The letter, obtained by the Huffington Post, was drafted by Sen. B…

Mysterious Penguin Killings In Australia Leads To Investigation

SYDNEY — The first battered bodies were found on a small Australian beach, the white sand around them stained crimson with their blood. A few days later, the killer struck again – this time on the nearby cliffs overlooking Sydney H…

‘Secret’ Chappelle Show Draws Thousands In Oregon

PORTLAND, Ore. — Thousands of people who learned through text message, Twitter and word-of-mouth that comedian Dave Chappelle would hold a free show filled a downtown Portland square late Tuesday and early Wednesday.

Chappelle arrived a…

Michael Markarian: Strong Federal Law Brings the Hammer Down on Dogfighters

The flagrant disregard that dogfighters routinely show for society’s norms was replaced by the snap of handcuffs and the slap of 30 or so arrest warrants.