27 May 2010

UP BEAT REPORTS BY MINERS Their own words

Rio Tinto, march quarter review
Chief executive Tom Albanese said: "In the first quarter, most of our operations continued to run at capacity. Chinese demand grew strongly and we saw some recovery in OECD markets, but we are still cautious about short term volatility. The long term outlook remains very strong and we are now ramping up our growth projects with sustained investment in our iron ore business.
(MarketWatch) -- BHP Billiton Ltd. (BHP.AU) Chief Executive Marius Kloppers has told an Australian newspaper that work on the company's planned expansion of the Olympic Dam mine in South Australia state is continuing but that a planned new mining tax does pose a threat to the project.
Kloppers has in the past singled out Olympic Dam as an example of a major project that could be put at risk by the Australian Government's proposed Resource Super Profits Tax, but he told the Adelaide Advertiser that for now work is continuing on the expansion.
Both these miners made these announcements after they were told about the new tax.......

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