Mining

Treasurer Wayne Swan has launched a salvo at mining executives from his "Treasury bunker" as the war of words over federal Labor's proposed resources rent tax intensifies.

Atlas Iron chief David Flanagan has taken the next step in a growing mining industry campaign against the proposed resources super profit tax, penning an open letter to the prime minister that will be published in newspapers tomorrow.

Mincor Resources says it will restart its Miitel nickel operation, more than a year after it halted production due to the financial crisis, but warns the proposed super profit tax places the mine in a precarious position.

Galaxy Resources says the proposed resources super profit tax will not affect its operation near Ravensthorpe, with profits from the mine to come from a Chinese entity not subject to Australia's tax laws.

Shares in Perth-based Northern Star skyrocketed today after it agreed to buy the Paulsens gold operation in the Pilbara from Intrepid Mines for $27 million.

Leighton Holdings' value of work at Chevron's massive Gorgon gas project has risen past $1 billion after it, in consortium with Saipem, was awarded a further $150 million of work to build the project's liquefied natural gas jetty and marine structure.

Iron ore veteran George Jones says the next resources boom is being threatened by the proposed super profit tax as a group of fired-up mining executives today gathered to again express their anger at the Rudd government.

The capital cost of stage one of Gindalbie Metals' Karara iron ore project in the Mid West has risen by 20 per cent after accounting for increases to the operation's scope and infrastructure capacity.

DMC Mining is poised to accept a takeover offer from China's Meijin Energy Group, which trumps Cape Lambert Resources' bid by more than $3 million.

Atlas Iron expects to capitalise on the high iron ore prices after the Port Hedland Port Authority granted it permission to make additional shipments in the next few months.

International ratings agency Fitch has indicated that while the Commonwealth's proposed super profits tax on the nation's mining and resources outfits "isn't good news for Australian miners", it will not affect the ratings of these companies.

A new seismic survey passing through Western Australia's rich iron ore, copper-lead and gold regions has commenced hoping to improve understanding of the valuable resources buried under the ground of north-west WA's crust.

Civil contractor Brierty has won an $18 million contract with Mount Gibson Iron for the construction of a haul road to the Extension Hill mine site located 260 kilometres south east of Geraldton.

Newcrest Mining chief executive Ian Smith says the federal government's proposed tax on miners could cost his company 5 per cent in net present value.

Toro Energy has decided not to exercise an option to acquire Deep Yellow's Napperby uranium project in the Northern Territory, saying the $57 million price tag is too high.

Perth-based Dourado Resources has boosted its exploration portfolio following the acquisition of unlisted public company Zelta Holdings for $1.2 million.

Miners and lobby groups have responded furiously to the federal government's intention to introduce a new resource super tax with BHP Billiton chief Marius Kloppers saying it will impact the future wealth of all Australians.

Jabiru Metals has given the go-ahead for the $32 million development of a second operation at the Jaguar copper-zinc mine, located 300km north of Kalgoorlie.

Shares in Po Valley Energy more than halved today after the Perth-based company warned that production and reserves at its Castello gas field in Italy may fall.

A survey of the country's oil and gas industry has revealed the sector paid $8.8 billion in tax in 2008-09, the highest level since data was first collected in 1987-88, the Australian Petroleum Production and Exploration Association says.

Woodside Petroleum says partners in the Sunrise joint venture have decided on a floating liquefied national gas facility rather than an onshore plant at either Darwin or Timor-Leste (East Timor).

Former Regis Resources managing director David Walker has reportedly pared back his claim for damages against three of the company's directors, who successfully rolled the board last year.

Belmont-based Aurora Minerals has raised $15.5 million through a share placement, with funds to be applied to its Capricorn South East manganese project in the south of the Pilbara region.

Shares in Aditya Birla Minerals have risen after the base metals miner today said it expects an annual profit after tax of $61 million, a turnaround from the $76 million loss from the previous year.

The state government has received 90 applications seeking more than $9 million in co-funding as part of its $80 million Exploration Incentive Scheme (EIS) to encourage drilling and exploration in untapped areas.

Tony Sage-led Cape Lambert Resources has increased its offer for DMC Mining, matching the offer put forward by an unnamed rival almost 10 days ago.

IronClad Mining hopes to calm investors and clarify details of the funding arrangements for the start up of the Wilcherry Hill Iron Ore Project in South Australia.

Shares in iron ore hopeful BC Iron have surged five per cent in morning trade after the company was formally granted a mining lease for its Nullagine project.

Shares in Moly Mines have been lifted following the company's completion of the Chinese-backed transaction resulting in Hanlong Mining Investment becoming Moly's controlling shareholder after settling the $US200 million equity and debt funding.

Pilbara-focused minerals outfit Fox Resources has announced a rights issue to potentially raise over $7 million to further advance its heap leaching operation.

West Perth-based Navigator Resources has today stepped into the producer ring with the pouring of the first gold bars at both its Bronzewing and Leonora operations on the same day.

Poseidon Nickel has today restarted underground operations at its Mt Windarra nickel project in the Goldfields after the global financial turmoil halted work 18 months ago.