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COMMENTARY
COAL AND IRON-ORE: NO CAUTION HERE
2 February 2010
Notwithstanding strong price increases for most minerals in the past year, some mining companies remain cautious about expansion. This results from the appreciation of the Australian dollar in this time and high stock levels in some sectors.
Such caution is not evident in the coal and iron-ore sectors.
Regarding coal, BHP Billiton announced in January the approval of expenditure for the next steps at Caval Ridge, in Queensland’s Bowen Basin.
North of Caval Ridge, QCoal is pressing ahead with a $1 billion project, with construction expected to commence in late 2011.
In New South Wales, Xstrata is planning a $750 million expansion of its Ravensworth operations in the Hunter Valley.
And in the Illawarra region (around Wollongong), expansion of existing coal operations is planned by the Indian company, Gujarat NRE Minerals, and US company, Peabody Pacific.
Iron-ore spot prices, at around US$120 per tonne, have doubled in the past nine months.
With this encouraging background, BHP Billiton announced in January its commitment to spend over $2 billion on Rapid Growth Project 6, its next expansion step in the Pilbara region in Western Australia.
In the mid-west, January saw the commencement of construction by Gindalbie Metals at its $1.8 billion Karara development and the announcement by Mount Gibson Iron that it is resuming construction (suspended a year ago) at Extension Hill.
Further south, Cliffs Natural Resources is expanding its Koolyanobbing mine, while Cazaly Resources hopes to start construction at Parker Range by early 2011.
Finally, in South Australia, construction is expected to commence this year on at least five iron-ore projects, including Cairn Hill near Coober Pedy and Wilgerup and Wilcherry Hill on the Eyre Peninsula.
The large companies in the Pilbara will continue to dominate iron-ore production, but others – in the Pilbara and other regions – are spreading their wings.