China, via a state-run enterprise, has reportedly banned its steel manufacturers from buying iron ore from Australian mining giant BHP, amid a strategic bid by Beijing to reduce prices of the crucial steel-making commodity. While it is a commercial dispute, the fight has wide-ranging political ramifications, given the threat to Australia’s biggest export, valued at more than $100bn a year, and the possibility Canberra is drawn deeper into the fight. Even if the impasse is resolved promptly, it could prove to be a foreshock that warns of an economic earthquake…
Tag: Mining
Albanese hopes China’s reported BHP iron ore ban ‘very much short-term’ as ASX dips
The treasurer, Jim Chalmers, will meet with the boss of BHP amid a shock report that the world’s largest mining company faces a Chinese blockade on its iron ore shipments. Beijing’s state iron ore buyer has told steelmakers to pause imports of BHP ore, amid hardball negotiations over the price of the crucial resource, Bloomberg reported on Tuesday. Chalmers said the reports were “concerning” but ultimately a matter for the company to work through. “I’ll have discussions with [BHP chief executive] Mike Henry about that in due course, when we…
Apple inks $500m deal for rare earth magnets with US mining firm
Apple has signed a $500m deal with a US firm for rare earth magnets, essential for manufacturing electronics, after China curbed exports of the scarce, vital materials. The backing from one of the world’s most valuable companies comes after MP Materials, which operates the only US rare earths mine, last week agreed to a multibillion-dollar deal with the US Department of Defense that will see the Pentagon become its largest shareholder. Both deals are aimed at mitigating supply chain risks after China limited the outgoing supply of rare earths earlier…
Australia news live: Albanese to raise concerns over Chinese steel dumping; Grace Kim wins golf major in miraculous finish
From 43m ago Albanese to raise concerns over Chinese steel dumping at roundtable Anthony Albanese will raise Australian concerns over Chinese steel dumping as he urges industry leaders from both nations to work together to develop low-carbon steel production methods, AAP reports. At a roundtable of Australian iron ore producers and Chinese steelmakers in Shanghai on Monday, Albanese will call on China to address an oversupply of steel in the global market. ‘It is in both countries’ interests to ensure a sustainable and market-driven global steel sector,’ the PM will…
Rare earths: how these critical minerals impact Australian industry and global politics – video
What do tariffs, Australian mining, geopolitics and the trade war between China and the US have to do with tiny magnets made from rare earth minerals like yttrium and scandium? Guardian Australia’s Matilda Boseley explains China has a stranglehold on the world’s rare-earths supply chain. Can Australia break it? Commonwealth to invest a further $200m in rare earth mining project backed by Gina Rinehart Continue reading… The Guardian
The world wants China’s rare earth elements – what is life like in the city that produces them?
Central Baotou, an industrial hub of 2.7 million people that abuts the Gobi desert in north China, feels just like any other second-tier Chinese city. Large shopping malls featuring western chains including Starbucks and KFC stand alongside street after street of busy local restaurants, where people sit outside and children play late into the evening, enjoying the relative relief of the cooler temperatures that arrive after dark in Inner Mongolia’s baking summer. But a short drive into the city’s suburbs reveal another typical, less hospitable, Chinese scene. Factories crowd the…
Australia warned of ‘over-mining’ risk in race to secure minerals needed for clean energy
In the high-stakes quest to break China’s grip over minerals crucial to clean energy technology, Australia risks over-mining while ignoring alternatives such as improved battery recycling, according to a new report. The release of the Jubilee Australia research, which questions mineral demand assumptions and warns against causing unnecessary environmental harm, comes as the federal government prepares a strategy to address China’s dominance of minerals seen as critical to a nation. Jubilee said Australia could be digging up more critical minerals than necessary due to a rush to capitalise on “staggering…
At least five killed in open-pit coalmine collapse in north China
At least five people have died and 48 are missing after an open-pit coalmine collapsed in Inner Mongolia, an autonomous region in north China. One of the walls of the mine caved in at about 1pm local time on Wednesday, burying workers in tonnes of rocks and sand. Another collapse occurred five hours later, forcing the rescue operation to halt. The search resumed on Thursday morning, with fireengines, SUVs, bulldozers and rescue dogs being mobilised from across the province. About 900 government-approved rescue workers were at the scene, and residents…
Australian coal shipment to arrive at Chinese port as unofficial import ban ends
Australian coal cargoes are scheduled to start arriving at Chinese ports on Wednesday, unwinding an unofficial ban imposed amid fraying bilateral relations two-and-a-half years ago. The resumption of the bilateral coal trade marks a significant improvement in relations, which hit a low point at the start of the pandemic after Australia pushed for an independent investigation into the origins of Covid-19, angering Beijing officials. China imposed official and unofficial sanctions on a range of Australian products, including wine, lobsters, timber and barley. It left more valuable commodities such as iron…
Australian coal industry says China market matters less than before, even if import ban ends
Australia would benefit from a lifting of China’s ban on its coal but any gains would likely be modest as miners have largely redirected supplies elsewhere, analysts said. Shares of ASX-listed coalminers shot up on Wednesday after reports China was considering lifting its restrictions on coal imports from Australia from April. The ban was imposed in mid-2020 amid deteriorating bilateral relations that have since begun to improve. Investors pared back their expectations of a significant boon for exporters on Thursday. Whitehaven Coal shares were down almost 2.5% in early afternoon…