Tag Archives: Tim Murray

Citic’s Australian mine a pit of despair

Michael Sainsbury Once-mighty Citic Pacific was almost destroyed by a currency-hedging scandal in 2008. Today, the Chinese conglomerate is again caught up in crisis as it pours cash into the much-delayed Sino Iron mining project in Western Australia, a black hole that has swallowed over $10 billion to date. The iron ore mine in the

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Falling iron ore prices a new years gift for struggling mills.

Michael Sainsbury Iron prices are continuing their new year slide, touching six month lows of $123 per tonne last week, confounding analysts who are used to prices spiking before the Chinese New Year. Stockpiles at Chinese ports have soared past 90 million tonnes at the last count yesterday at 92 million tonnes was the highest

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The Economic stimulus you have when you are not having a stimulus

Michael Sainsbury Just when many thought the fall in China’s economic growth showed no signs of abating, its government has ramped up a stimulus program worth trillions of yuan that has turned assumptions on the imminent plunge in prices for iron ore and other commodities on its head. The stimulus-you-have-when-you-are-not-having-stimulus is designed to prop up

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Do Australian politicians, and Treasury, have any idea about China’s economy?

Michael Sainsbury Kevin Rudd will miss the G20 summit in St Petersburg because of his September 7 poll — and the fragile state of the Australian economy is a factor in this decision. The key reason for this that we are firmly on the other side of the peak of the unprecedented China resources boom. China will

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Will 2013 be Groundhog Year for iron ore?

That’s certainly what I’d like to ask Andrew Mackenzie who recently ascended to the top job at BHP Billiton, the world’s biggest and best mining company at a time when it will have to re-engage with its biggest customer. Under Marius Kloppers – the only person on the planet that thought a deal with Rio

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