05 OCTOBER 2015www.abc.net.au
Glencore - Queensland Govt's preferred developer for Aurukun bauxite mine
Edited by : AL CIRCLE
2 min read
A consortium seeking to mine rich bauxite deposits in Aurukun, in far north Queensland, is urging the State Government to reconsider its bid, amid growing uncertainty about Glencore's future.
Glencore is the Government's preferred developer but the multinational's share price plunged 30 per cent over debt concerns earlier this week and despite a rebound, it is still down 70 per cent since the start of the year. Analysts predict the Swiss-based resources giant may shelve projects.
The Aurukun Bauxite Development (ABD) consortium, including some traditional owners, lost out to Glencore. ABD chairman Nick Stump said its bid was still financially sound. "We'd have to see a change in the attitude from the State Government here," he said.
Treasurer Curtis Pitt said the Government had no plans to change its preferred developer.
"It's very important not to jump too far ahead of ourselves here but what we know is that there's a very good resource at Aurukun and of course we would hope that Glencore would be able to continue going through that process," he said.
"We've not had any conversations to the contrary at this point, so I trust that it's going to be travelling well going forward but very clearly there is a lot of volatility in international markets, particularly as it relates to commodities."
Glencore is the Government's preferred developer but the multinational's share price plunged 30 per cent over debt concerns earlier this week and despite a rebound, it is still down 70 per cent since the start of the year. Analysts predict the Swiss-based resources giant may shelve projects.
The Aurukun Bauxite Development (ABD) consortium, including some traditional owners, lost out to Glencore. ABD chairman Nick Stump said its bid was still financially sound. "We'd have to see a change in the attitude from the State Government here," he said.
Treasurer Curtis Pitt said the Government had no plans to change its preferred developer.
"It's very important not to jump too far ahead of ourselves here but what we know is that there's a very good resource at Aurukun and of course we would hope that Glencore would be able to continue going through that process," he said.
"We've not had any conversations to the contrary at this point, so I trust that it's going to be travelling well going forward but very clearly there is a lot of volatility in international markets, particularly as it relates to commodities."
Unlock full access – sign up for FREE.
Key benefits
Find exclusive data-driven insights and in-depth analysis
Get our daily newsletter delivered straight to your inbox
Access real-time and historical price trends from global indices
Post and respond to latest business leads
Stay ahead with alerts on learning tools
...and so much more!SIGN UP / LOGIN
Previous article
IMO's sub-committee on CCC meets to discuss bauxite liquefaction
Next articleStricter rules on bauxite mining planned in Terengganu, Malaysia
Grow with
AL Circle
