Australian news, and some related international items

BHP Billiton downsizes Olympic Dam project, as uranium market collapses

BHP Billiton Shrinks Project Team for Olympic Dam Mine, WSJ, BY ROBB M. STEWART, August 29, 2012,  MELBOURNEBHP Billiton Ltd. is reducing the size of the project team working on scaled-back plans to expand its Olympic Dam copper and uranium mine in South Australia, with roughly 140 employees facing transfer or lay off.

Melbourne-based BHP, the world’s largest mining company by market value, last week cut or deferred billions of dollars in proposed investments and said it wouldn’t approve any new major project until at least the middle of next year as costs continue to soar and commodity prices slump. The highest-profile casualty of the clamp down on spending was its US$30 billion Olympic Dam project, and …subscribers only SB10000872396390444506004577618130532297156.html

August 30, 2012 - Posted by | business, South Australia, uranium

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