Antinuclear

Mining billionaire Andrew Forrest fights Cauldron Energy for uranium mining rights

Billionaire Miner Fights Rivals to Halt Digs on His Ranch. Business Week. By Elisabeth Behrmann and Joe Schneider on February 17, 2013 Andrew Forrest, Australia’s richest man who made his fortune digging up iron ore, is fighting bids to exploit the mineral wealth under his own half-a-million acre family ranch in the nation’s remote northwest outback.

Forrest, 51, founder and executive chairman of Fortescue Metals Group Ltd., the biggest seller of high-yield debt in the mining industry, sued to block attempts to search for uranium on his Minderoo ranch and last month failed in a bid to halt sand mining on the property….

“In Australia, by law, you only own the top meter, everything underneath, that is owned by the people of Australia,” Peter Strachan, a resources analyst at Perth-based StockAnalysis, said in a phone interview. “If someone puts in a request to explore on your land, you have to deal with that and make sure you’re compensated for access.”…..

Forrest is also fighting on a second legal front. Cauldron Energy Ltd., chaired by another mining entrepreneur, Tony Sage, applied for exploration licenses over some of Minderoo on April 4 for its Yanrey uranium project. Forrest & Forrest filed objections on May 8. A hearing date hasn’t been set yet………http://www.businessweek.com/news/2013-02-17/billionaire-miner-fights-rivals-to-halt-digs-on-his-ranch

February 18, 2013 - Posted by Christina Macpherson | business, Western Australia