News Wrap

IN THIS morning’s News Wrap: Itochu backs coking coal mine in the Bowen Basin; Rio Tinto hits back at US fraud charges; and Cut tax and funds will flow, says BHP.

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Itochu backs coking coal mine in the Bowen Basin

Japanese trading giant Itochu has signed a deal with Queensland company Vitrinite to develop a new coking coal mine in central Queensland, in a further sign of the resurgence of the coal sector since the global downturn, according to the Australian Financial Review.

The deal between Itochu and Vitrinite is significant because it involves the development of a new greenfield tenement in the Bowen Basin following the discovery of  a potential 123 million tonnes of metallurgical coal with the deposit promising some of the highest-quality coking coal ever found in Australia.

Rio Tinto hits back a...

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