Australia: Bauxite mine to destroy state rainforest delayed by activists & economy

“It’s kind of like Steve’s church,” said Irwin, 44, whose husband died
in 2006 when a stingray pierced his heart during filming of a
documentary. A global recession may also help Irwin’s fight to stop a
bauxite mine in Queensland state’s tropical forest. Bauxite is the raw
material for aluminum. Irwin is trying to get the Queensland site
declared a nature refuge. Cape Alumina Ltd., backed by Denver-based
Resource Capital Funds and China’s Chiping Xinfa Huayu Alumina Co.,
wants to build a A$500 million mine and port in the area.

Value this writer by clicking / reading full text here:
http://www.bloomberg.com/apps/news?pid=20601081&sid=ao_vyK.dWZvs&refer=australia

“He lived and died defending wildlife. It would be embarrassing if it
were destroyed simply for making a little bit more aluminum foil.” The
135,000 hectare (335,592 acre) Steve Irwin Wildlife Reserve, home to
pythons and birds of paradise, is one of the environmentally sensitive
areas that were marked for exploration during a six-year bull market
in commodities that drove the value of mining project developments in
Australia to a record A$70.5 billion last year.

Australia is the world’s biggest exporter of coal and iron ore. Delays caused by
environmentalists “could cause projects to be put on hold or canceled”
in this economic climate, said Phil Baker, director of mining and
environment at Melbourne-based GHD Pty, which advises companies
including Xstrata Plc and Rio Tinto Group. “You can’t engage capital
if there is a level of uncertainty, particularly in a
capital-constrained market.”

Value this writer by clicking / reading full text here:
http://www.bloomberg.com/apps/news?pid=20601081&sid=ao_vyK.dWZvs&refer=australia

To keep this blog going it has to keep growing! What’s most essential
is you click below to: comment, email, repost, share this…