Queensland deferred a return to budget surplus by a year as weaker commodity prices and the currency’s sustained strength eroded state revenue, even as it projected the fastest growth after Western Australia.
Coal’s worst slump in seven years has failed to deter GVK Group and Adani Enterprises Ltd. from pressing ahead with a $21 billion bet on Australia’s Galilee Basin as other companies shelve projects amid rising costs.
Glencore International Plc, Rio Tinto Group and Aluminum Corp. of China Ltd. are among companies shortlisted by the Queensland government to develop a bauxite project in the northeast Australian state.
BG Group Plc said it won approval for an Australian liquefied natural gas project that may cost A$15 billion ($13 billion) after the Queensland government completed a review of the environmental impact statement.
Wheat advanced for a second day, extending a rebound from the lowest level in nine months, on concern that freezing conditions in the U.S. probably hurt the winter crop, while wet weather may delay planting of the spring crop. Corn fell for a fourth day, deepening a bear market.
BHP Billiton Ltd. and a group of mining companies in Australia scrapped a proposed A$5.1 billion ($4.7 billion) offer for a state coal freight network, which the Queensland government plans to sell to the public this year.
Queensland’s state government, inheriting a planned $9 billion ($8.9 billion) coal port expansion from the previous administration, cut the scope of the project, saying it’s too costly and exceeds demand.
The Queensland government remains in talks with a group, including BHP Billiton Ltd ., which the Australian’s newspaper reported today has raised its bid for the state’s coal freight network to A$5.2 billion ($4.8 billion).