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.
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).
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.
Money manager William Fries went to India in the summer of 2010 in search of investments for his Thornburg International Value Fund. Visiting companies in Mumbai and Delhi, he found they kept diesel backup generators on hand for the power interruptions that are common as the country struggles with an inadequate electricity supply.
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.
ConocoPhillips and Origin Energy Ltd. won approval from Australia’s Queensland state for a proposed $35 billion liquefied natural gas project, bringing the development a step closer to a final investment decision.