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RESOURCES

Action against Vale

The iron ore miner Vale has rejected a claim from its joint venture partner that the Brazilian giant prevented coal shipments from its Queensland mine. Aquila Resources has started legal proceedings against Vale, seeking damages for four shipments from the Isaac Plains mine that it said Vale stopped from being exported.

BANKING

CBA holiday bonus

The Commonwealth Bank will open some branches in NSW and the ACT on the August 1 bank holiday. The decision came after the bank's application to trade on the bank holiday was approved by the NSW state government yesterday.

PHARMACEUTICAL

Drug approved

The pharmaceutical and biotechnology developer Alchemia has received US Food and Drug Administration approval for its synthetic anti-coagulant used to prevent deep vein thrombosis. Alchemia's shares gained 18.5?, or 30 per cent, to close at 80?.

CHEMICALS

Soda to fizzle out

The soda ash manufacturer Penrice Soda Holdings has said the carbon tax will erode its estimated net profit by about $6 million in the first year of the scheme without government help. However, the company expects to receive the full assistance being offered to emissions-intensive entities.

COAL

Production rise

The coal miner Coal & Allied Industries has reported a rise in first-half production and is on track to achieve a full-year lift of 5 to 10 per cent. Output at its Hunter Valley operations recovered strongly after low levels of blasted material hampered first-quarter production.

CARBON TAX

Nickel jobs 'at risk'

The mining magnate Clive Palmer said the carbon tax would put 1000 jobs at risk at the Queensland Nickel plant near Townsville. Mr Palmer, who is chairman of Queensland Nickel, said Australia would become an "economic basket case" under the government's planned carbon-pricing scheme.


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