Briefs

Iron ore in demand

World iron ore output will need to rise by at least 100 million tonnes a year over the next eight years to meet demand, Rio Tinto says. Global output in 2010 was about 2 billion tonnes.

ENVIRONMENT

Coalmine fight

Environmentalists are shaping up for a fight between traditional owners and developers after Aust-Pac Capital referred a proposal to the federal government last week to develop a coalmine on Aborigine-owned land north of Cooktown on Cape York.

TAXATION

Don't try cheating

The Tax Commissioner, Michael D'Ascenzo, has reminded taxpayers that anyone who tries to cheat the system will be caught, after finding $220 million of dodgy claims over the past two months.

ZINC

Eyeing Ironbark

Ironbark Zinc's major shareholder, Glencore, could make a bid for the junior explorer, which has struck a deal with the state-owned construction giant, China Nonferrous Metal, to develop one of the world's largest zinc projects in Greenland.

TAKEOVER

Sundance holds out

Sundance Resources continues to say a $1.44 billion takeover bid by the iron ore explorer's largest shareholder is not sufficiently priced. China's Hanlong Mining launched the offer of 50? a share in July.

BANKING

Mecu is first

The mutual financial institution, Mecu Ltd, has become Australia's first mutual bank after winning approval from the prudential regulator and the Reserve Bank. Mecu has changed its trading name to bankmecu.

MANGANESE

Debnam defeated

The former NSW Liberal Party leader, Peter Debnam, failed yesterday to win a seat on the board of manganese player OM Holdings. He was one of two prominent Australians nominated by Consolidated Minerals in a hostile bid to shake up the OMH board.