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Provider: Reuters Investment Profile
Provider: Thomson Reuters Stock Report
Provider: MacroRisk Analytics/EconomicInvestor

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BHP Billiton plc Shelves $3 Billion Australian Coal Mine Plans-Reuters

Wednesday, 19 Sep 2012 08:19pm EDT 

Reuters reported that BHP Billiton plc has shelved plans to build a $3 billion coking coal mine in Queensland as part of the spending cuts announced by the miner last month, the Australian newspaper reported. Studies had ceased on the Red Hill underground coking coal mine and the Saraji East underground mine projects, which would have each produced up to 14 million tonnes per year, the paper said, without citing sources. Tumbling prices for coal, iron ore and other resources due mainly to a slowdown in top consumer China have prompted miners across the market to reconsider expansion plans and in some cases cut back production. 

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