Rio Tinto (NYSE:RIO)
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5 Years : From Apr 2012 to Apr 2017
The Queensland state government has scrapped plans for a $9 billion Australian dollar (US$8.85 billion) expansion of the Abbot Point coal terminal, the Australian Financial Review reported Saturday.
The project was going to be privately funded, but partners such as Rio Tinto PLC (RIO, RIO.LN) had pulled out, according to the report.
The state's infrastructure minister denied the decision was a sign the resources boom was slowing, in spite of the fact that commodity prices have been under pressure and mining giants have said they're reconsidering spending plans. Instead, the minister said funding constraints and environmental regulations got in the way of the terminal's expansion, according to the report.
-By Cynthia Koons, Dow Jones Newswires; +61 2 8272 4691; email@example.com