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WESTERN AUSTRALIA — The first gold has been poured and the initial copper concentrate shipment made at the Boddington mine belonging to Newmont Mining of Denver. At full production, this will be Australia’s largest gold mine.

The Boddington mine is a large open pit 130 km southeast of Perth within the Saddleback Greenstone Belt. Newmont believes Boddington has significant exploration potential, with gold reserves increasing from 16.6 million oz in 2007 to 20.1 million oz in 2008 and an expected mine life in excess of 24 years.

Source  :  www.canadianminingjournal.com

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WESTERN Australia’s Liberal Government has handed down its first Budget, delivering a $647 million surplus but warning the state will be in deficit by 2012.

Treasurer Troy Buswell today delivered his first Budget since the Liberal Government came to power last year.

He said the 2008/09 surplus of $647 million would shrink to $409 million in 2009/10, and just $23 million the following year.

By 2011/12 the state will be in deficit to the tune of $513 million.

“Over the past months, as the global economy has been in decline, the state has been hit by large downward revisions to projected taxation revenue, GST grants from the Commonwealth and mining royalties,” Mr Buswell told parliament.

“Since the mid-year review, the Budget has lost a massive $4 billion in forecast revenue from these sources.”

Last year, then treasurer Eric Ripper delivered a surplus of more than $2 billion on the back of a booming commodities sector.

Economic growth remained high at 8 per cent for the 2008/09 financial year.

But forecasts predicted growth would fall into negative territory in 2009/10, with unemployment expected to peak, and business investment to fall by 17.5 per cent.

Mr Buswell said the Government would provide a one-year payroll tax rebate to small businesses with payrolls of up to $3.2 million to help protect jobs.

“Some 6,700 small businesses will be eligible for this payroll tax rebate, which will fully offset payroll tax for around 68,000 employees,” he said.

“The cost of this rebate is estimated at $100 million.”

A $47 million jobs training and skills package, and a $8.3 billion spend on infrastructure in the next financial year are key components of the Budget.
Mr Buswell said law and order were also strong focuses, in line with the Government’s election promises to boost funding for police and pump more money into prisons

Mr Buswell said the Government’s election promise to toughen up sentencing laws and introduce mandatory sentencing for people who assault police was underpinned in the Budget by a significant investment in prison capacity.

 

A total of $655 million will be invested in 2012/13 to create an extra 1657 prison beds across the state.

A record $5.1 billion spend on health services in the next year – rising 5.9 per cent, or $282 million from last year – will include the fast tracking of forward works for a new children’s hospital, the construction stage of the Fiona Stanley Hospital, and new hospitals in two regional centres.

Mr Buswell said the Government would push ahead with public sector reforms in a bid to achieve improved performance and efficiency.

The first stage of the economic audit committee promised by the Government during the last election was complete and a range of hard decisions had delivered $7.6 billion over the forward estimates, Mr Buswell said.

“I am looking forward to the second stage of the economic audit to identify strategies for broader reform over the longer term, so we can ensure the budget stays in surplus,” he said.

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studentsUNIVERSITIES are urging the Government to ease immigration restrictions on academics to help head off a looming shortage as large numbers of baby-boomer professors and lecturers retire.

Amid the fallout from the global financial crisis, the Government in March moved to cut the permanent skilled migration intake. But universities, which see migration as a way to overcome looming academic skills shortages, are warning that the move could leave the economy short when it recovers.

universitiesof five universities, said in a briefing paper.

“In fact, it has the potential to see the economy left wanting precisely at the time we expect to see improved economic conditions.”

The ATN is lobbying Immigration Minister Chris Evans to ease restrictions on academic migration to make it easier to recruit offshore amid rising competition globally for academics.

Between 1994 and 2006, Australian universities employed more than 7000 academics from overseas on permanent or long-term arrangements.

“This figure will need to grow expotentially to replace the exodus of academics leaving the workforce in the next 15 years,” the ATN said.

http://www.theaustralian.news.com.au

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