Mega miners tighten iron grip as Australia ports stall

A new deepwater port on Australia’s Indian Ocean Coast was supposed to be the showpiece of the country’s decade-long mining boom and open up a huge new iron ore belt to export to Asian markets.

But twice in the past 15 years, plans for the port on a scrubby stretch of land 400 km (250 miles) north of Perth have collapsed, most recently last month, when Japan’s Mitsubishi Corp put the US$6 billion project on ice due to spiralling costs and falling iron ore prices.

via Business feed http://www.scmp.com/business/companies/article/1108162/mega-miners-tighten-iron-grip-australia-ports-stall