MARTIN COLLINS: John Durie | October 17, 2009 Article from: The...

MARTIN COLLINS: John Durie | October 17, 2009

Article from: The Australian

http://www.theaustralian.news.com.au/story/0,25197,26220051-5013408,00.html

Bad day for resources groups

YESTERDAY was a bad one for the big resources companies with Rio apparently forgetting to renew another Pilbara mining lease to the benefit of Hemisphere Resources, whose claim resulted in a 36 per cent share price increase to 30c a share.

Last time around Rio used its muscle to drag Cazaly through court to win back an iron ore lease.

Then there was the team of senior executives from Indian conglomerate Essar whose private jet broke down at Emerald airport in central Queensland, allowing all to see they were in town.

The mission was some due diligence on coal miner Caledon Resources, which is under review from its parent company in a strategic review from Royal Bank of Canada.

The quiet mine visit turned into the talk of the town.