IRON MINES AND MINING – NORTHERN TERRITORY

Rich list bruised in iron ore price plunge

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 16 : 8-Sep-14

A number of prominent Australian business leaders are among the shareholders of failed iron ore producer Western Desert Resources. They include Bruce Mathieson, Roger Corbett, Scott Perrin and chairman Rick Allert. Shares in Western Desert last traded at $A0.145, compared with $A0.82 in October 2014. The company has advised that the sharp decline in the iron ore price contributed to its collapse

CORPORATES
WESTERN DESERT RESOURCES LIMITED – ASX WDR, MACQUARIE BANK LIMITED – ASX MBL, KORDA MENTHA AND COLLEAGUES PTY LTD, FERRIER HODGSON AND COMPANY, THIESS PTY LTD, BILLABONG INTERNATIONAL LIMITED – ASX BBG, COLES MYER LIMITED, TOURISM AUSTRALIA PTY LTD, WOOLWORTHS LIMITED – ASX WOW, FAIRFAX MEDIA LIMITED – ASX FXJ, BHP BILLITON LIMITED – ASX BHP, SHERWIN IRON LIMITED – ASX SHD, TERRITORY RESOURCES LIMITED, MEIJIN ENERGY GROUP COMPANY LIMITED, NOBLE RESOURCES NL

Iron ore slump hits economy

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Original article by Jacob Greber, Angela Macdonald-Smith, Vesna Poljak
The Australian Financial Review – Page: 1 & 4 : 8-Sep-14

The iron ore price has fallen to $US83.60 per tonne, and has now shed 38 per cent so far in 2014. The downturn has forced Northern Territory-focused Western Desert Resources into administration. Meanwhile, former federal government minister Peter Reith has warned that Australia will eventually face another recession and reforms should be implemented now in order to reduce the impact of any economic downturn

CORPORATES
WESTERN DESERT RESOURCES LIMITED – ASX WDR, RESERVE BANK OF AUSTRALIA, FAIRFAX MEDIA LIMITED – ASX FXJ