News

‘Intervention’ risks boom
“At a time when we need more investment to unlock the nation’s vast critical minerals potential, Australia’s investment environment is deteriorating at speed. You cannot keep throwing punches at Australian businesses and expect to maintain the same level of economic growth and job creation,” Ms Constable said in an opinion piece ahead of an appearance at Seven West Media’s Resources Technology Showcase.

Boom is ‘not our birthright’
This new mining boom is not our birthright. A steady stream of excessive interventions by governments have put Australia’s chances of reaping an incredible, long-lasting dividend from this new mining boom at genuine risk. These include heavy-handed industrial relations laws that impinge on productivity and threaten jobs. There is a genuine risk of Australia’s critical minerals remaining in the ground, as companies and investors prioritise foreign resources developments where costs are lower, policy settings more stable, and returns are higher. We need to seize the opportunity and not squander it. Because when Australian mining does well, Australians do well.

We cannot let opportunity ‘pack its bags’
Commentary by WAN Editor-in-Chief Anthony De Ceglie courtesy of the West Australian.

Koch gets down to business
Sunrise host and business expert David “Kochie” Koch says WA “punches above its weight” when it comes to innovation. The leaders will be discussing the future of the resources workforce. “I’m looking forward to delving into how they’re re-engineering their businesses for this global environment,” Koch said.

Australia’s ‘investment climate deteriorating’, says Japanese gas giant
Takayuki Ueda, chief executive of Japanese gas giant Inpex, has warned that Anthony Albanese’s sweeping energy market interventions will “choke investment, strangle expansion of LNG projects and allow Russia, China and Iran to fill the void”. Mr Ueda and Japanese ambassador Shingo Yamagami delivered stinging rebukes of the Albanese government’s energy and gas policies at a closed-door lunch in Parliament House on Thursday, attended by Resources Minister Madeleine King and Trade Minister Don Farrell. “Australia may be a lucky country but needs to recognise it is in a global competition. The race has started, and Australia already lags far behind. Certainty in policy direction and a stable regulatory framework will continue to encourage strong investment in Australia,” Mr Ueda said.

‘Hard to overstate’ the importance of mining
The resources sector contributed more than $10.7bn in direct and indirect spending into the local economy last financial year, equivalent to more than 8 per cent of gross state product, the South Australian Chamber of Mines and Energy says. SACOME on Wednesday released its latest Economic Contribution Analysis which shows that 15 resources companies employed 7825 people directly in 2021-22, and supported the employment of another 42,832 people. SACOME chief executive Rebecca Knol said: “The results are testament to the resilience of the sector which has safely operated throughout the Covid-19 pandemic; helping to maintain the economic health of the state despite navigating travel restrictions, lockdowns, absenteeism and supply-chain impacts,’’ Ms Knol said.

At the forefront of technological revolution
From autonomous vehicles and artificial intelligence to safer and more efficient mining equipment, advancements in resources technology are essential to progress in the field. Hancock Prospecting Group Operations CEO Gerhard Veldsman said from day one Roy Hill Executive Chairman Gina Rinehart had encouraged a culture of innovative thinking and the use of leading technologies across the miner’s iron ore operation. “Roy Hill is powered by smart people, using data-driven insights with integrated technology and systems to ensure safer operations, higher productivity and predictable execution,” he said. “Not only are we helping to develop and integrate advanced technologies and capabilities that keep our people safe but we are also making our business more efficient, and demonstrating Roy Hill’s progressive and forward-thinking approach.

Coal king again
COAL has proven resilient in uncertain times and there is now widespread belief that it will continue to provide the nation’s baseload power and economic growth – barring a black swan event such as a financial crisis or a war with our major trading partner, China. In a week in which Prime Minister Anthony Albanese announced the eye-watering $368 billion cost of eight nuclear submarines, it should be remembered that tax on coal and iron ore exporters are two of the main drivers of government revenue. The coal mining industry does not operate in a vacuum and must keep maintaining steady and safe production of high-quality coal to global and regional markets despite any financial or geopolitical noise if it wishes to remain Australia’s king of exporters.

LNG exports may need to fill shortfalls
Queensland’s LNG exporters may need to divert gas to domestic customers to head off a shortfall in the southern states this winter and even then, shortages may occur, the Australian Energy Market Operator has warned, sharpening the focus on the crisis in the east coast market.The market operator said in its 20-year gas supply and demand outlook for the east coast that under any scenario, investment was needed in gas development on the east coast. But it highlighted many factors posing challenges for new projects, including the federal government’s intervention into the market through price caps and ongoing price regulation, which has caused several projects to stall. Senex Energy, owned by South Korea’s Posco and Gina Rinehart’s Hancock Prospecting, has put on ice its proposed $1 billion Atlas project in Queensland, while Cooper Energy has delayed a go-ahead to expand its Otway gas project off Victoria.

Australia ramps up fossil fuel exports to India, but also lithium for renewables
Australia will ship more coal, gas and critical minerals to India under government plans to expand upon more than $24 billion in annual exports when Prime Minister Anthony Albanese visits three Indian cities this week after years of friction with China over trade and security. The stronger strategic relationship is tipped to lead to more investment in Australian resources including lithium at a time when countries are racing to secure supplies to manufacture batteries and electric vehicles – a key objective for India this decade.Resources Minister Madeleine King, who will join the prime minister on the trip, said the Indian government was showing “great interest” in Australian critical minerals as part of its plan to lift the share of renewable energy in its economy.

Iron ore on Australian trade agenda to India
Iron ore trade is on the agenda as Australian prime minister Anthony Albanese leads a state visit to India this week, along with three of Australia’s largest iron ore mining firms and resources minister Madeleine King.

Hancock Group | Building an Exceptional Future
Women play an essential role at all levels of the Hancock Group. Executive Chairman, Mrs Gina Rinehart, is an industry leader, providing a role model and inspiration for other women. We are proud to be an organisation committed to developing opportunities for women across our operations.