News
Senex pulls $200m equipment order in gas investment freeze
Gas producer Senex Energy has pulled about $200 million of purchase orders for its stalled Atlas project in Queensland, sources close to the company say, as evidence firms of investment drying up after last month’s gas market intervention by the Albanese government. The move by Senex, owned by South Korean steel giant Posco alongside Gina Rinehart’s Hancock Energy, comes as Cooper Energy put a proposed gas project under review off Victoria, citing the shock move to effectively regulate market prices on the east coast on an ongoing basis.
Mining State Western Australia to Legislate Net-Zero by 2050
Speaking at the National Mining Day celebrations last year, Rinehart said green activists are, on the one hand, “proving a boon to the mining industry” while, on the other hand, “moving on many fronts to diminish mining,” including through the education system. “Many governments around the world, as they throw taxpayers’ money on green this and that policies to get their countries deeper into debt ensuring for the next generations to be saddled with higher taxes, will require massive investments in mining if their green policies are to be achieved. So why make it more and more difficult with onerous and increasing government burdens?”
Bumper year for resources sector sales and jobs as records tumble
WA’s resources sector has smashed two key records, with the number of people working in the industry and sales hitting an all-time high, new figures show. The McGowan Government is committed to growing and diversifying our resources industry to boost our global reputation as one of the world’s most advanced and successful resources sectors,” acting Mines Minister Sue Ellery said.”With strong investment and multiple projects in the pipeline, I am confident WA’s mining and petroleum industries will continue to support decades of economic growth.” WA was responsible for 34 per cent of the world’s iron ore output, the figures show, and 99 per cent of Australia’s production.
Robert Gottliebsen: Greens hold governments hostage on gas, and we’re paying
The Victorian Energy Minister last week issued a statement that must rank among the most misleading made by a federal or state politician in recent times. The minister was misleading gas users both in Victoria and NSW but I fear she also misled the Federal Energy Minister Chris Bowen, whose gas price curbs are a mess because the gas supply situation is totally different to coal. When governments either state or federal act in a way that deliberately misleads the public it damages our democracy. But it also damages the media when journalists are simply not courageous enough to take on state or federal ministers when they conceal their real motivations.
Congressman Tom McClintock speaks to the fundamental importance of fossil fuels
About 3% of vehicle sales are now electric. Congratulations only 97% more to go! Just don’t ask how you’re supposed to charge all of them… Natural Resources Committee 16/11/2022.
Sun Cable project enters voluntary administration
The Sun Cable project – a multi-billion dollar initiative to export solar power from Australia to Singapore – has entered voluntary administration.
Atlas gas project job hiring put on ice
RECRUITMENT for more than 370 jobs, new investment and future contracts related to Queensland’s $1bn Atlas expansion project – aimed at boosting east coast supplies – will be put on ice until the outcome of the Albanese government’s consultation on its new gas price cap rules. Senex Energy, which is jointly owned by South Korean giant POSCO International and Gina Rinehart ’s Hancock group, announced the decision on its website, in response to the passing of the energy price relief bill earlier this month. New laws passed by the Albanese government “that could arbitrarily dictate investment returns” for gas producers puts its investment at risk and would result in less gas, electricity shortages, fewer jobs and weaker regional communities that rely on the resources sector, Senex warned.
Crackdown puts gas on backburner
Future gas and LNG projects valued at $32bn are under threat of having investment stalled or pulled under the Albanese government’s “hostile attitude to Australia’s resources sector” after the Gina Rinehart-backed Senex paused its $1bn Surat Basin expansion. Senex has left open the possibility of returning to the $1bn expansion if the federal government rethinks its gas industry plans. However, it has paused recruitment and spending on long lead items “pending the outcome of the Albanese government’s mandatory code of conduct consultation process” on February 7.
Ellison targets gas
Norwest offer a ‘Christmas present’ Chris Ellison’s Minerals Resources is open to cooperating on gas with Gina Rinehart after joining the gathering consolidation of the onshore Perth Basin with a $403 million buyout bid for partner Norwest Energy. The $16 billion mining and services group has bypassed Norwest’s board and gone straight to its shareholders, seeking to secure full ownership of the Lockyer Deep gas find, touted as potentially Australia’s biggest onshore discovery. “It’s Christmas time, so we’re giving the Norwest Energy guys the ultimate present, MinRes shares wrapped in a bow,” Mr Ellison, MinRes’ founder and chief executive, said.