Speech – McMillan Woods Global Awards 2012 – by Mrs Gina Rinehart in Kuala Lumpur on receiving the award for “Visionary CEO of the Year”

by 19 November 2012

Good evening.

It is such a pleasure and honour to be in your country again and to receive this important award.

I am particularly pleased to be judged as the Global Visionary CEO. Thank you so much.

When we look around the world today we see too many countries in debt like my home country, Australia, and so many people yearning for leaders who have a vision of the future that captures our minds and [...]

North Australia Digest – 19/11/2012

by 19 November 2012

The Australian Financial Review

The Australian economy is not becoming more productive and will fall off a “growth cliff” when resources investment runs out according to Michael Chaney, Chairman of National Australia Bank and Woodside Petroleum. Economic growth is likely to slow to less than 2.5 per cent after 2015 because of burdens on business, including overlapping state and federal environmental regulations, and Labor’s industrial relations system, which makes the work place less flexible, [...]

North Australia Digest – 16/11/2012

by 16 November 2012

The Australian

Gas industry stalwart John Ellice-Flint claims the Queensland government is losing $2.3 million in royalties for each day that construction of the Gladstone LNG precinct is delayed because of red tape. ‘The unintended consequence of this non-fact-based regulation has been to severely curtail activities in this state and add costs’.

Metal prices and mining shares could be lifted as mine disruptions and delays crimp supply, according to BlackRock fund manager Evy [...]

North Australia Digest – 15/11/2012

by 15 November 2012

The Australian

Nationals Senate Leader Barnaby Joyce and NSW Liberal Bill Heffernan appealed to the WA government to rethink its deal with Shanghai Zhongfu. Senator Joyce asked if Zhongfu would pay Australian tax on any sugar or ethanol biofuel products produced from Ord land.

The joint venture partners of the $43 billion West Australian Gorgon LNG project have played down speculation they are facing a $20bn cost blowout that would dwarf anything in [...]

North Australia Digest – 14/11/2012

by 14 November 2012

Australian Financial Review

Australia’s biggest ever resources development, the Gorgon liquefied natural gas project, faces a $20 billion cost blowout to more than $60 billion because of the high dollar, union demands, high-cost local manufacturing and productivity issues. West Australian Premier Colin Barnett says companies were going through a tough period across the energy and mining sectors. ‘Some (companies) have become bloated with administration during the heady days…and they’ve come to the realisation their [...]

North Australia Digest 13/11/2012

by 13 November 2012

The Australian

Fears are mounting that Woodside Petroleum may develop its $40 billion Browse energy project using floating LNG technology, after the company dismantled its work compound at James Price Point in the Kimberley. The move comes as Woodside evaluates the tender bids for construction of the Browse project amid estimates that cost of a greenfields project in the Kimberley is likely to be prohibitive.

Speaking at the Origin Energy AGM, Managing Director Grant [...]

North Australia Digest – 12/11/2012

by 12 November 2012

Australian Financial Review

BHP Billiton’s new iron ore chief, Jimmy Wilson, has targeted more job cuts and a boost in labour productivity to revitalise its iron ore business now that boom-time ‘scarcity pricing’ has passed. BHP cut about 200 iron ore jobs after the sharp plunge in the price of the steel in August.

Jennifer Hewett reports on decision to put the $6 billion Oakajee port and rail project on indefinite hold following [...]

North Australia Digest – 8/11/12

by 8 November 2012

The Australian

Economics Editor David Uren points out the length of the mining boom will be decided by the industry’s ongoing competitiveness. Despite the huge possibilities for major investment in LNG in Australia, investors would need to be convinced that projects can be brought in on time and on budget, and the evidence on that, Uren argues, “is not  good.”

Despite pressure from her back bench, Julia Gillard is expected to stand by [...]

North Australia Digest – 7/11/12

by 7 November 2012

Australian Financial Review

Former V-P regional development of Oyu Tolgoi, David Paterson says the Asian White Century report tells a compelling story about the economic opportunities for Australian companies from the growing demand for minerals: ‘In addition to growing demand for mineral products in Asia, mineral production in Asia will rise…there is significant potential for increased mineral extraction in the future’.

The Australian

Julia Gillard is staring down heightened pressure to ban live [...]

North Australia Digest – 5/11/2012

by 5 November 2012

Australian Financial Review

The federal government’s energy white paper is expected to push benefits of more deregulation and privatisation of the energy supply industry by state governments. Robert Pritchard, executive director of the Energy Policy Institute, expects the white paper ‘will be much more explicit about the supply and demand problem in relation to domestic natural gas’.

The Minerals Council of Australia (MCA) said a Greens call to renegotiate the mining tax would [...]