North Australia Digest – 27/11/2012

by 27 November 2012

The Australian Financial Review

Australia could underachieve in the Asian century due to high costs and falling productivity according to Ian Bauert, the head of Rio Tinto’s China operations. As Chevron said more than $100 billion in LNG investments in Australia “hang in the balance”, Mr Bauert said Australia had become the miner’s most expensive place to do business after being the cheapest five years ago.

The Queensland government has called for expressions of [...]

North Australia Digest – 26/11/2012

by 26 November 2012

The Australian 

Despite generating more than $100 billion a year in revenue and inspiring tens of billions of dollars in new investment, West Australia’s resources sector is experiencing mounting pressure from rising costs, new taxes and wobbly demand forecasts.           

West Australia’s major iron ore miners have remained bullish despite being at the mercy of commodity prices and Chinese demand. Atlas’s managing director Ken Brinsden says “[t]here has been volatility and [...]

North Australia Digest – 23/11/2012

by 23 November 2012

The Australian

Shanghai Zhongfu president Wu Pui Ngai is poised to pour $700 million into Australia’s remote East Kimberley to grow sugar and has hit back at critics worried that he does not have deep-enough pockets.

Mrs Gina Rinehart has launched her new book North Australia and then some, and spoke with passion about developing northern Australia via irrigation: “food is going to be a great need for the world, especially for our [...]

North Australia Digest – 22/11/2012

by 22 November 2012

The Australian

Alcoa Australia managing director Alan Cransberg recently backed calls from others in the industry for the nation to make more of its vast gas reserves, rather than exporting them all as LNG. “If we want to be a country with a diversified economy, then we have to have energy.”

In Alan Cransberg’s recent report on the aluminium industry he observes that the carbon and mining taxes (which the industry fears the [...]

Speech – On Mr. Lang Hancock – by Senator Cory Bernadi to Australian Senate

by 21 November 2012

This Thursday marks the 60th anniversary of Mr Lang Hancock’s famous flight during which he discovered enormous iron ore deposits in Western Australia. It also marks the start of a shining example of entrepreneurship and private enterprise in Australia’s history. In 1952, on a flight with his wife to Perth, Lang Hancock was forced to fly low to avoid storm clouds. In doing so, he flew low enough to spot iron ore deposits in a nearby gorge. After further investigation and a number of visits [...]

North Australia Digest – 21/11/2012

by 21 November 2012

The Australian

The Chinese Development company that has won the rights to develop stage two of the Ord River project, Shanghai Zhongfu, will inject $700 million to develop a giant new irrigated sugarcane region. As part of the plan a $425m sugar mill will be built, providing an estimated 400 jobs during its construction and another 400 jobs once operational.

A $1.4 billion tourism development has been approved at Ella Bay in Far [...]

North Australia Digest – 20/11/2012

by 20 November 2012

The Australian Financial Review

International energy experts are the latest group to warn that high costs are putting at risk $150 billion in future LNG investments in Australia. The calls echo concerns raised by local gas producers including Santos and Woodside Petroleum that investment in the sector will dry up amid increased competition from overseas.

Santos has made a significant gas find and bought into an exploration licence at the Browse Basin of [...]

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 [...]