Manufacturers scour for gas as squeeze tightens

Manufacturers have warned an ongoing gas crunch could force factories to the brink, as big users on the east coast scramble to find new supplies to power their industrial operations. The federal government late last year legislated a cap on uncontracted gas at $12 a gigajoule, and said it would establish a mandatory code of conduct to force gas to be sold at “a reasonable price”. The intervention has caused a spate of proposed new gas developments to stall, and leading mining supplier Orica said Australia was not competitive with other jurisdictions. “Our gas pricing in this country is capped at $12. If I manufacture in Canada, I pay less than $C2 per million British thermal unit,” Orica chief executive Sanjeev Gandhi said. “So even when you consider imports and supply chain costs, if I bring the product into Australia, it is still cheaper than the high gas price that I have to absorb. So already today, I have this disparity.”

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Atlas Iron | Congratulations to our Executive Chairman, Mrs Gina Rinehart AO, on being announced as the 2023 Western Australian of the Year.

Recognised for her outstanding contribution to the state and national economy, Mrs Rinehart was also awarded the 2023 Business Award. A passionate philanthropist, Mrs Rinehart supports various medical, educational, sporting, health and community organisations, including the life-changing Hanrine Futures Scholarships, which ensures disadvantaged and vulnerable Indigenous children in the Pilbara receive an education and a guaranteed job.

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Regions play to resources’ strengths

WHEN Prime Minister Anthony Albanese took his full ministry to Port Hedland in February, the focus was on the importance of the resources sector. It was an opportunity for Mr Albanese and his east coast colleagues to see first-hand the enormous scale of iron ore export operations from the port. Port Hedland Mayor Peter Carter had a more complex agenda. “We have always maintained that Port Hedland is an economic powerhouse for our nation, but we also face numerous challenges as we try to prosper as a community,” Mr Carter said. Mr Carter welcomed the prime minister’s announcement that $565 million would be invested into Pilbara ports but said this needed to be supported by investment in social infrastructure. “The state and nation need a thriving port to drive our economy, but the port also needs a thriving Hedland to succeed,” Mr Carter said.

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Plucking the hissing goose

Australia must stop demonising mining | Gina Rinehart | 2023.

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Mrs Gina Rinehart AO | Speech to Queensland Resources Council Lunch

16 May 2023.

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Too much fiscal intervention will make miners wary

Resources companies aren’t doing Australia a favour by investing in the country, they’re doing it because there’s money to be made, even with an increasing government take. But the danger for governments with a propensity to fiddle with industry tax regimes is overestimating their willingness to pay. It’s easily overlooked when company bosses warn that changes to Australia’s fiscal regime will force investment capital offshore and make other jurisdictions more attractive that the country still has a lot going for it.

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WA toppled as world’s most attractive mining province

Western Australia has been toppled as the world’s top-rated mining investment destination but remains Australia’s most attractive jurisdiction. The Institute ranks the attractiveness of the world’s mining jurisdictions by measuring their practices, mineral potential and regulatory and fiscal policies based on a poll sent to nearly 2000 people in the mining industry. WA’s drop was blamed on a drop in its policy score, which shunted it from 4th to 10th last year, as miners “expressed increased concern over its taxation regime, uncertainty regarding environmental regulations and regulatory duplication and inconsistencies”, the Fraser Institute report said.

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One of Australia’s leading energy analysts says the Federal Government’s changes to the Petroleum Resource Rent Tax means the nation has “lost its competitive advantage” in the lucrative LNG sector.Mr Kavonic warned the changes could lead to the gas industry — already reconsidering Australian investment after east coast policy intervention — thinking twice about the west coast now, too.

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Labor’s tax take to hit 15-year high

The federal government’s tax take is poised to hit its highest level in 15 years thanks to soaring resource sector profits and inflation pushing workers into higher tax brackets. Veteran budget watcher Chris Richardson expects the May 9 budget to reveal tax revenue as a share of the economy will reach 23.8 per cent next financial year, which will be the highest level of collections since 2008.

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Playing the Game

Get them young and maybe you’ll get them for life — that appears to be Gina Rinehart’s latest play to shore up an appreciation of mining. The billionaire has unveiled a novel counter to the shrill opposition against the industry, launching a kids app to massage the notion that resources are not only necessary to sustain modern living, but they also offer a fabulous career. Margin Call downloaded the game – Roy Hill Mine Tales – and attempted its basic challenges: dynamite was laid, ore was loaded onto a truck, the minerals were crushed, washed with a hose, and, in a final boss challenge, they had to be sucked up and directed into the hull of a barge, probably destined for China.“All I would say is those kids might have a bright future working for the best mining company in Australia, the biggest prize of all.”

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