Author: Samantha Bawden

Long gone are the days of sub dollar prices at the bowser.The global oil market is experiencing unprecedented turmoil as the war in the Middle East creates the largest supply disruption in the history of the global oil market, according to the International Energy Agency (IEA).The crisis has led to a near halt in tanker movements through the Strait of Hormuz, a critical oil transit chokepoint between Oman and Iran. As crude and oil product flows plunge from about 20mb/d before the war to a trickle at present, Gulf countries have cut total oil production by at least 10mb/d, according to IEA data.With limited options to bypass the chokepoint, the strain is being felt by producers and consumers worldwide.Benchmark crude oil prices have surged about 40% since the start of the conflict, according to Trading Economics.Damage to Gulf state energy infrastructure is also having a major effect on prices.On March 19, Israel targeted Iranian facilities linked to South Pars, the world’s largest natural gas field.In response, Iran struck a major LNG site in Qatar, causing crude prices to surge 8% overnight with prices nearly hitting US$120 a barrel.In the absence of a rapid resumption of shipping flows and unrestricted refining capacity, the IEA anticipates increasing supply losses.CommBank commodities and sustainable economics head Vivek Dhar says while rising crude prices have captured global attention, refined fuel is the bigger concern for economies.“The product everyone is worried about is diesel, and for good reason,” Mr Dhar said.Diesel is used extensively in trucking, farming and mining in Australia.“The concern is that we roughly have 30 days of stockpiles,” Mr Dhar said.As petrol and diesel prices skyrocket, governments globally are scrambling to stave off panic buying and price gouging as they address fuel shortages.According to the Australian Consumer and Competition Commission (ACCC), petrol and diesel prices varied significantly across Australia but, on average, have increased by about 50 cents since the beginning of March.Yesterday, Prime Minister Anthony Albanese convened a meeting of the national cabinet and established a national fuel supply taskforce to lead the country’s response to the ongoing crisis.“I want to assure Australians at this time that Australia is well prepared… I want us to be overprepared,” Prime Minister Albanese said.Leaders agreed that while Australia is well prepared, the longer the conflict in the Middle East goes on, the more significant the impact will be for global supply chains, fuel prices and the wider economy.The Federal Government has appointed former Australian Energy Regulator chief executive Anthea Harris as the taskforce coordinator to drive collaboration across governments and sectors.As part of Ms Harris’ role, she will provide regular updates on fuel supply outlook and distribution.The Federal Government confirmed there are some shortages in specific areas due to panic buying.“There is not less fuel in Australia today than there was three weeks ago,” prime Minister Albanese said.“There is not less supply. This is an issue… of increased demand.”Since the conflict commenced two weeks ago the Federal Government has released up to 20% of its diesel and fuel reserves to help address regional shortages and temporarily amended national fuel standards to keep more Australian-made fuels onshore.IEA member countries have also agreed to release an unprecedented 400m barrels of oil from their emergency reserves to the market to mitigate the negative impact on economies from the supply disruptions.Though the emergency stock release provides a welcomed buffer for the global energy market, it remains a stop-gap measure if the conflict in the Middle East is not resolved.

Australian scientists have made a significant leap forward in energy storage technology with the world’s first proof-of-concept quantum battery.Led by CSIRO and collaborators from RMIT University and the University of Melbourne, researchers developed a new quantum battery architecture that enables, for the first time, a complete quantum battery charge-discharge cycle.The results provide the first experimental demonstration of superextensive light-to-charge conversion in steady-state, highlighting the feasibility of leveraging strong light–matter coupling for enhanced energy harvesting under low-light conditions.Though fully functioning quantum batteries don’t yet exist, researchers are confident they could transform how society uses and stores energy in the future.Quantum batteries leverage the unique properties of quantum mechanics, such as superposition and entanglement, whereas today’s batteries largely rely on chemical reactions, CSIRO says.CSIRO quantum science and technologies science leader Dr James Quach says the team’s findings confirm a fundamental quantum effect that's completely counterintuitive — quantum batteries charge faster as they get larger."The research validates the exciting potential of quantum batteries for unprecedented efficient and rapid energy storage,” he said.“My ultimate ambition is a future where we can charge electric cars much faster than fuel petrol cars, or charge devices over long distances wirelessly.”Until now, the study of quantum batteries has been predominantly a theoretical endeavour with scarce experimental verification.As the first experimental demonstration of a full operational cycle of a quantum battery, the CSIRO researchers’ device represents a decisive step forward in the development of quantum battery technologies.The battery the researchers engineered has a multi-layered organic microcavity and is wirelessly charged with a laser. The protypes charging behaviour was confirmed by using advanced spectroscopy techniques which showed it retained stored energy for six orders of magnitude longer than it took to charge.This research proves key predictions about these revolutionary devices and offers a glimpse into a possible future powered by quantum energy storage."Our proof-of-concept device showcases rapid, scalable charging and energy storage at room temperature, laying the groundwork for next-gen energy solutions," Dr Quach said."While there's still much work to be done in quantum battery research, we've made an important move towards realising the possibilities.“The next step for quantum batteries right now is extending their energy storage time. If we can overcome that hurdle, we’d be that bit closer to commercially viable quantum batteries."

Pan African Resources will consolidate its ownership of the Tenant Creek project in the Northern Territory as part of an all-share acquisition of Emmerson Resources (ASX: ERM).The companies have signed a scheme implementation deed that will see Emmerson shareholders gain 0.1493 shares of Pan African in the form of ASX-listed chess depositary interests for each share they hold — implying an offer price of $.45 for each Emmerson share.The Emmerson Board has unanimously recommended that shareholders vote in favour of the scheme.Emmerson chairman Mark Connelly says the transaction will deliver immediate value to shareholders.“This combination with our trusted joint venture partner represents a highly compelling and strategically logical consolidation of our Tennant Creek tenement package,” he said.“We are excited about the future prospects of the combined group and the enhanced opportunities it will create for Emmerson shareholders.”Pan African is a growing gold producer with a portfolio of operations across South Africa and Australia. The company has a current market capitalisation of about $7b and is forecast to produce more than 275koz of gold in FY26.As part of the scheme, Pan African will also undertake an ASX listing.Pan African chief executive and executive director Cobus Loots says the transaction is the logical next step.“Bringing the assets under single ownership allows us to optimise project sequencing and capital allocation across the region, maximising value for all shareholders,” he said.“We are confident we have the technical expertise, operational capability and financial strength to unlock the full potential of Tennant Creek.”Corrs, Australia’s leading independent law firm, advised on all aspects of the transaction with support from the firms’ corporate, banking and finance, regulatory, tax, energy and natural resources, real estate and employment, labour and safety practices.Corrs partner Rusell Philip says the transaction marks a meaningful step in Pan African’s growth strategy in the Australasian region.“We are proud to support the company as it continues to expand its global footprint,” he said.“The transaction reinforces Corrs’ market-leading reputation for delivering trusted advice on complex cross-border transactions in the resources sector.”

Lynas Rare Earths (ASX: LYC) has signed a binding letter of intent with the US Department of War to finalise a four-year rare earth oxide offtake agreement. Under the agreement, Lynas will allocate $137m worth of rare earth oxides to support US supply chain resilience objectives with an established floor price for supply of US$110/kg for neodymium and praseodymium. This offtake agreement follows the mutual decision to modify the original agreement between Lynas and the DoW based on significant uncertainty as to whether the construction of the heavy rare earth (HRE) processing facility at Seadrift, Texas would proceed. Lynas chief executive and managing director Amanda Lacaze says, through the agreement, the US Defense Industrial Base will continue to have access to rare earth oxides essential for modern manufacturing. “We thank the US Government for working with Lynas to reach this mutually beneficial arrangement and look forward to finalising the definitive agreement in due course and continuing our productive engagement," she said. Lynas and the DoW continue to discuss further supply arrangement for HRE oxides.  Last week, Lynas extended its rare earths supply deal with Japan Australia Rare Earths (JARE) through to 2038 and established a floor of US$110/kg for neodymium and praseodymium — identical to that set in the DoW agreement.  As the world’s only significant producer of separated rare earth materials outside of China, Lynas is strategically important to diversifying the global supply of rare earths. This significance has been bolstered by the company’s H1 FY26 results in which the company reported a 63% rise in revenue for $413.7m — Lynas’ best first-half profit in three years.  Lynas saw the average price of all its rare earth products rose to $96/kg during the half, a trend that continued in 2026 with neodymium and praseodymium reaching a domestic price of $157 /kg in China. 

The Pilbara may see its first worker strike in decades as part of a major push from unions to re-enter the region. This week, the Electrical Trades Union (ETU) said it had applied for a protected action ballot covering 60 BHP (ASX: BHP) high-voltage workers — which the union says would mark the first industrial action at a major mining company in the Pilbara since the Fair Work Act took effect in 2009.The ballot follows a year of protracted negotiations between the employees and the company. The ETU says BHP workers are seeking their first workplace agreement, having been employed on disparate common-law contracts over the past two decades, with variance of more than 30% between people doing the same work.    ETU WA secretary Adam Woodage says the workers do an extraordinary job in tough conditions and remote locations. “For decades their employer has maintained a system of playing them off against one another with unequal individual contracts that provide no certainty or transparency, and place enormous power in the hands of individual managers to build empires through favouritism,” he said.  “ thought that the days of their employees taking industrial action in the Pilbara were history. They were wrong.”    These BHP workers are not the only ones pushing for change in the Pilbara. In February 2025, Rio Tinto (ASX: RIO) workers launched a majority support petition to initiate bargaining at the company’s Paraburdoo iron ore operations. The Mining and Energy Union (MEU) says the petition was an initiative of the Western Mine Workers Alliance (WMWA), a joint venture of the MEU and the Australian Workers Union. MEU iron ore train drivers have also been part of the broader reunionisation push throughout the Pilbara, securing improved agreements with both Rio Tinto and BHP.   The BHP ballot marks a new phase in the push to rebuild union presence in the Pilbara — a region historically associated with militant unionism. During the 1970s, workers spent an average of more than 10 days a year on strike, according to the Minerals Council of Australia (MCA).  The decline of union power throughout the Pilbara began in the 1980s when mining company Peko-Wallsend moved against entrenched union work practises and agreements at the Robe River mine. By the 1990s and through the mining boom of the 2000s, the region was a union wasteland. The introduction of the Federal Government's Closing Loopholes reforms, enacted through the 2023 and 2024 Acts, represented a significant re-orientation of Australia’s workplace relations system and a major opportunity for unions across the country. According to the Australian Resources and Energy Employer Association (AREEA) the reforms shifted the balance away from enterprise-based negotiation, commercial certainty and clear workforce boundaries, and toward expanded arbitration, increased union leverage and greater regulatory discretion. As part of the reforms, new Same Job, Same Pay provisions were introduced into the Fair Work Act to ensure labour hire employees were paid at least the same as employees who are directly hired and are doing the same job. The ruling meant that more than 2000 labour hire workers at BHP Mitsubishi Alliance (BMA) coal mines in Queensland were set to receive significant pay rises.  BHP challenged the ruling in the Federal Court, as it would affect workers at its Goonyella Riverside, Peak Downs and Saraji coal operations in Queensland, but the Full Federal Court upheld the FWC’s decision in December 2025. BHP has since sought special leave to escalate its challenge to the High Court. The Australian Council of Trade Unions (ACTU) is now advocating for the Same Job, Same Pay policy to cover additional employment conditions and to narrow the service contractor exemption — changes AREEA says would dramatically?expand the regime beyond what Australians were originally told it would do. AREEA chief executive Steve Knott AM says the Federal Government repeatedly assured the community that its policy would be limited to arrangements where labour hire was purportedly being used to undermine wage rates in certain workplaces. “This is no longer about ‘same job same pay’ for labour hire workers — it’s about the ACTU’s fantasy of creating ‘same employment package for everyone’, with no regard for how major projects and complex multi-employer workplaces actually operate,” he said. AREEA is concerned the push to broaden the regime ignored the well-established role of specialist contractors across Australia’s resources and energy sector.“Major LNG, mining and energy projects rely on specialist contractors delivering defined scopes of work such as maintenance, engineering and shutdown services,” Mr Knott said. “These are specialist service businesses performing defined work — they are not labour hire providers. “If unions succeed in collapsing that distinction, the FWC will effectively be asked to reshape how entire industries organise and contract work.“If Australia becomes a more expensive and inflexible place to deliver major projects, investment will simply flow to other jurisdictions — and the jobs will go with it.” 

Workers at Glencore’s refinery in Townsville have threatened to walk off the job this Friday if wage negotiations remain unresolved.Negotiations for a new enterprise agreement (EA) started March 25 last year before stalling amid uncertainty around the July 2025 closure of Mount Isa’s underground copper operations. Talks later resumed after the Federal and Queensland Government committed $600m to continue operations at the smelter and support its workers.This week, the Australian Workers Union (AWU) gave notice that members will be partaking in protected industrial action if the issues are not settled at a bargaining meeting scheduled for tomorrow.AWU northern district secretary Jim Wilson says Glencore is paying workers almost 15% less than neighbouring sites for the same work.“It’s simply unacceptable,” he said.“The Townsville community is sick of billionaires profiting from our town and leaving nothing but the crumbs for workers and their families.”The Queensland Electrical Trades Union (ETU) says across three EA meetings held since the bailout announcement, Glencore failed to make any meaningful movement.A Glencore spokesperson says the company has been engaging with copper refinery workers about the new EA for more than 12 months.“Glencore has tabled a competitive package which includes a salary increase over four years and we will continue to negotiate in good faith to get an agreement,” they said.“Despite securing a government funding package last year, the refinery is expected to continue losing money.“This political grandstanding from the unions is not helpful and undermines the constructive engagement to date with local EA bargaining representatives.”According to ETU, Glencore was offering wage increases of 6.9-10.4% across four years based on individual performance at the discretion of the company, saying this fell behind rising living costs and citing Australia’s consumer price index (CPI) of 3.8% per annum.Glencore publicly rejected these comments, reporting it tabled a 13% salary increase across four years.AWU Queensland secretary Stacey Schinnerl says the wage offer that Glencore has put on the table doesn’t meet the rising cost of living pressures faced by workers and their families.“We have a bargaining meeting on Thursday where we hope Glencore will finally come to the table to sort this out. The message to Glencore is clear, we won’t accept you short-changing our members.”

Dyno Nobel (ASX: DNL) has sold it Phosphate Hill site in north west Queensland to Mayfair Corporation for an initial purchase price of $1 and a deferred consideration of up to $100m.Dyno Nobel had previously said that if a sale was not completed by March 31, it would progress cease operations at Phosphate Hill by 30 September 2026.This announcement came after the company reported a $149.1m after-tax impairment on the asset last year.Located 140km south east of Mount Isa, Phosphate Hill’s acid plant is critical to operations at Glencore’s Mount Isa copper smelter and its closure would significantly affect smelter operations.Sulphur dioxide produced as a byproduct at Mount Isa is processed into sulphuric acid, which is then sent to Phosphate Hill for fertiliser production.Queensland Natural resources and Mines Minister Dale Last says recent geopolitical events have reinforced the importance of protecting Queensland’s sovereign fertiliser manufacturing capability.“These assets are too important to our agricultural sector, our supply chains and our economic security to take for granted,” he said.The symbiotic relationship between Phosphate Hill and the Mount Isa smelter supports more than 1000 jobs across the region, according to the Queensland Government.Dyno Nobel chief executive and managing director Mauro Neves says the sale is an important milestone that concludes the company’s separation from the fertiliser business.“I am very pleased that our talented teams in Phosphate Hill, Mount Isa and Townsville will continue to provide Australian farmers with a secure domestic source of fertilisers supply,” he said.Mayfair will assume ownership of the Phosphate Hill operations from April 1. The privately held Australian energy and resources company currently operates the Top Camp gold project in Cloncurry, about 150km north of the Phosphate Hill site.

Researchers from CSIRO and the Indian Institute of Science (IISc) have successfully demonstrated a viable approach to reduce emissions from steelmaking by partially replacing coal with agricultural waste.The breakthrough offers a scalable pathway to commercial use and cutting emissions in one of the world’s fastest growing industrial economies, marking a major advance in efforts to decarbonise iron and steelmaking.Using locally sourced rice husk pellets, the CSIRO team validated sustained production of biomass-derived synthesis gas for iron ore reduction at a large-scale commercial steelworks in India.The trial was completed in partnership with commercial steel innovator RESCONS Solutions.India’s steel sector is the fastest-growing globally, projected to double its capacity to 300mt by 2030 and reach 500mt by 2047. This rapid expansion poses a major challenge for global emissions, with India’s steel production emitting an average of 2.55t of carbon dioxide per tonne of steel — well above the global average of 1.85-1.92t, according to World Steel.The sector is responsible for about 12% of India’s total emissions.To address these challenges, the Indian Ministry of Steel has outlined a roadmap to achieve net zero emissions by 2070, including strategies such as transitioning to electric arc furnaces, increasing scrap use, carbon capture and storage, green hydrogen and using biomass as a replacement for coal.Leveraging India’s abundant agricultural waste, the CSIRO-led team, with funding from the Federal Government’s India-Australia green steel research partnership, conducted a full-scale trial at Jindal Steel in Odisha. The team successfully blended 5% and 10% rice husk pellets into Jindal Steel gasifiers, achieving sustained syngas production with no loss of performance.CSIRO senior experimental scientist Warren Flentje says the trial is a world-first demonstration of how agricultural waste can be harnessed to decarbonise steelmaking at scale.“By blending rice husk pellets into commercial gasifiers, we’ve shown that biomass can replace coal without compromising performance,” he said.“This is a major step forward for sustainable steel production in India and globally.”If adopted across India, the process could reduce steel sector emissions by up to 50% totalling about 357mtpa of carbon dioxide.Building on this success, the team will expand their work to include smaller-scale regional steelmaking facilities and a wider range of biomass sources, including integrated systems that produce both food and steel feed.Jindal Steel executive director Damodar Mittal says the collaboration marks a pivotal moment in India’s journey towards decarbonisation.“By integrating green energy and biomass into our production processes, we are not only reducing our carbon footprint but also setting a new benchmark for the Indian steel industry,” he said.Air quality is a major health issue in India, with more than 30,000 deaths annually linked to poor air quality, with much of it caused by in-field burning of crop residues.This pioneering work by CSIRO and its Indian partners could fast-track the adoption of biomass for steelmaking, delivering major emissions reductions, improving air quality and supporting regional economic development in India.CSIRO green metals production research group leader Keith Vining says the trial has demonstrated that biomass can be a viable alternative to coal, especially in regional areas where surplus agri-waste and coal DRI facilities co-exist.“The next phase will focus on increasing biomass replacement rates and assessing impacts on the direct reduction process,” he said.