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The worst is over: Commodities to recover in 2016

The worst is over: Commodities to recover in 2016

By Jane Goldsmith Friday, 19 June 2015 THERE is a light at the end of the tunnel for Australia’s mining industry, with several major mining divisions expected to bounce back in the 2016 financial year, an IBISWorld report has revealed. Iron ore and oil and gas were expected to lead the industry turn-around following last years’ dramatic commodity price drops, with sector-wide revenue forecast to grow 8.6 per cent from $211.8 billion in FY2015 to $230.1 billion in FY2016. “IBISWorld expects world iron ore prices to strengthen in Australian dollar terms following consecutive years of large price drops,” the report stated. “This is expected to assist Australian iron ore miners as production volumes continue to rise.” Within the oil and…

ROX outperforms with $3.2 million raising

ROX outperforms with $3.2 million raising

By Reuben Adams Friday, 19 June 2015 ROX Resources’ has successfully completed a $3.2 million over-subscribed share purchase Plan (SPP) as it works toward development of the Fisher East nickel project. The company will also complete an additional top-up placement of $700,000 on the same terms as the SPP. Rox managing director Ian Mulholland said it was pleasing to receive such strong support from the company’s shareholders in such tough market conditions. “We look forward to further rewarding this support by continuing active exploration on our high quality projects, and working towards development of the Fisher East nickel sulphide project,” he said. About $2.4 million of the funds will be used to acquire 100 per cent ownership of the Fisher…

Approval in sight for Terminal 4 project

Approval in sight for Terminal 4 project

By Rachel Dally-Watkins 15 May, 2015 PLANS to build a fourth coal terminal at the Port of Newcastle have progressed with the Department of Planning and Environment (DPE) recommending the project for approval and referring the application to the Planning Assessment Commission for a final decision. Port Waratah Coal Services, which owns and operates the port’s Kooragang and Carrington terminals, has been working with government, rail providers and coal producers to increase capacity at the port through the Terminal 4 project. The original master plan allowed for a capability of 120 million tonnes per annum throughput; however since the plan was lodged with the DPE decreases in coal demand saw the project revised down to 70mtpa throughput. “We have been…

New gold found on Yorke Peninsula

New gold found on Yorke Peninsula

By Jane Goldsmith May 20, 2015 JUNIOR explorer Investigator Resources has uncovered new gold on the Yorke Peninsula, 150km northwest of Adelaide. Assays received from two diamond holes completed at the Roundabout and Spyall targets, within the wholly-owned Hummocks tenements, demonstrated assays of up to 0.23g/t gold within a 37m interval of anomalous gold at the bottom of the Roundabout hole, as well as 215 parts per million of copper at Spyall. Investigator said Roundabout’s peak value of 1m at 0.23ppm gold was “highly significant”, as “the highest gold value seen in the area”. Spyall demonstrated 3m of copper grading 215ppm from 332m. “The elevated gold and copper results continue to show there is further exploration opportunity…

Coal dust report “deeply flawed”

Coal dust report “deeply flawed”

By Rachel Dally-Watkins 20 May, 2015 A coal dust report by Clean Air Queensland has been heavily criticised by the Queensland Resources Council for being “deeply flawed and misleading”. The Health Hazard in our Suburbs study claimed that air quality monitoring showed “alarming” rates of pollution in Brisbane due to dust from coal trains travelling to the port, with coal train pollution readings of 900 per cent above normal levels. Clean Air Queensland is a coalition of community groups and individual anti-coal activist groups, including Lock the Gate Alliance, Oakey Coal Action Alliance, Friends of the Earth Brisbane and Parent’s Against Coal Dust. Clean Air Queensland spokesman Michael Kane urged the state government to take the report seriously. “We need a commitment…

Gindalbie nominates nuclear waste site

Gindalbie nominates nuclear waste site

By Rachel Dally-Watkins 19 May, 2015 GINDALBIE METALS has nominated part of a pastoral station east of Geraldton, WA, for a proposed national radioactive waste management facility. The iron ore company, which holds a suit of tenements in the state’s Mid West region, including the Karara joint venture, nominated part of the 113,600 hectare Badja Station as a candidate site to store “intermediate level waste” and “low level waste created largely as a result of medical and other scientific procedures”. Gindalbie stated that it undertook a program of consultation with local communities and stakeholders prior to making the submission; however representatives from the Morawa Shire, which is about 70km from the site, claimed the proposal came as a surprise. “I…

New station to boost Pilbara power supply

New station to boost Pilbara power supply

By Rachel Dally-Watkins 14 May, 2015 A new 150 megawatt combined cycle gas power station in South Hedland, WA, will supply long-term electricity to meet local demand through the state-owned Horizon Power network, including Fortescue Metals Group’s operations within Port Hedland. Station owner, operator and builder TransAlta began construction on the project in March and expected the station to be completed by mid-2016. Power and automation technology group ABB was awarded a multimillion-dollar contract to provide a substation upgrade solution for connecting the transmission grid to the new South Hedland Power Station. According to ABB Australia substation business unit manager Markus John, the company’s engineered solution for the substation will provide reliable bulk power capacity and facilitate access to electricity for…

Palmer cleared of fraud charges

Palmer cleared of fraud charges

By Rachel Dally-Watkins 13 May, 2015 THE Supreme Court has dismissed a fraud case brought against Federal MP and Mineralogy founder Clive Palmer by two subsidiaries of Chinese mining company CITIC Pacific. The case alleged that Mr Palmer appropriated more than $12 million CITIC deposited with Mineralogy – to cover costs of operating a port at Cape Preston, WA, related to the Sino Iron project – for his election campaign and other uses. The money was reportedly transferred from Mineralogy’s account to the accounts of Media Circus, which developed advertising for the Palmer United Party’s election campaign; and to Cosmo Developments, another enterprise owned by My Palmer. However, it was repaid by Mineralogy before the case began in late 2014.…

BHP defers WA port expansion

BHP defers WA port expansion

By Jane Goldsmith May 12, 2015 BHP Billiton is slowing projected WA iron ore export targets after weakened Chinese demand and slumping commodity prices restricted its cash flow. The miner had planned to export 290 million tonnes per annum of iron ore by 2016-17 through a US$2 billion inner harbour debottlenecking project at its Port Hedland shipping terminal. However, in its March quarter results BHP announced it would defer the spending, which would slow its progress to hit the 290mtpa target by mid-2017. “WAIO production for the 2015 financial year is now expected to be 250 million tonnes (100 per cent basis); 2 per cent higher than prior guidance. Further growth in supply chain capacity to 270mtpa (100 per cent…

States put FIFO under spotlight

States put FIFO under spotlight

By Rachel Dally-Watkins 12 May, 2015 AS the WA and Queensland governments prepare the findings of two separate reviews on fly in, fly out workers amid a resources downturn, support network FIFO Families has warned the industry not to be distracted from the key issues. In June, the WA Government will outline the findings of its inquiry into the link between FIFO work arrangements and suicide; while the Queensland Government is reviewing two 100 per cent FIFO operations to determine the allowable percentage of FIFO workers on mining sites in the state. The use of 100 per cent FIFO workforces in Queensland has been a controversial issue for some time, with many arguing the practice takes opportunities away from locals.…

Exploration scheme benefiting WA

Exploration scheme benefiting WA

By Jane Goldsmith May 6, 2015 FOR every $1 million invested in the WA Government’s Exploration Incentive Scheme (EIS), the state receives $10.3 million in direct benefits, a report has found. The Exploration Incentive Scheme Economic Impact Study, commissioned by the Department of Mines and Petroleum, also found that WA received about $6.2 million in taxation and royalties, and stood to gain about $3.9 million in greater construction activity and $3.3 million in new wealth, from each new project development. The study found new pre-competitive geoscience was the main driver of private sector exploration investment. It also considered the potential economic impact from the discovery and commercialisation of new mines as a result of increased exploration. “This second stage of…