Industry calls for energy market reforms
The Business Council of Australia is calling for energy market reform, an increased focus on improving productivity, reducing excessive government regulation and keeping a lid on rising project costs, the AFR reports.
The lobby group’s president Tony Shepherd said his members strongly backed the comments of Resources and Energy Minister Martin Ferguson who told an AFR national energy conference on Wednesday that projects worth $450 billion could be at risk if the problems of low productivity and excessive regulation were not addressed.
Mineral Resources founder sells shares to settle tax bill
A third Mineral Resources director has dumped shares in the equipment supplier and bulk commodity miner in recent weeks, with founder and executive director Chris Ellison selling 3.4 million shares for $41.4 million, the AFR reports.
Executive chairman Peter Wade said Mr Ellison had to sell the shares to settle a “fairly substantial” tax bill and that it did not indicate anything untoward in regards to the business.
QRN on track for a Pilbara expansion
A push into Western Australia's Pilbara iron ore region by Queensland rail freight operator QR National has begun to take shape, The Australian reports.
The development of a 600km railway costing up to $3.5 billion could capture as much as 75 million tonnes a year of iron ore production planned by small and mid-tier groups in the central Pilbara and east Pilbara regions.
At present, these groups are without open access to a rail system. Companies to benefit from a development include Atlas Iron and Brockman Resources.
Tribunal backs coal plant's expansion
A subsidiary of energy technology company HRL has delivered green groups a major blow by securing the right to double the size of a planned brown coal and gas-fired power station in Victoria's Latrobe Valley, The Australian reports.
The Victorian Civil and Administrative Tribunal yesterday backed attempts by HRL's Dual Gas to build a 600-megawatt plant using new power generation technology. If built, the plant would use coal gasification technology to produce cheaper, cleaner power.
Sandvik hails China mining opportunities
Chinese demand is driving the resources boom, but Australian companies should consider operating in China itself, the head of Swedish engineering giant Sandvik Olof Faxander told the Melbourne Mining Club, the SMH reports.
Sandvik recently struck a $US74 million deal with Chinese coal mining house Shenhua Shendong to supply it with bolter coal miners, which will bring the number of mining machines sold to them to 50.
China lagged behind many other countries' mining industries in safety levels and technology, including automation, Faxander said.
Mindax makes board change ahead of showdown
Yilgarn iron ore hopeful Mindax has moved to beef up its board ahead of a shareholder showdown that is threatening to scupper a $115 million deal with Japan's Sumitomo, WestBusiness reports.
Mindax announced the appointment of non-executive director Eric Loh, executive director of the Singapore-listed Lion Asiapac.
The appointment comes after Mindax's biggest shareholder and non-executive director Andrew Tsang requisitioned a meeting to remove managing director Greg Bromley and non-executive director Ken Pettit.
