THE Queensland Resources Council (QRC) says Queensland is missing out on a multi-billion dollar addition to our resources and energy industry which would also lower global emissions, because of bans on uranium mining.

QRC chief executive Ian Macfarlane today told the House of Representatives inquiry into the prerequisites for nuclear energy in Australia that Queensland uranium could be mined sustainability and economically.  The most recent valuation estimated Queensland’s uranium deposits to be worth about $10 billion. 

“Queensland is literally sitting on billions of dollars of value to our local communities and our economy.  But the ban on uranium mining prevents us from reaping the benefit of regional jobs, investment and royalty taxes,” Mr Macfarlane said.

“Queensland’s uranium reserves are not only a valuable export, but they also have a role to play in delivering reliable and low-emissions power.

“Both the BP Energy Outlook 2019 and the International Energy Agency recognise that nuclear energy has a role to play in making significant reductions to global greenhouse gas emissions. Under the advanced emissions reductions scenarios modelling in both reports, nuclear energy use will grow between 2.3 percent to 7 percent each year through to 2040," Mr Macfarlane said.

“Even accounting for less aggressive emissions reductions models, nuclear energy will be an important option for countries that want to ensure reliable, low-emissions power in the decades ahead.

“There are already more than 316,000 jobs associated with the Queensland resources industry, and more than 70 percent of them are in regional Queensland.

“Uranium mining would provide an opportunity to add to those jobs and support new jobs in other industries such as refining and manufacturing," he said.

“A growing uranium industry will also support the State’s North West Minerals Province.  An increase in uranium exploration or development will increase the state of knowledge of Queensland’s resource endowment.

“This may well lead to the discovery of important new deposits of uranium as well as other elements and resources. 

“Queensland can develop its uranium industry in a sustainable way. Queensland has some of the highest environmental standards in the world and all resources projects undergo a rigorous assessment process. Uranium mines in Queensland would be subject to the same high standards.

“Queensland has an abundance of energy options, including coal, gas, solar and uranium for nuclear energy.

“It is sensible for this review to take place to look at the long-term options for uranium exports, and in the longer-term, nuclear energy generation.”

www.qrc.org.au

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ASX-LISTED Magnis Energy Limited (MNS) has announced it has completed a valuation on its lithium-ion battery cell manufacturing facility in New York as part of the due diligence process for project financing.

The independent valuation, which was completed by O'Brian & Gere, a wholly owned subsidiary of Dutch engineering giant Ramboll Group, on the battery plant came in at $US71.34 million.

The valuation began in August 2019 and went through all the items purchased as part of the acquisition made in early 2018. In the current condition of the equipment the report attributes a valuation today of US$71.34 million (A$105.5 million). With Magnis having an ownership of over 50 percent in iM3NY through its direct and indirect holdings including its stake in C4V, a value of about A$53 million can be attributed to Magnis’ share in the value of the equipment.

Magnis managing director Marc Vogts said, "We believe that the purchase of the New York battery plant will fast track cell manufacturing at commercial scale for the company once funding for commissioning of the plant is secured. The purchase of the equipment last year was a strategic purchase and today’s announcement validates our decision.

"We continue to prioritise efforts to secure funding and the third-party valuation of our battery plant will assist in financing considerations.”

Having recently secured $8 million through a private placement with Middle East based Negma Group the company is now well funded to advance on all projects both in Australia and overseas, he said.

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THE House of Representatives Standing Committee on the Environment and Energy is travelling around the country for a series of public hearings on nuclear energy in Australia.

Chair of the Committee, Ted O’Brien MP said this is an opportunity to engage with people from Brisbane, Melbourne, Adelaide and Perth and to hear their views both in favour and against nuclear energy.

“We want to hear from experts in the field, and all interested parties from one end of the country to the other, to best understand the feasibility and suitability of these new and emerging nuclear technologies,” Mr O’Brien said.

“These hearings will be looking at nuclear from a very evidence based approach and will be identifying the conditions which would need to be in place before nuclear energy could be considered for Australia.”

Public hearing details

Brisbane
Date: Monday 30 September 2019
Location: Brisbane Novotel, 200 Creek St

Melbourne
Date: Tuesday 1 October 2019
Location: 55 St Andrews Place

Adelaide
Date: Wednesday 2 October 2019
Location: South Australian Parliament building, cnr North Terrace and King William Rd

Perth
Date: Thursday 3 October 2019
Location: Legislative Council Committee Offices, 18 to 32 Parliament Place

The hearings will be broadcast live at aph.gov.au/live.

Further information about upcoming public hearings, including programs as they are released, and the inquiry in general can be found on the inquiry website: https://www.aph.gov.au/nuclearpower. 

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THE Financial Services Council (FSC) has welcomed the Federal Government’s announcement of a review of the retirement income system and the members appointed to conduct the Review. 

FSC CEO Sally Loane said the FSC would work closely with the Review to ensure continuing improvements to Australia’s retirement income system, particularly through our unique superannuation system.

“Superannuation consumers receive significant benefits from competition and choice, and this will be an important focus of the FSC’s approach to the Review,” Ms Loane said. 

“However, this review should not delay important reforms that the Government has already committed to that will significantly improve consumer outcomes in superannuation.

“These include the introduction of a ‘default once’ framework to prevent unintended multiple accounts, as recommended by both Commissioner Kenneth Hayne and the recent Productivity Commission review of superannuation, and legislating an obligation for trustees to consider the retirement needs of their members.”

The FSC will also suggest to the Review that:

• the Government should retain its policy of increasing the Superannuation Guarantee to 12 per cent;
• superannuation laws should be simplified, and red tape in the sector should be removed including barriers to rationalising legacy products; and
• there is no need for further tax increases on superannuation, because our system, as measured against OECD standards, is not unfairly beneficial to higher income earners.

“The FSC looks forward to advocating strongly for these positions during the Review process over the coming year,” Ms Loane said.

www.fsc.org.au

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“THE amount of engineering construction work done is well down on a year ago with the building and construction industry still waiting for the green light on key infrastructure projects,” Master Builders Australia chief economist  Shane Garrett has warned.  

“During the June 2019 quarter, the volume of engineering construction work done slipped by 0.9 percent and was 15.4 percent lower than the same period in 2018,” he said. 

“Master Builders continues to call for the construction of infrastructure projects to be fast-tracked.

“The heavy volume of new infrastructure project announcements over recent times is very welcome, but today’s figures confirm that there are significant blockages in the way of getting project work started on the ground which must be addressed," Mr Garrett said.

“Tackling the blockages and obstacles in the way of infrastructure projects is an issue which must be prioritised by all levels of government.

“With the pace of economic growth at its weakest in a decade, the prompt delivery of new infrastructure is vital for getting us all moving in the right direction,” Mr Garrett said. 

During the June 2019 quarter, the largest decline in engineering construction work done affected the ACT (-13.1%) followed by Tasmania (-12.7%) and the Northern Territory (-11.6%). There were also falls in South Australia (-5.8%), Queensland (-5.1%) and Victoria (-4.8%). 

Over the same period, both Western Australia (+10.3%) and New South Wales (+3.2%) saw gains in the volume of engineering construction work done.

www.masterbuilders.com.au

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THE Law Council of Australia has welcomed the release of detailed reporting entity guidance measures for the Modern Slavery Act 2018, which will assist organisations with compliance. 

The guidance, released by the Department of Home Affairs today, further establishes Australia as a world-leader in combatting modern slavery practices. It follows a period of close consultation with key stakeholders, including the Law Council.

Law Council President, Arthur Moses SC, said given the widespread global nature of modern slavery, the guidance should be a “living document”, reviewed and regularly updated to remain relevant, accessible and informative. 

“Too often we are tempted to think of slavery as a relic of the past, but the truth is it’s a problem alive and well,” Mr Moses SC said. 

“The United Nations has estimated there are more than 40 million victims of modern slavery worldwide. Around 25 million are estimated to be exploited through global supply chains.  

“More than half of all modern slavery victims are estimated to live in the Asia-Pacific region, where the supply chains of many large Australian businesses are concentrated. This means the risk of exposure to modern slavery is a very real and current problem for businesses.  

“Modern slavery in supply chains also distorts global markets, undercuts responsible businesses, and poses significant legal and reputational risks for companies. 

“The Law Council commends the Federal Government for the steps it is taking to stamp out this insidious practice, which represents a false economy based on human misery.” 

The Law Council believes the guidance is useful and comprehensive. 

As the legislation moves into its second year the guidance could usefully be expanded and the Law Council looks forward to ongoing consultation with the department. 

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THE Queensland Resources Council (QRC) has welcomed the action by Australia Pacific LNG (APLNG) to supply 61 petajoules (PJ) of gas to the Australian domestic market which is the equivalent yearly demand of around 1.5 million households.

“I applaud APLNG for helping to put downward pressure on energy prices by increasing supply into the domestic market through this new agreement with Origin Energy. It’s another sign of the Queensland gas industry leading the nation with a proactive approach to developing its gas reserves,” Mr Macfarlane said.

“Our southern neighbours must take a leaf out of our book, instead of relying on our State to meet the gap caused by their failure to develop their own gas industries. Gas exploration has stalled in New South Wales and Victoria, despite the fact all jurisdictions have their own reserves in the ground.

“Queensland’s gas industry is doing its part to ensure domestic gas users have access to affordable and reliable gas supplies.”

APLNG said the new contract increases the company’s total domestic contracted supply commitment to over 340 PJ for 2020 and 2021 which is over 30 percent of total east coast domestic demand for each year.

Mr Macfarlane said people wanted industry and Government to work together with communities and wider society to promote effective, constructive, and mutually beneficial relationships.

“Queensland’s resources industry has a proven track record of attracting new investment and creating new jobs because of the clear and stable regulatory environment in which it operates. It is essential that we have stable and reliable regulation for our resources sector to continue to attract the investment that builds our State and delivers for every Queenslander.”

www.qrc.org.au

BRISBANE students keen to enter resources sector careers have given up their September school holidays to try their hand in the resources sector. 

The 11 students are part of a new program, Oresome Internships, run by the Queensland Minerals and Energy Academy (QMEA) providing internships within Queensland Resources Council (QRC) member companies. 

The internships range from mining engineering to IT, community relations and finance. While most internships were based in Brisbane corporate offices, some students will conduct site visits to the towns of Millmerran, Moranbah and Coppabella as part of their work. 

“These internships provide year 11 and 12 students with the opportunity to see firsthand how resources sector companies operate,” said QMEA’s manager for skills and education, Matthew Heskett. 

“This pilot program aims to help the students join the dots between their studies and the world of work, make contacts in their fields of interest, and give them confidence in their subject choices and studies,” he said. 

“We very much appreciate the generosity of QRC members for taking on the students and we can’t wait to see the opportunities that might open up for them in the future.” 

The Oresome Internships program was developed to help address key findings from the YouthInsight study commissioned by the Minerals Council of Australia (MCA). It found that 59 percent of young people knew nothing at all about mining careers. 

Schools attending:  

o        Somerville House 

o        Wavell SHS 

o        Coorparoo Secondary College 

o        Anglican Church Grammar School 

o        St Laurence's College 

o        All Hallows' School 

o        Kelvin Grove State College 

Companies: 

o        Round Oak Minerals 

o        Peabody 

o        Coronado Curragh 

o        Glencore Technology 

o        Glencore Coal 

o        Intergen 

o        BHP 

o        QER 

o        South32 

QRC is the peak representative body for Queensland ‘s resource sector. The Queensland resources sector provides one in every $5 in the Queensland economy, sustains one in eight Queensland jobs, and supports more than 15,400 businesses and community organisations across the State, all from 0.1 percent of Queensland’s land mass. 

The QMEA is a partnership between the QRC and the Queensland Government under its Gateway to Industry Schools program. It has 60 schools throughout Queensland. 

www.qrc.org.au

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