Antinuclear

BHP Billiton trying to lock in huge new uranium mine by splurging money in advance of BHP Board’s decision?

$1.3 billion is  a lot of money to spend on a project that might never come to fruition.  It’s a common tactic, but one that could come unstuck.  But then, I’ve always suspected that Marius Kloppers, Dean Dalla Valle, like many bigwigs might feel that they have plenty of BHP money to splash around –  perhaps an old-fashioned case of more money than sense.

The international news is not encouraging for the uranium industry – though I note that Australia’s mainstream media just ignores facts like  –  the expensive mess of nuclear transport in France and Germany, – the anti nuclear political strength gathering in France,  – the  huge anti nuclear movement and other nuclear hindrances in India, -and the ever downward price of uranium. – Christina Macpherson

South Australia Parliament approves BHP Billiton Olympic Dam expansion, by:Sarah Martin, Adelaide Now, :The Advertiser, November 30, 2011, BHP Billiton will start spending $1.2 billion on equipment for the Olympic Dam expansion in coming weeks after winning final approvals from Parliament for the deal to proceed.

The head of the company’s uranium operations, Dean Dalla Valle, said the approval paved the way for the $30 billion mine to be SouthAustralia’s economic driver for the next 40 years, but gave no guarantees BHP Billiton’s board would approve the project in 2012.

The indenture approval allows $525 million of the company’s pre-approved funding to be spent in South Australia over the next six months as the company begins purchasing long-lead-time items, such as trucks, and starts site works at Roxby Downs.

Despite resistance from the Greens and more than 30 hours of parliamentary debate, amendments to the Roxby Downs Indenture Act passed with bipartisan support yesterday afternoon…. State Greens leader Mark Parnell said the passage of the bill was a “dark day” for South Australia, accusing the Government of trashing state laws to approve the mine…. The state Greens voted against the legislation, with Mr Parnell saying the Government had voted to turn South Australia into the world’s quarry.

“Future generations are going to be disgusted with us for giving their
resources away for a pittance and leaving them to deal with … the
world’s largest radioactive waste dump,” he said.
http://www.adelaidenow.com.au/news/south-australia/south-australia-parliament-approves-bhp-billiton-olympic-dam-expansion/story-e6frea83-1226209097762

November 30, 2011 - Posted by Christina Macpherson | business, Christina reviews, South Australia, uranium | South Australia