Antinuclear

Australian news, and some related international items

Commonwealth Bank will not lend to Adani Carmichael coalmine project

Carmichael coalmine: Commonwealth Bank indicates it will not lend to Adani
Controversial Queensland coalmine project is now without financing from any of Australia’s big four banks,
Guardian, Michael Slezak, 11 Aug 17, The Commonwealth Bank has indicated it will not lend money to Adani’s proposed Carmichael coalmine, leaving the project without financing from any of Australia’s big four banks.

A spokesman from Commonwealth Bank said the bank is “not among the banks who have been, or will be, asked to consider this financing”……

The statement follows a significant public campaign pressuring the bank to rule-out funding the project.

Until today, it was the last of Australia’s big-four banks to not rule out lending to the project. Commonwealth Bank remains a lender to Adani’s Abbot Point coal export terminal, through which coal from the proposed Carmichael mine will be shipped through the Great Barrier Reef to India……

Blair Palese, chief executive of 350.org Australia said the announcement was a win for the public campaign.

“It’s a huge win for the two and a half years of campaigning from the public across Australia to put pressure on the bank,” Pelase said.“Literally there were thousands of protests at Commbank branches around the country,” she said. It would be really great if they would come out openly and clearly (to rule out the project) but we’ll take it,” she said. “It’s a clear statement that it’s a toxic project.”

Julien Vincent, chief executive of Market Forces, a financial campaign group, said not having any of Australia’s big-four banks on board would be a problem for Adani.

“They provide not just debt but credibility,” he said. “Losing Commonwealth Bank from the pool of prospective lenders is a huge blow, given that CBA is already a lender to Adani’s Abbot Point coal export terminal.”

Jonathan Moylan, a campaigner at Greenpeace said the announcement from CBA is a win for the public, but that pressure on the bank to release a stronger climate policy would continue…….https://www.theguardian.com/business/2017/aug/11/carmichael-coalmine-commonwealth-bank-indicates-it-will-not-lend-to-adani

August 12, 2017 Posted by | AUSTRALIA - NATIONAL, business | Leave a comment

$1 billion loan to Adani Carmichael mine project a big loser for taxpayers?

Adani loan too much of a risk for taxpayers according to independent study, The Age, Mark Kenny, 31 July 17, 

A $1 billion concessional loan to the controversial Adani Carmichael mine project in Queensland’s Galilee Basin could expose taxpayers to a high risk of losing their money, according to an independent business analysis.

The economic assessment of the troubled project’s outlook found the collapsing coal price, the uncertain global picture for thermal coal, and the $21.7 billion project’s heavy reliance on external financing contributed to a high risk for taxpayers.

Among the problems was Adani’s hope of using the Northern Australia Infrastructure Facility to fund a key part of the project – a rail link to Abbot Point – while relying extensively for security on the availability of other, as yet unsecured, debt and equity financing.

The assessment was done by the business consulting firm, ACIL Allen, and commissioned by the Australian Conservation Foundation. The study was fully independent of both the ACF and Adani, and forms the basis of a submission from the environmental group to a Senate Economics References Committee currently examining the “Governance and Operation of the Northern Australia Infrastructure Facility”.

Noting that a number of unknown commercial factors made definitive third-party assessment problematic, ACIL Allen found there were multiple reasons why a public loan from the Northern Australia Infrastructure Facility appeared risky……..

ACIL Allen also highlighted a contradiction between the Infrastructure Facility’s rationale, which is to provide finance to economy enhancing infrastructure projects that are unable to secure private capital funding, while also relying on the project principals’ assurances that adequate private investment will become available for the mine to go ahead.

“It is not clear how the Northern Australia Infrastructure Facility could meet the direction from government that there be an expectation of full repayment of the loan with interest, while providing support only if commercial financiers do not provide sufficient finance for the project to proceed. It seems that the expectation could not be high if sufficient private sector finance is not forthcoming.”….

ACIL Allen said amid the uncertainties, “one thing is clear” about the project. “The substantial decline of thermal coal prices since 2011 has stripped in excess of $A40 per tonne from profit (after adjusting much larger US$ price declines for depreciation of the $A). This has raised doubts about the likelihood of any significant surplus of revenue over full costs (including a reasonable risk-adjusted rate of return on investment) in medium- and long-term timeframes.”http://www.theage.com.au/federal-politics/political-news/adani-loan-too-much-of-a-risk-for-taxpayers-according-to-independent-study-20170731-gxmarj.html

August 2, 2017 Posted by | AUSTRALIA - NATIONAL, business, politics | Leave a comment

ANZ, Commonwealth Bank, Westpac and National Australia Bank, slash lending to coal miners

Big four banks slash lending to coal miners, The Age, Clancy Yeates, 25 July 17, Australia’s big banks have slammed the brakes on project finance lending to expand the coal industry since late 2015, but are still lending billions for other fossil fuel developments, environmental finance group Market Forces says.

ANZ and Commonwealth Bank, previously named as the largest lenders to fossil fuels, both signalled they were actively reducing loans to some carbon-intensive sectors including the coal industry,

July 26, 2017 Posted by | AUSTRALIA - NATIONAL, business | Leave a comment

Australian Businesses now realising that renewable energy is cheap

 Smaller businesses are installing rooftop solar at unprecedented rates (which explains why solar is by far the most popular technology choice)

Business slowly wakes up to reality that renewables are cheap http://reneweconomy.com.au/business-slowly-wakes-reality-renewables-cheap-32040/, By Giles Parkinson on 19 July 2017  One Step Off The Grid Consider these two propositions: The top reason cited by Australian business for using more renewables it that it costs less. The top reason cited by Australian business for not using renewables it that it costs more.

As Ivor Frischknecht, the head of the Australian Renewable Energy Agency observes, both propositions cannot be right. It is pretty obvious now that the right answer is that renewables cost less, but ignorance is hurting business, as well as Australia’s policy debate.

Less than half of Australian businesses – according to a new ARENA report – actually source any renewable energy at all, and when they do it assumes only a minor role (less than 10 per cent of the needs of the user).

 The lack of knowledge is perhaps understandable – the arrival of cheap renewables is not something that gathers much mainstream media attention, despite the soaring cost of grid power to its current ridiculously high levels.

Two of the biggest corporate investments in renewable energy have received little or no mainstream media coverage.

These include the Sun Metals investment in a 116MW solar farm to underpin the expansion of its zinc refinery in north Queensland; and the commitment by Nectar Farms to power the country’s largest glasshouse for vegetable crops with just wind and battery storage, preventing a project from heading overseas due to high energy costs in Australia.

Telstra got a lot of publicity for its recent commitment to a 70MW solar farm in Queensland, but as Nada Kalam, an electrical engineer for Telstra Energy says, it was no easy job.

“The economics for a solar PPA speaks for itself,” Kalam said. “Financially it totally makes sense.” But, Kalam added, it was hard work to get it through the system.

“It took a while but it set a precedent,” she said at the Clean Energy Summit on Tuesday. “We showed it is very doable and we built trust about the process. This is something we can do more of and at a faster pace.” Continue reading

July 21, 2017 Posted by | AUSTRALIA - NATIONAL, business, energy | Leave a comment

Australian uranium miner Paladin Energy going broke

Paladin Energy enters administration, WNN, 03 July 2017  Paladin Energy Ltd has today appointed administrators after it was unable to agree a delay to the repayment of $277 million it owes Electricité de France (EDF). The administrators will continue to operate the company on a business-as-usual basis until further 

Western Australia-based Paladin in February announced plans for a balance sheet restructuring to enable it to meet debts due in April, after plans to sell a 24% stake in the Langer Heinrich uranium mine in Namibia to China’s CNNC Overseas Uranium Holdings failed to progress. The sale of a 30% stake in the Manyingee project in Western Australia to Avira Energy Ltd (formerly MGT Resources), announced at the same time as the CNNC sale in July 2016, also failed to complete.

CNNC, which already owns a 25% joint venture equity stake in the Namibian project, subsequently began a process that could lead to it exercising an option to acquire all of Paladin’s share of Langer Heinrich. This led to the proposal in May of an alternative restructuring plan by Paladin, as the original plan had assumed the company would retain an ongoing interest in its Namibian flagship project.

Paladin is due to pay EDF $277 million by 10 July under a long-term supply agreement signed in 2012. The company said it had approached EDF to grant a “standstill” agreement, which would allow time for the alternative restructure proposal to be implemented. Although terms had been negotiated they had not been signed.

“EDF has now informed Paladin that it is not prepared to enter into a standstill agreement and requires payment of the amount when due on 10 July 2017,” Paladin said today……. http://www.world-nuclear-news.org/UF-Paladin-Energy-enters-administration-0307177.html

July 5, 2017 Posted by | AUSTRALIA - NATIONAL, business, uranium | Leave a comment

Great Barrier Reef’s huge economic value to Australia

Great Barrier Reef ‘too big to fail’ at $56b, Deloitte Access Economics report says  http://www.abc.net.au/news/2017-06-26/great-barrier-reef-valued-56b-deloitte/8649936, By Louisa Rebgetz The Great Barrier Reef has a total asset value of $56 billion and is “too big to fail”, according to a new report.

Key points:

  • Deloitte Access Economics says GBR has calculated economic, social and iconic value of $56 billion
  • Tourism is the biggest contributor to the total asset value making up $29 billion
  • But tourist figures are down 50 per cent in the Whitsundays — operators say “this is as bad as it was during the GFC”

Deloitte Access Economics has calculated the economic, social and iconic value of the world heritage site in a report commissioned by the Great Barrier Reef Foundation.

Tourism is the biggest contributor to the total asset value making up $29 billion.

The Great Barrier Reef generates 64,000 jobs in Australia and contributes $6.4 billion dollars to the national economy, the report said.

It states the brand value, or Australians that have not yet visited the Reef but value knowing it exists, as $24 billion.

Recreational users including divers and boaters make up $3 billion.

The report does not include quantified estimates of the value traditional owners place on the Great Barrier Reef and it said governments should consider doing more to protect it.

Climate change remains biggest threat

It also references the back to back coral bleaching events which have devastated the reef and says climate change remains the most serious threat to the entire structure.

“We have already lost around 50 per cent of the corals on the GBR in the last 30 years. Severe changes in the ocean will see a continued decline ahead of us,” the report states.

“Today, our Reef is under threat like never before. Two consecutive years of global coral bleaching are unprecedented, while increasingly frequent extreme weather events and water quality issues continue to affect reef health,” said Dr John Schubert AO, Chair of the Great Barrier Reef Foundation.

Association of Marine Park Tourism Operators executive director Col McKenzie said the reef is crucial to the industry.

“We don’t have an industry without the Barrier Reef being in good condition.”

He said the negative coverage of the reef relating to the destruction caused by Cyclone Debbie earlier this year and the bleaching event is having an impact on visitor numbers.

Mr McKenzie said tourist figures are down 50 per cent in the Whitsundays and it is being felt along the Queensland coast.

June 26, 2017 Posted by | business, climate change - global warming, Queensland | Leave a comment

Nuclear Marketing – Australia’s role- theme for July 17

What is Australia’s role in the continuing, desperate, global marketing by the nuclear industry?

The global nuclear marketing campaign suffered a serious blow when South Australia definitively rejected the plan to import radioactive trash.  That plan had been essential to setting up nuclear power in South East Asian countries, as it promised to solve their nuclear waste problem.

Today, as the Western world’s nuclear industry collapses, there is new urgency to market nukes internationally. China and Russia (with their State-owned industries) now lead the charge – the campaign to sell the “old” big reactors, and the new (as yet non-existent) big and small ones.

New “start up” companies in America now join with other nations to market the new futuristic nuclear gimmicks. It becomes a global co-operation with Russia and China in the lead.

Australia’s nuclear zealots join in.  Enthusiastic propagandists like Ben Heard join in Moscow’s AtomPro advertising extravaganza.

More seriously the Australian Nuclear Science and Technology Organisation (ANSTO)  renews its tax-payer funded promotions. Defence hawks and various nuclear industry shills back the new push for Small Nuclear Reactors (SMRs) .  The Australian government is about to rubber-stamp ANSTO’s plan for Australia to take part in developing Generation IV nuclear reactors, (ANSTO boss Dr Adi Paterson having pre-empted Parliament by already signing Australia up to GenIV International Forum)

Australia is unwilling to even attend UN international meetings to discuss a nuclear weapons ban treaty . Australia pays lip service only to the international Paris climate change accord.

Yet Australia is happy to follow Russia in a new global nuclear marketing push?

Almost certainly so – because Australia has quite a recent history in promoting nuclear power in co-operation with Russia. In 2007 the then Howard Liberal government invited Sergei Kiriyenko to Australia. On 7 September 2007, head of Rosatom Sergey Kiriyenko and Australian Minister of Foreign Affairs Alexander Downer, in the presence of Prime Minister John Howard and President Putin, signed the Agreement between the Government of Australia and the Government of the Russian Federation on Cooperation in the Use of Nuclear Energy for Peaceful Purposes

Currently, the Australian nuclear lobby works quietly with Russia, sending nuclear propagandist Ben Heard to Russia to join in Their AtomExpo  global promotion of the industry.

 

 

June 22, 2017 Posted by | Christina themes, marketing for nuclear | 1 Comment

Future jobs in Far North Queensland threatened by Adani coal mine

Claims that Adani Coal Mine will threaten future tourism jobs in Far North, Tom Volling, The Cairns Post, June 19, 2017 A GROUP of scientists, doctors and reef conservationists claim a controversial coal mine destined for Central Queensland will negatively impact the Cairns economy.

June 19, 2017 Posted by | employment, Queensland | Leave a comment

False promises about Adani coal project have sucked in Queensland Premier and Townsville Mayor

Not that it was in writing. The only assurance Queenslanders truly had was a photo of a handshake. The premier ought to have stopped there, but she kept going.
For a premier under pressure to create jobs in a state with a population of 4.6 million, of whom more than 160,000 were unemployed in May this year, supporting a coalmine that will see job losses from elsewhere seems a serious folly.
the myriad companies that make up the Adani conglomerate make it nearly impossible to follow the money. What tax on profits will be paid in Australia? How much will be siphoned off to Adani’s “marketing hub” in Singapore and the Adani family company in the Cayman Islands?
Revealed: Gautam Adani’s coal play in the state facing global-warming hell  The extraction of mammoth coal deposits in Queensland’s Galilee Basin will only exacerbate climate change. Who supports the mines – and why? The Age, Anna Krien, 9 June 17  “…….
It was December 2016 when Gautam Adani flew into Townsville to meet Queensland Premier Annastacia Palaszczuk and the city’s mayor, Jenny Hill. Yes, there was some animosity: a couple of hundred people gathered on the foreshore to protest against Adani’s proposed coal mega-mine, and two native-title owners, Carol Prior and Ken Dodd, were also on his trail.
But for the nation’s kingmakers, Adani may as well be Midas. That very morning he had nipped down to Melbourne to meet Prime Minister Malcolm Turnbull to discuss the Coalition’s “conditional” offer to chip in a $1 billion loan to his project. After the meeting in the Townsville City Council chambers, there was the obligatory handshake photo with the Queensland premier, and then he was gone – a “fly-in, fly-out” billionaire.

Continue reading

June 11, 2017 Posted by | climate change - global warming, employment, Queensland | Leave a comment

Clean Energy Seed Fund raises $26m – a “vote of confidence” in sector 

REneweconomy, By Sophie Vorrath on 24 May 2017 The Clean Energy Seed Fund established just under a year ago as the first investment of the Coalition government’s re-badged Clean Energy Innovation Fund, has this week completed a $26 million capital raising, easily surpassing its $20 million target.

The fund’s manager, Artesian Venture Partners, said on Wednesday that the bumper capital raising included $10 million commitments from cornerstone investor the Clean Energy Finance Corporation (CEFC) and Australian Ethical Investment, and further investments from Hostplus and Future Super.

Launched in September 2016 with a $10 million cornerstone commitment from the $1 billion CEIF, the fund was set up to focus on clean energy sub-sectors including the internet of things, battery storage, biofuels and metering and control.

It aims to provide “pull-model” venture capital support to encourage greater investment and participation in the early-stage cleantech sector and co-investment from a wide range of investors, including high net worth individuals, angel investors, venture capital firms, corporates and institutions.

In the short-term, its goal is to invest at seed, angel and later stage follow-on rounds in 30-50 startups over a four-year investment period.

The fund also draws on the finance and skills of both the CEFC and the Australian Renewable Energy Agency (ARENA), the latter of which was, at the time of the fund’s establishment, facing steep budget cuts.

CEFC investment development director, Blair Pritchard said the $26 million of funds raised would be enough to see more dedicated clean energy accelerators popping up around the country….. http://reneweconomy.com.au/clean-energy-seed-fund-raises-26m-vote-confidence-sector-96236/

May 26, 2017 Posted by | AUSTRALIA - NATIONAL, business, energy | Leave a comment

Australia should not throw away $1 billion on a destructive and doomed Adani coal project

The first stage currently being discussed involves a total investment of around $5 billion, of which the Australian public is supposed to contribute at least a $1 billion.

we may easily end up with the worst of all worlds: no royalties and few jobs for a project that will contribute massively to environmental destruction both locally and globally.

We shouldn’t throw it away on a doomed project that will leave us with, at best, a stranded asset and a legacy of massive environmental damage.

There are better things to spend $1 billion on than the Adani coal mine, Brisbane Times, John Quiggin, 18 May 17 

Ever since taking office, the Palaszczuk government has been walking a tightrope with respect to the Adani Group’s proposed Carmichael mine in the Galilee Basin.

On the one hand, it’s obvious that the project is both environmentally disastrous and economically dubious. The government has been keen to avoid putting public money into this mess. On the other hand, if the project falls over, as still appears quite likely, the government is keen to avoid the blame.

The supposed benefits of 10,000 jobs and billions of dollars in royalties make an appealing case to voters at any time and particularly with the mining boom on the edge of failing. For most of the past 18 months, the government has managed the tightrope act successfully, but now it appears to be on the verge of falling. Adani is pushing for a ‘holiday’ from royalties, which might last as long as nine years. The project may go ahead if the government accepts, but the promised benefits to the Queensland public will disappear into the never-never.

The holiday is supposed to be temporary, but that’s unlikely.  Continue reading

May 20, 2017 Posted by | AUSTRALIA - NATIONAL, business, politics, Queensland | Leave a comment

Adani Carmichael coal mine: climate, health and economics are against it

Climate Council: climate, health and economics are against Carmichael mine  https://theconversation.com/climate-council-climate-health-and-economics-are-against-carmichael-mine-77940, Will SteffenEmeritus professor, Fenner School of Environment and Society, Australian National University, Hilary BambrickHead of School, School of Public Health and Social Work, Queensland University of Technology  May 19, 2017 Despite the overwhelming evidence that fossil fuels are killing the Great Barrier Reef and making many extreme weather events worse; despite the emphatic thumbs-down from the finance sector; and despite the growing awareness of the serious health impacts of coal, the proposed Carmichael coal mine staggers on, zombie-like, amid reports it has been offered a deferment of A$320 million in royalty payments.

A new Climate Council report, Risky Business: Health, Climate and Economic Risks of the Carmichael Coalmine, makes an emphatic case against development of the proposed mine, or of any other coal deposits in Queensland’s Galilee Basin, or indeed elsewhere around the world.

Burning coal is a major contributor to climate change. Australia is already reeling from the escalating impacts of a warming climate. Heatwaves and other extreme weather events are worsening. The Great Barrier Reef has suffered consecutive mass bleaching events in 2016 and 2017. Climate change is likely making drought conditions worse in the agricultural belts of southwest and southeast Australia. Our coastal regions are increasingly exposed to erosion and flooding as sea level rises.

If we are to slow these disturbing trends and stabilise the climate at a level with which we might be able to cope, only a relatively small amount of the world’s remaining coal, oil and gas reserves can actually be used.

The majority must be left unburned in the ground, without developing vast new coal deposits such as those in the Galilee Basin.

On budget

The amount of fossil fuels we can burn for a given temperature target (such as the 1.5℃ and 2℃ targets of the Paris climate agreement) is known as the “carbon budget”.

To give ourselves just a 50% chance of staying within the 2℃ Paris target, we can burn only 38% of the world’s existing fossil fuel reserves. When this budget is apportioned among the various types of fossil fuels, coal is the big loser, because it is more emissions-intensive than other fuels. Nearly 90% of the world’s existing coal reserves must be left in the ground to stay within the 2℃ budget.

When the carbon budget is apportioned by region to maximise the economic benefit of the remaining budget, Australian coal in particular is a big loser. More than 95% of Australia’s existing coal reserves cannot be burned, and the development of new deposits, such as the Galilee Basin, is ruled out.

The health case

Exploiting coal is very harmful to human health, with serious impacts all the way through the process from mining to combustion. Recently the life-threatening “black lung” (coal workers’ pneumoconiosis) has re-emerged in Queensland, with 21 reported cases. Across Australia, the estimated costs of health damages associated with the combustion of coal amount to A$2.6 billion per year.

In India, the country to which coal from the proposed Carmichael mine would likely be exported, coal combustion already takes a heavy toll. An estimated 80,000-115,000 deaths, as well as 20 million cases of asthma, were attributed to pollutants emitted from coal-fired power stations in 2010-11. Up to 10,000 children under the age of five died because of coal pollution in 2012 alone.

Compared with the domestic coal resources in India, Carmichael coal will not reduce these health risks much at all. Galilee Basin coal is of poorer quality than that from other regions of Australia. Its estimated ash content of about 26% is double the Australian benchmark.

This is bad news for children in India or in any other country that ends up burning it.

The economics

The economic case for the Carmichael mine doesn’t stack up either. Converging global trends all point to rapidly reducing demand for coal.

The cost of renewable energy is plummeting, and efficient and increasingly affordable storage technologies are emerging. Coal demand in China is dropping as it ramps up the rollout of renewables. India is moving towards energy independence, and is eyeing its northern neighbour’s push towards renewables.

All of these trends greatly increase the risk that any new coal developments will become stranded assets. It’s little wonder that the financial sector has turned a cold shoulder to the Carmichael mine, and Galilee Basin coal development in general. Some 17 banks worldwide, including the “big four” in Australia, have ruled out any investment in the Carmichael mine.

From any perspective – climate, health, economy – the proposed mine is hard to justify. And yet the project keeps on keeping on.

May 19, 2017 Posted by | AUSTRALIA - NATIONAL, business, climate change - global warming, Queensland | Leave a comment

Top UK fund manager divests from fossil fuels, incl BHP Billiton

Guardian 15th May 2017, Archbishop of Canterbury plays crucial role in BMO Global Asset Management’s decision to dump £20m of shares in firms such as BHP Billiton  One of Britain’s biggest managers of ethical funds is to dump £20m of shares in fossil fuel companies in one of the biggest divestments so farbecause of climate change.

Shares in BHP Billiton, the Anglo-Australian mining giant, will be among those sold by BMO Global Asset Management’s range of “responsible” funds, which manage £1.5bn of assets. They were previously known as the “stewardship” funds, the first ethical funds launched in Britain. The archbishop of Canterbury, Justin Welby, played a crucial role in the divestment, as president of BMO’s responsible investment council. The Church of England has already pulled out of investing in companies that make more than 10% of its revenues from thermal coal or oil from tar sands….. https://www.theguardian.com/environment/2017/may/15/top-uk-fund-manager-divests-from-fossil-fuels

May 17, 2017 Posted by | AUSTRALIA - NATIONAL, business | Leave a comment

The Global Uranium Industry and Cameco’s Troubled History

The Global Uranium Industry & Cameco’s Troubled History, May 2017, Jim Green − Friends of the Earth, Australia http://tinyurl.com/cameco-may-2017

Table of Contents

  1. INTRODUCTION
  2. THE GLOBAL URANIUM INDUSTRY

Australia’s Uranium Volume and Exports – 2006-2015

Australia’s top export revenue industries – Compared to uranium

“It has never been a worse time for uranium miners”

If there is a recovery, it will be a long time coming

Explaining the uranium market’s malaise

  1. CAMECO BATTLING URANIUM DOWNTURN, TAX OFFICE, TEPCO
  2. CAMECO’S URANIUM DEPOSITS IN WESTERN AUSTRALIA ‒ A BRIEF SUMMARY
  3. CAMECO’S INCIDENTS AND ACCIDENTS: 1981‒2016
1. INTRODUCTION This report covers two overlapping issues. 
Firstly: the miserable state of the global uranium industry. For several years, the uranium prices (the spot price and long-term contract price) has been well below the level that would incentivise new mines. There is no end in sight to the industry’s current malaise ‒ as acknowledged by numerous industry insiders and market analysts.
Secondly: the problems facing uranium mining company Cameco, which provides about 17% of the world’s production from mines in Canada, the US and Kazakhstan, and has two uranium projects in Western Australia ‒ Kintyre (70% Cameco / 30% Mitsubishi) and Yeelirrie (100% Cameco).
Cameco has been continuously downsizing for the past five years and the company acknowledges that the situation will get worse before it gets better.
Cameco has written off the entire value of its Kintyre project in Western Australia: a C$238 million write-down in 2016 following a C$168 million write-down in December 2012. Several other mines have been subject to production slowdowns or suspension, the company plans to sell its two uranium mines in the US (if it can find a buyer), and CEO Tim Gitzel said in February 2017 that Cameco is “very far from requiring any new greenfield uranium projects”.
Cameco is currently embroiled in a court case, accused of illegal profit-shifting by the Canada Revenue Agency using subsidiaries in Switzerland and Barbados. If Cameco is found guilty, it may have to back-pay taxes amounting to C$2.1 billion.
Finally, the report includes a table listing many of Cameco’s accidents and controversies since 1981 ‒ leaks and spills, the promotion of dangerous radiation junk science (in WA and elsewhere), appalling treatment of indigenous people, systemic and sometimes deliberate safety failures and breaches, etc………
 
Explaining the uranium market’s malaise There are numerous reasons why the uranium market is likely to remain depressed for the foreseeable future. The most important are briefly discussed here.
1. Nuclear power is unlikely to expand…..
2. Uranium is plentiful. …..
3. Stockpiles (inventories) are massive and still growing…….

May 5, 2017 Posted by | business, reference, uranium, Western Australia | Leave a comment

All about the Adani coal mine expansion plan

I can no longer keep up with this
Adani admits overseas steel cheaper
http://www.afr.com/news/politics/adani-admits-overseas-steel-cheaper-but-still-prepared-to-buy-local-20170503-gvyfc9 

 
Green groups to target Commonwealth Bank over potential Adani financing
GREEN groups will go to war with the Commonwealth Bank this week after documents revealed a continuing relationship with Adani that helped the controversial Carmichael mine gain approval for a water licence.
http://www.news.com.au/finance/business/green-groups-to-target-commonwealth-bank-over-potential-adani-financing/news-story/94d9701fe05b3801612015bd33bfb9ae
Govt considers action against Adani
ADANI is facing a new investigation by the Queensland Government into its operations after water released at its Abbot Point facility was found to contain eight times the permitted level of sediment.
http://www.couriermail.com.au/news/queensland/adani-coal-port-under-investigation-from-queensland-government-for-sediment-runoff/news-story/b51d7e9667c5dd7f08b4f4ff8027b736
Westpac’s Adani decision finds public support, despite Canavan’s disapproval
Survey shows 41% of people support bank’s decision to rule out funding Adani’s Queensland mine, with only 14% against, as the resources minister vows to switch banks
https://www.theguardian.com/environment/2017/may/05/westpacs-adani-decision-finds-public-support-despite-canavans-disapproval
Arrium deal ‘no saviour’ for Whyalla steelworks
A PROMISE to source $74 million worth of steel from Arrium has been welcomed by the State Government, but Treasurer Tom Koutsantonis warns it won’t be the “saviour” of the Whyalla steelworks.
http://www.adelaidenow.com.au/business/jobs/adanis-deal-to-buy-74-million-in-steel-from-arrium-no-saviour-for-whyalla-says-sa-treasurer/news-story/e89ffd0e26a4662b174e1ff281358aff
Queensland
Adani faces possible multi-million-dollar fine over Abbot Point sediment water discharge
Mining giant Adani faces a possible multi-million-dollar fine after sediment water eight times above authorised levels was discharged from the Abbot Point coal terminal last month, the ABC can reveal.
http://www.abc.net.au/news/2017-05-03/adani-faces-multi-million-dollar-fine-over-sediment-water/8494398
Politician slams anti-coal ‘latte sippers’
A QUEENSLAND politician has slammed opponents of coal power, claiming if you don’t support coal, you can “sit under palm trees and weave baskets for a living”.
http://www.couriermail.com.au/news/queensland/queensland-government/gladstone-deputy-mayor-chris-trevor-slams-latte-sippers-who-are-against-coal/news-story/ef369f68cba0f34799928affcadf26e2
The government is swimming against the tide on Westpac’s Adani decision
David Peetz, Griffith University and Georgina Murray, Griffith University
As the cost of renewable energy falls, funding a new mine is a risky investment.
http://theconversation.com/the-government-is-swimming-against-the-tide-on-westpacs-adani-decision-76950
South Australia
Adani wards off Whyalla wipeout
The proposed $16.5bn Adani Carmichael mine project has thrown a lifeline to South Australia’s steel industry.
http://www.theaustralian.com.au/business/mining-energy/adani-to-ward-off-whyalla-wipeout-with-pledge-to-use-arriums-steel/news-story/ac0acfb6b7d5f51e63417301ce65e1c1

May 5, 2017 Posted by | AUSTRALIA - NATIONAL, business, climate change - global warming, politics | Leave a comment