Antinuclear

Australian news, and some related international items

Business Investment in Renewable Energy hit by government cuts to Australian Renewable Energy Agency.

Turnbull destroys renewablesARENA Cuts Impact Renewable Energy Businesses logo-ARENA Business investment in Australia’s renewable energy sector will take a direct hit, with up to $5 billion of private funding at risk, as a result of the federal government’s decision to cut half a billion dollars from the Australian Renewable Energy Agency.    Pro Bono, Wednesday, 21st September 2016 Ellie Cooper, Journalist Future Business Council executive director Tom Quinn said the government’s decision to cut funding to ARENA in the budget savings bill could have run-on effects on matched private-sector funding for renewable energy.

ARENA was saved from a worse fate, with the Coalition originally planning to strip $1.3 billion from the agency. Negotiations with the opposition secured $800 million in funding over the next five years.

But Quinn said the damage to the renewable energy sector would still be significant.

“The cuts to ARENA are shaking business confidence even further in the renewable energy space. This is a boom sector of this century, Australia’s got natural advantages in this space,” Quinn told Pro Bono Australia News.

“But the one thing holding back the industry is policy uncertainty created by hostile government actions.”

He said demand for renewable energy technology was “enormous”, with $329 billion invested globally in the sector last year.

But he said the role of ARENA was critical in launching renewable startups, growing viable businesses, and attracting local and international investment.

“If we’re talking about innovation in any new technology then early stage investment is critical, and that’s really where government comes in. Government has the ability to invest where the private sector can’t, and all too often that’s where Australia has let down its innovators and entrepreneurs,” he said.

“We haven’t got a good track record of backing early-stage innovation, and this is where ARENA was critical…….https://probonoaustralia.com.au/news/2016/09/arena-cuts-impact-renewable-energy-businesses/

September 23, 2016 Posted by | AUSTRALIA - NATIONAL, business, energy, politics | Leave a comment

Finland companies keen to market their nuclear waste technology to South Australia

nuclear-marketing-crapFinland’s Onkalo nuclear waste disposal facility want to export the technology to South Australia, The Advertiser Daniel Wills, Helsinki, Finland, The Advertiser September 21, 2016 OPERATORS of the world’s most advanced nuclear disposal facility want to export the technology to South Australia and form an alliance to help the state develop its own commercial facility to take waste from around the world.

At a briefing with Premier Jay Weatherill at Finland’s Onkalo nuclear waste disposal facility, Posiva Solutions Oy managing director Mika Pohjonen said his company would be willing to licence intellectual property and engineering solutions to SA if it were to proceed with expanding the local nuclear industry.

Posiva is a joint venture owned by two of Finland’s biggest energy companies — Teollisuuden Voima Oyj and Fortum Power and Heat. It is set to become the first organisation in the world to bury a canister of spent nuclear fuel when they begin inserting them into the bedrock from 2020. Mr Pohjonen said SA could hope to move from site selection to burying canisters within about 15 years, less than half the time taken by Finland, because the Scandinavians had already undertaken the slow work of proving the technology………

The Onkalo disposal site is about 10 times smaller than that conceived by SA’s Nuclear Fuel Cycle Royal Commission.……

Mr Weatherill will by the end of the year declare a formal State Government position to Parliament on expansion of the industry………

“The next major step is a threshold question about whether we maintain our prohibition against a facility for spent fuel or whether we take a step to explore it further.”-  Mr Weatherill said ….

Weatherill nuclear dream

….http://www.adelaidenow.com.au/news/south-australia/finlands-onkalo-nuclear-waste-disposal-facility-want-to-export-the-technology-to-south-australia/news-story/5b26cc6e0bf9f342bac97fa5ba81c444

September 21, 2016 Posted by | marketing for nuclear, politics, South Australia | Leave a comment

Australian company exporting lithium

text-cat-questionWhy mine lithium?
Lithium is essential for wind turbines, as well as for so many 21st Century recycle-rare-earths-2technologies. However, it is another potentially toxic extractive industry. There’s so much of it dumped in discarded devices. Design should be the answer, so that lithium can be recycled.

MinRes beats Galaxy in lithium export race Jarrod Lucas – The West Australian on September 16, 2016  The first shipment of spodumene concentrate from the Mt Marion mine, 40km south-west of Kalgoorlie-Boulder, is set to depart Fremantle next month bound for lithium processing plants in China.

The product, the equivalent of about 6 per cent lithium, will be delivered to Mt Marion co-owners Ganfeng Lithium (43.1 per cent), which builds batteries out of Jiangxi province and recently branched out into manufacturing electric cars.

Mt Marion, jointly owned by Chris Ellison’s Mineral Resources (43.1 per cent), and Neometals (13.8 per cent), will beat Galaxy Resources to market after its first shipment via Esperance from the revamped Mt Cattlin mine near Ravensthorpe was delayed until December.

It comes as Mt Marion’s neighbours Maximus Resources yesterday trumpeted a “new lithium discovery” on the doorstep of the mine……..https://au.news.yahoo.com/thewest/wa/a/32629967/lithium-set-for-export/#page1

September 16, 2016 Posted by | business, Western Australia | Leave a comment

Discord in nuclear submarine lobby

Businessmen lobby for nuclear subs, news.com.au SEPTEMBER 13, 2016 Australian Associated Press A group of Australian businessmen is lobbying for Australia’s next fleet of submarines to be nuclear-powered and supplied by another country, warning the current deal to build the vessels in Australia will “condemn our sailors to their graves”.

argument

The group says it can’t understand the federal government’s decision to award a multi-billion deal to French supplier DCNS, which will be required to deliver 12 diesel-powered submarines for which there are no drawings and no plans…….

The businessmen, including Dick Smith, Gary Johnston of Jaycar Electronics and ad man John Singleton took out a full-page advertisement in The Australian slamming the move to go with French producer DCNS, suggesting buying off-the-shelf nuclear subs would be a better option……

It also questioned the economics of the decision, saying it would be cheaper to subsidise car industry jobs, if creating jobs was the desired outcome.

Mr Johnston said DCNS was being asked to build a diesel-powered version of what is essentially a nuclear-powered sub.

  “It’s a bit like trying to turn a cat into a dog. It’s crazy. Why would you do it?” he told Sky News.

“They haven’t got a drawing, they haven’t got a plan. Their current nuclear submarine, the Barracuda, is sitting on a slipway…..http://www.news.com.au/national/breaking-news/sa-premier-hits-back-at-sub-criticism/news-story/b8dd63476f1a4552c6685d3533163cd1

September 14, 2016 Posted by | AUSTRALIA - NATIONAL, business, politics | Leave a comment

Banks ready to back big solar projects: renewable energy jobs on the rise

piggy-ban-renewablesgreen-collarBanks looking even closer at backing big solar projects: Clean Energy Council, Brisbane Times, Tony Moore , 8 Sept 16,  Australian banks will invest more heavily in solar energy projects within the next 12 months, Clean Energy Council chief executive Kane Thornton said after Thursday’s announcement that 12 new solar farms Australia-wide had been backed by $100 million from the federal government.

The federal government’s Australian Renewable Energy Agency on Thursday announced 12 large-scale solar projects – six in Queensland – had received federal support.

ARENA chief executive Ivor Frischknecht said improved efficiencies had meant solar energy producers were getting much more bang for their funding buck than they were even two years ago. “In 2014, the grant funding needed for large-scale solar projects was $1.60 a watt,” Mr Frischknecht said.”In 2015, this dropped to 43 cents at the EOI stage of ARENA’s $100 million large-scale solar funding round; and to an average of 28 cents in June 2016 when full applications were submitted,” he said.

“The average requirement of the projects we are taking forward today is an incredible 19 cents a watt.”

Mr Thornton said solar projects would soon begin to rely less on federal government for funding to begin operations. “We really at the threshold of saying that once we see another round of these of these projects  we are going to see the costs decline to the point when they are built on their own, without the government support,” he said. “I think it is months, if not maybe a year or so, before we can expect them to go ahead without further funding.”

Mr Thornton said banks were now closely examining the viability of investing more heavily in solar and renewable energy projects in Australia.

The first major investment in solar energy by Australian banks came in 2013 when NAB and ANZ invested in a 20 megawatt solar plant in Canberra. More investment in solar plants followed, while banks have questioned some large new coal projects……….

Mr Thornton said scale of new solar farm plants was lowering production costs to the point where it was “cost comparative’ with coal and gas.

Mr Thornton said it was now time to begin training workforces that worked in traditional energy supply companies to work in renewable energy. http://www.brisbanetimes.com.au/queensland/banks-looking-even-closer-at-backing-big-solar-projects-clean-energy-council-20160908-grc5ol.html

September 10, 2016 Posted by | AUSTRALIA - NATIONAL, business, employment, solar | Leave a comment

Australian govt’s cuts to clean energy will mean loss of many CSIRO jobs

Turnbull destroys renewables120 CSIRO jobs face the axe if clean energy cuts go through, http://www.canberratimes.com.au/national/public-service/120-csiro-jobs-face-the-axe-if-clean-energy-cuts-go-through-20160831-gr5hxc.html  Noel Towell, 31 Aug 16 

More than 120 research jobs at the CSIRO face the axe if the Coalition’s proposed cuts to the clean energy research agency are approved by Parliament.

The threatened jobs come on top of scores of university science positions on the chopping block if the Australian Renewable Energy Agency is de-funded as part of the government’s “budget repair” omnibus bill currently before the Parliament.

The new threat to CSIRO research comes less than a month after Science Minister Greg Hunt instructed the organisation to renew its focus on climate science, claiming it would be a “bedrock function” of the agency’s activities.

Fairfax reported on Wednesday that Australia’s leading renewables researchers were warning the nation was heading towards the “clean energy valley of death” if the ARENA cuts are passed. Continue reading

September 2, 2016 Posted by | AUSTRALIA - NATIONAL, employment, energy, politics | Leave a comment

Uranium miner ERA forced to slash its assets value

burial.uranium-industryEnergy Resources of Australia slashes asset values, The Age, Brian Robins 30 Aug 16  Uranium miner Energy Resources of Australia has been forced to slash the value of its assets by $161 million, almost equal to the company’s remaining sharemarket value.

With its controversial Ranger mine, which is surrounded by the Kakadu National Park, scheduled to close within five years, the Australian Securities and Investments Commission (ASIC) had questioned the way ERA valued its assets in its December 31, 2015 financial report.

The miner had now conceded that the value at which it carried the Ranger mine assets in its books “exceeded fair value”, ASIC said in a statement on Tuesday.

ERA pointed to weakness in the uranium oxide price at a time when the mine had only a five-year life left, without an extension of its authority to mine, as reasons for booking the impairment.

The write-down compares with ERA’s sharemarket worth of just $173 million, which signals deep-seated investor pessimism over its prospects in light of the traditional land owners’ opposition to extending the operation of the mine.

In the June half, ERA lost $35.2 million, which blew out to $196.5 million following the write-down. Revenue slipped to $170.5 million from $185.8 million due to the weak uranium price……..

ASIC had queried the company’s use of a single discount rate when valuing its assets. ERA has agreed to use different valuation techniques for the mining and rehabilitation of the site, for example.

ERA’s biggest single asset is its accumulated losses, which now total $822.8 million and tower over the value of its dwindling equity of $273.4 million.

August 31, 2016 Posted by | business, Northern Territory, uranium | Leave a comment

Community solar fund shares sold out in nine minutes!

solar-panels-and-money“Although this is only a particularly small project, what it is is it represents the first community solar lease product in Australia, it represents the first community solar cooperative fund and it represents the first crowdfunded equity community solar project,”

Community Solar Co-Op Shares Sells Out in Minutes https://probonoaustralia.com.au/news/2016/08/community-solar-co-op-shares-sells-minutes/ Renewable energy organisation Pingala sold out of shares in nine minutes for its first community solar fund. Pingala partnered with the environmentally-conscious Young Henrys brewery in Newtown, Sydney to build a solar farm on its roof, which will save an estimated 127 tonnes of greenhouse gas emissions a year.

The newly launched Pingala Cooperative, which sits alongside the Pingala Not for Profit, allows the organisation to raise funds from member investors to install solar panels on its partner businesses.

“We then lease the solar to the business, so they pay us a fee to be able to use the equipment as though it were their own, and through that we get a revenue stream that allows us to pay our costs and generate a small profit,” Pingala secretary Tom Nockolds told Pro Bono Australia News.

“So we’re offering our investors between 5 and 8 per cent… return on investment. But they’re investing in Pingala on an ongoing basis, so there’s no predetermined timeline for when investors get their money back, it’s totally up to the investors themselves to decide when they want to sell their shares, it’s much like buying shares in a company. Continue reading

August 24, 2016 Posted by | business, New South Wales, solar | 1 Comment

Nuclear waste plan for South Australia not economically viable? Global nuclear lobby doesn’t care

The global nuclear lobby surely does not care about whether or not the South Australian nuclear waste importing scheme is economically viable.

A commitment by an Australian State to take in nuclear waste could do the trick for them – as Oscar Archer put it – by unblocking the back end of the nuclear fuel cycle. The NFCRC plan also promises the chance of a market in Australia for the mini nuclear reactors.

toilet map South Australia 2

Mixed motives in South Australia’s nuclear waste import plan, Noel Wauchope, Online Opinion, 23 Aug 16In South Australia the continued nuclear push focusses solely on a nuclear waste importing industry. Yet that might not be economically viable. Behind the scenes, another agenda is being pursued – that of developing new generation nuclear reactors.

First, let’s look at the message. The message from the Nuclear Fuel Cycle Royal Commission (NFCRC) is clearly a plan to make South Australia rich, by importing foreign nuclear wastes……This theme has been repeated ad nauseam by the NFCRC’s publicity, by politicians, and the mainstream media.…..

Meanwhile, the South Australian Parliament is holding a Committee Inquiry into the NFCRC’s recommendations. This Committee asked witnesses about various aspects of the plan. However, an intense focus in questioning Royal Commissioner Kevin Scarce, and Dr Tim Johnson from Jacob Engineering (financial reporter to the NFCRC) was directed at the economic question. It was clear that the politicians were concerned that there’s a possibility of the State spending a significant amount of money on the project, which might then not go ahead. And, indeed, Dr Johnson acknowledged that, financially,” there is a very significant risk”

Whereas other countries are compelled to develop nuclear waste facilities, to deal with their waste production from civil and military reactors,that is not a necessity for Australia, (with the exception of relatively tiny amounts derived from the Lucas Heights research reactor).

So, the only reason for South Australia to develop a massive nuclear waste management business is to make money.

If it’s not profitable, then it shouldn’t be done.

Or so it would seem.

There is another, quieter, message. When you read the Royal Commission’s reports, you find that, while the major aim is for a nuclear waste business, in fact, the door is kept open for other parts of the nuclear fuel chain…….

The clearest explanation of this came early in 2015, just as the NFCRC was starting, in an ABC Radio National talk by Oscar Archer…….

Archer’s plan is significant because it illustrates a very important point about South Australia’s nuclear waste plan – IT SOLVES A GLOBAL NUCLEAR INDUSTRY PROBLEM. Both in ‘already nuclear’ countries, especially America, and in the so far non nuclear counties, such as in South Asia, the nuclear industry is stalled because of its nuclear waste problem. In America, the “new small nuclear”, such as the PRISM, technologies (Power Reactor Innnovative Small Module) cannot even be tested, without a definite waste disposal solution. But, if South Australia provided not only the solution, but also the first setting up of new small reactors, that would give the industry the necessary boost……..

Once Australia has set up a nuclear waste importing industry, the nuclear reactor salesmen of USA, Canada, South Korea, will have an excellent marketing pitch for South Asia, as the nuclear waste problem has been removed from their shores.. And South Asia is exactly the market that the NCRC has in its sights. The NFCRC eliminated most of the EU, Russia, China, North America as customers. This was explained by Dr Tim Jacobs, of Jacobs Engineering, (financial reporters to the NFCRC), at the recent hearing of the South Australian Parliamentary Joint Committee on Findings of the Nuclear Fuel Cycle Royal Commission ………

South Australia’s government is influenced by a strong nuclear lobby push and the Royal Commission advocacy for solving that State’s present financial problems by a futuristic nuclear waste repository bonanza scheme…….

The global nuclear lobby surely does not care about whether or not the South Australian nuclear waste importing scheme is economically viable. Their fairly desperate need is to sell nuclear reactors to those countries that don’t already have them. In particular, the ‘small nuclear” lobby sees an urgency now, with ‘big nuclear’ failing, to get their industry happening.

A commitment by an Australian State to take in nuclear waste could do the trick for them – as Oscar Archer put it – by unblocking the back end of the nuclear fuel cycle. The NFCRC plan also promises the chance of a market in Australia for the mini nuclear reactors.    http://www.onlineopinion.com.au/view.asp?article=18465&page=1

August 23, 2016 Posted by | business, Nuclear Royal Commission, South Australia, wastes | Leave a comment

South Australia’s dysfunctional National Electricity Market (NEM)

Dennis Matthews, 1 August 16 Once again, South Australia’s electricity supply is in trouble. The transition to solar and wind electricity has not been well managed, but this has as much to do with the National Electricity Market (NEM) and privatisation as it has to do with the technology.

The basic issue is one of supply and demand. Previously there was a surge in demand during heat waves, recently we had a plunge in supply. The summer surge in demand was met by gas-fired peaking power stations. A privatised electricity industry operating in an electricity market meant that these suppliers were in a monopoly position; they could and did command exorbitant wholesale prices, typically 100 times the average. Because of the NEM rules, these prices then automatically flowed on to all suppliers in the NEM.

The recent winter plunge in supply was met, under political pressure, by gas-fired power stations. Once again, the suppliers were in a monopoly position and commanded exorbitant wholesale prices.

South Australia is being held to ransom by socially irresponsible companies operating in a dysfunctional market.

 

August 1, 2016 Posted by | business, South Australia | Leave a comment

Desperate coal industry sponsors attacks on wind farms

wind-farm-evil-1Coal is behind the attacks on wind turbines. It’s fighting for its life, The Age,  Peter Martin, 27 July 16 

First they were supposed to be destroying birds, then sleep. Now wind turbines are being blamed for destroying the Australian electricity market and pushing prices as high as $14,000 per megawatt hour.

As Victoria gives the green light for a massive $650 million wind farm with up to 104 turbines at Dundonnell, 200 kilometres west of Melbourne, and with talk of more wind farms in NSW a Liberal senator has been calling for a moratorium on new turbines until the Productivity Commission examines what they are doing to prices.

“There should be no further subsidies paid for an intermittent and unreliable power source that can be seen as as proven failure,” Senator Chris Back is quoted as saying, in an apparent attempt to prejudge the inquiry he is calling for.

On the face of it, it’s an odd idea: that adding a new and very cheap source of power should push up prices (wind turbines cost next to nothing to operate). And for the record, it’s not true. South Australia has more wind turbines than any other state. They supply more than one-third of its power. Yet a graph prepared by the Australian National University’s Hugh Saddler shows that South Australia’s average electricity price was much higher when they only provided 10 per cent.

The complaint is about spot prices, those instant short-lived prices the big industrial users have to pay if they haven’t insured against sudden movements, as a lot have not………

With fewer coal-fired plants, and with wind plants scattered throughout the nation, the system has the potential to work surprisingly well. Energy analyst David Leitch points out that in South Australia most of the wind turbines fire up at the same time, but if they were also placed in northern NSW and Tasmania (where the wind blows at very different times) each would fill the other’s gaps.

South Australia and Tasmania overlap only 10 per cent of the time. At other times, the gap would be filled by storage: either batteries or water storage as wind power pumps water up to the top of mountains while the wind’s abundant and lets it drop through hydro plants when it’s not.

Wind needn’t be a problem, regardless of what you’ve been told. But it does leave very little role for coal, which supplies base load power for which a wind-dominated system would have little use.

With fewer coal-fired plants, and with wind plants scattered throughout the nation, the system has the potential to work surprisingly well. Energy analyst David Leitch points out that in South Australia most of the wind turbines fire up at the same time, but if they were also placed in northern NSW and Tasmania (where the wind blows at very different times) each would fill the other’s gaps.

South Australia and Tasmania overlap only 10 per cent of the time. At other times, the gap would be filled by storage: either batteries or water storage as wind power pumps water up to the top of mountains while the wind’s abundant and lets it drop through hydro plants when it’s not.

Wind needn’t be a problem, regardless of what you’ve been told. But it does leave very little role for coal, which supplies base load power for which a wind-dominated system would have little use. http://linkis.com/www.theage.com.au/co/1H46Y

July 30, 2016 Posted by | AUSTRALIA - NATIONAL, business, energy | Leave a comment

BHP Billiton’s costs for Brazil mine disaster – $3 billion and rising

BHPB-sadBHP Billiton’s Samarco costs top $3 billion, ABC News By business reporter Stephen Letts, 28 July 16,  Mining giant BHP Billiton has doubled its provisions for the Samarco mine disaster in Brazil to well in excess of $3 billion.

BHP said it will recognise another provision in the range of $US1.1 to $US1.3 billion ($1.5 to $1.7 billion) on top of $US1.2 billion ($1.6 billion) charge already announced in its half-yearly results in February.

That charge, along with several other asset write-downs, caused BHP to report a record $7.8 billion interim loss.

In a statement to the ASX, BHP said the new provision is approximately equivalent to its 50 per cent share of the current estimate of the Samarco compensation deal struck with Brazilian federal, state and municipal authorities in March.

However, that funding agreement – which was intended to restore and repatriate the community and environment affected by the tailings dam collapse – remains in limbo, having being suspended by Brazil’s Supreme Court last month.

The BHP statement noted the provision reflected the ongoing uncertainty surrounding the nature and timing of a potential restart of the Samarco operations.

The charge will be recognised as an exceptional item in the forthcoming results, together with direct costs of around $US100 million ($133 million)…….http://www.abc.net.au/news/2016-07-28/bhp-billiton-samarco-costs-top-3-billion-dollars/7668832

July 29, 2016 Posted by | AUSTRALIA - NATIONAL, business | Leave a comment

Green bonds fast gaining popularity

Victoria-sunny.psdGreen bonds the new black in the market as environmental financing surges, ABC News, 26 July 16 By business reporter Stephen Letts The environmentally sensitive shoots developing in the global bonds market appear to be heading for a serious growth spurt with another record quarter of “green bonds” issuance.

In a research note on the sector, the credit ratings agency Moody’s found environmentally focused green bond issuance in the June quarter hit a record $US20.3 billion ($27 billion), well above the $US16.9 billion ($22.5 billion) recorded in the first quarter of the year.

Added together, the two quarters raised almost 90 per cent more capital than in the first half of 2015.

“The global green bond market is now poised to reach $US75 billion ($100 billion) in total volume for 2016 and so set a new record for the fifth consecutive year, given the strong issuance already observable in the first two weeks of Q3,” Moody’s senior vice president Henry Shilling said.

That fresh flow in the third quarter includes $300 million worth of bonds from Victoria put out to tender earlier this month, the first green issuance from an Australian state or federal government……

Clean energy projects dominate the market

The increasing demand has been supported by many big pension funds now carrying mandates that stipulate portfolios must hold required levels of environmentally friendly investments.

Around two-thirds of green bond proceeds in the quarter were directed to renewable energy and energy efficient projects, with clean transport accounting for a further 17 per cent of the money raised.

The US dominated issuance, with 23 per cent of the market, followed by the big development agencies such as the World Bank, with 17 per cent, although China is expected to bounce back to its dominant position in the market with $US3 billion worth of bonds in the pipeline for sale in coming months……. http://www.abc.net.au/news/2016-07-27/green-is-new-black-in-the-bonds-market-environmental-finance/7664414

July 27, 2016 Posted by | business, energy, Victoria | Leave a comment

The critically important work of Australia’s indigenous rangers

Indigenous rangers play a silent and undervalued role as leaders and educators in their communities, role models for how to progress in both worlds. It’s important to provide local, challenging, culturally relevant, real jobs to keep these leaders embedded within the fabric of their families and communities.

They need a commitment beyond 2018 that their real jobs will still exist.

[The video below does not apply to The Numbulwar ranger group, but still gives an example of the kind of work that they do]

Queensland Indigenous Land and Sea Ranger Program

Are Indigenous rangers engaged in ‘real jobs’? The answer is simple, Guardian , 22 July 16 

As well as protecting the land, Indigenous rangers play an undervalued role as leaders in their communities. It’s never been more important to protect these jobs. Many conservative politicians and commentators argue Indigenous ranger jobs are not “real jobs”. This is perfectly illustrated by the recentleaking to Crikey of a secret federal Coalition government plan to radically change this successful Indigenous ranger program in order to “get participants into employment”. While the minister for Indigenous affairs, Nigel Scullion has denied he is planning an overhaul of the program, his government has not made a commitment to fund the program beyond 2018.

This question of whether ranger jobs are “real jobs” can easily be put to rest.

The Numbulwar ranger group in Arnhem Land was re-established in November 2015, Continue reading

July 23, 2016 Posted by | aboriginal issues, employment, environment, Northern Territory | Leave a comment

Australian uranium miner Paladin questioned by Australian Securities Exchange

questionPaladin cops ASX query over deals The West Australian on July 22, 2016Paladin Energy has been forced to halt trading of its shares after a query from the Australian Securities Exchange demanding more information about $US200 million worth of deals flagged to the market yesterday.

Paladin did not outline the additional information requested by the ASX, but yesterday’s announcement was notable in that it did not give the name of the party offering to pay $US175 million for 24 per cent of its Langer Heinrich uranium mine in Namibia.

Paladin said yesterday the agreement was non-binding and that “key terms of this proposed transaction remain confidential, including the identity of the counterparty”.

Paladin promised yesterday to disclose details as the deal firmed up, including the identity of the buyer.

But the ASX has been on the warpath over non-disclosure of counterparties to major funding deals since the Padbury Mining scandal in 2014, when shares in the market tiddler surged after it said funding had been “secured” from an unnamed party that would supposedly deliver $US6.5 billion to build the Oakajee port and rail project…….Paladin shares closed down 3.5¢ to 20.5¢ on the announcement yesterday.  https://au.news.yahoo.com/thewest/wa/a/32125776/paladin-cops-asx-query-over-deals/#page1

July 23, 2016 Posted by | AUSTRALIA - NATIONAL, business, uranium | Leave a comment