Tony Abbott pledges his troth to BHP Billiton and its uranium mine expansion
BHP Billiton has revealed it is unlikely to go ahead with all of its major resources projects
Tony Abbott vows to clear way for giant Olympic Dam mine, Courier Mail : By Mark Kenny The Advertiser June 13, 2012
FEDERAL Opposition Leader Tony Abbott has committed to removing all obstacles to the Olympic Dam mine’s expansion and making its success a priority of the Coalition if it wins government.
He also said that Prime Minister Julia Gillard must give BHP Billiton a written assurance that the Minerals Resource Rent Tax will never be imposed on copper, gold and uranium – which are central to the expanded mine’s operations. Continue reading
Malaysian election affected by controversy over Australian rare earths company’s plans
Activists say Lynas plant will affect Malaysia polls Radio Australia 4 June 2012, In Malaysia, residents opposing an Australian rare earth processing plant say the issue will affect the country’s forthcoming election and has the potential to influence the outcome in four marginal seats. Residents of Kuantan in Malaysia’s east have long opposed the plant which has been built at a cost of $800 million by Australia’s Lynas Corporation. Continue reading
Uranium mining will leave Western Australian tax-payers with virtually permanent toxic pollution
Preventing tailings contamination even after a uranium mine has closed has proved impossible in every uranium mine in Australia to date there is no former Australian uranium mine that has been rehabilitated successfully — all are still radioactive no-go zones because of radionuclide dispersal from waste stockpiles and water seepage. We will be fooling ourselves if we think that “best practice” regulation can somehow contain tens of millions of tonnes of finely powdered carcinogenic wastes for thousands of years.
Uranium mine tailings leave an enduring toxic legacy http://au.news.yahoo.com/thewest/opinion/post/-/blog/13904615/uranium-mine-tailings-leave-an-enduring-toxic-legacy/ Alison Xamon , June 8, 2012, The Environmental Protection Authority’s approval of a uranium mine in Wiluna should concern all West Australians. This is no longer a theoretical discussion. Research shows a serious risk that uranium mining will cause long-term harm to WA communities. Uranium mining has caused a string of accidents across Australia and has proved impossible to regulate appropriately.
Yet the highly radioactive waste produced by uranium mines — known as uranium mine tailings — remain radioactive for thousands of years. The State Government has given a commitment to seek to regulate uranium mining through “world’s best practice”, including isolating uranium tailings for at least 10,000 years. This is a worthy commitment but it is unclear how it will be achieved, especially when it is apparent that no uranium site in Australia has successfully accomplished this for even 10 years.
The best regulations will not stop chronic radioactive waste seepage. Preventing tailings contamination even after a uranium mine has closed has proved impossible in every uranium mine in Australia to date, Continue reading
Economic viability of new giant Olympic Dam uranium mine is in question
BHP Could Net $6 Billion By Selling Olympic Dam Stake: Deutsche WSJ, By Robb M. Stewart, 8 June 12 With question marks hanging over the timing of BHP Billiton’s massive expansion of the Olympic Dam mine in South Australia, could a sale of a minority stake to a strategic partner offer the answer?….. The expansion of Olympic Dam is one of three $10 billion-plus “mega” projects that BHP’s board is due to decide on by the end of the year.
But with costs in Australia and other countries escalating and commodities prices slumping, the thinking of many analysts is that approval for one or more projects will be deferred.
In a research report, Deutsche valued Olympic Dam after all five phases of its expansion at about $14 billion on a life-of-mine net present value. But the internal rate of return was a modest 11.3% due to the large upfront cost to develop an open pit at the mine site….. http://blogs.wsj.com/dealjournalaustralia/2012/06/08/bhp-could-net-6-billion-by-selling-olympic-dam-stake-deutsche/
BHP investors disillusioned with Olympic Dam uranium mine expansion plans
Sell stake in mine, BHP urged Olga Galacho , Herald Sun June 09, 2012, BHP Billiton should cheer up its shareholders by undertaking a radical sale of 20 per cent of its copper-uranium Olympic Dam mine to a venture partner, broking
house Deutsche Bank suggested yesterday. Analyst Paul Young estimated such a deal could fetch about $6 billion, which the miner could use to fund the first part of its expansion plan for the South Australian mine and boost returns to shareholders.
But his counterpart at UBS, Glyn Lawcock slammed the idea, saying shareholders would be highly disappointed if BHP sold part of a tier-one asset….. BHP chief executive Marius Kloppers this week continued to stoke speculation that the miner might put the giant mine expansion on ice indefinitely..… Deutsche Bank believes investors are reflecting their disillusionment with the value of these long-term projects in the share market.
Uranium market flat, listless, sluggish and languishing, and getting worse
Uranium Lacked Energy In May June 5, 2012 International Business Times, The best you can say for the global uranium market in May is; at least it was steady. Other commentators used words like flat, listless, sluggish and languishing, with the slight dip in the spot price over the last week of the month doing little to help matters.
Industry consultant TradeTech reports there were just 17 transactions in the uranium spot market last month, with just a tad over 2 million pounds U3O8 equivalent shifted over the course of May. The level of activity was well down on April, with the previous month seeing 3.2 million pounds being traded.
The bulk of May spot market buyers were traders, with the market seeing few signs of life coming from utilities. ….. There was little in the way of Australian broker commentary on the topic of Uranium last week, although JP Morgan analyst Mark Busuttil did say he thought current uranium spot prices were too low and did little to encourage new production.
Marius Kloppers twists and turns as he hangs on to his baby – the big scheme – Olympic Damn uranium mine
Complicated messages from Marius Kloppers as he tries to promote his baby – the planned new giant open cut uranium mine at Olympic Dam:
- Kloppers pays a little lip service to renewable energy – but he doesn’t want BHP Billiton to be involved in that.
- Kloppers says that fossil fuels, especially gas are the go, for now, but nuclear power will come into its own, – later
- Kloppers sees the Olympic Dam development as being 10 years or more away from completely functioning
- Kloppers admits that BHP would withhold investment in Olympic Dam, if necessary
- Kloppers wants a better deal on royalties and taxes – to make the big project work (even more concessions than BHP already has?)
- Kloppers wants “flexibility” in the workforce – I wonder what that flexibility would really mean (?crush the unions, fly-in workers, negotiating conditions – from BHP’s position of relative power)
Kloppers backing down on $80 billion expansion , talking to ABC – talking about solar cells ‘we are going to stick to our knitting: He says that natural gas and nuclear power will have very big roles before renewable energy takes over – quoted on ABC Business News 7 June 12
BHP poised to reveal ‘dramatic’ carbon plan SMH Peter Ker June 6, 2012 “… When asked about the world’s future energy choices this morning, Mr Kloppers said fossil fuels were likely to persist as the world’s preferred source of energy, with alternative forms of gas set to enjoy a period of strength……”Longer term the world is going to continue to work on nuclear products and that has to augment the energy mix at some time.”… Olympic Dam in South Australia – expected to be a decade or more away from full exploitation.
BHP vows to stay the course on major projects : By Christopher Russell The Advertiser June 07, 2012 “… Analysts have raised questions about BHP’s ability to invest in three major projects due to go to the BHP board this year – Olympic Dam, expanding the Outer Harbor for iron ore exports from Port Hedland and the Jansen potash
project in Canada…….
BHP would stick to its strategy, but it also would be flexible and withhold investment if necessary. “We will only trigger development of these options (BHP’s pipeline of projects) when our measures of success can be sustainably achieved,”
he said.
To maximise opportunities for Australia, it was important for policy makers to lay a competitive environment. That meant caution on royalties and taxes and the creation of a labour market with high flexibility…
Investors not happy with giant uranium mine project, Olympic Dam’s future is questionable
BHP’s chairman Jacques Nasser said the company would not proceed with all of its previously planned $80 billion worth of expansion plans.
Platypus Asset Management portfolio manager Prasad Patkar says Olympic Dam is not the company’s top expansion priority….. When asked if Olympic Dam project’s future was more questionable, Mr Patkar summed it up in one word: “yeah”.
Olympic Dam expansion may fall at last hurdle ABC News, By business reporter Michael Janda May 31, 2012 Analysts estimate the cost of BHP Billiton’s proposed Olympic Dam mine expansion at $30 billion, making it one of the biggest corporate investment commitments in history.
But the latest global economic wobbles appear to have given the world’s largest miner a severe case of commitment-phobia. Continue reading
As BHP reins in spending, Olympic Dam uranium mine the most likely project to drop
BHP’s investment plans and faltering share price have been a concern for investors, …… Analysts and government ministers have estimated the investment in expanding Olympic Dam could top $30 billion ….
BHP’s New Mine Projects Look Less Assured, WSJ,May 31, 2012, BHP Billiton’s more cautious approach to investment may mean approval for several $10 billion-plus “mega” projects won’t come this year, setting the stage for heightened friction with governments and increased calls for cash to be returned to shareholders if development spending is reined in. Continue reading
BHP’s decision on Olympic Damn megamine delayed till late 2013?
BHP keeps South Australia waiting on Olympic Dam board decision , BY: MICHAEL OWEN The Australian May 31, 2012 BHP uranium president Dean Dalla Valle says the company “would deal with it then” if a board decision on the expansion of Olympic Dam could not be made by the government’s deadline of December 8.
“There will be a decision at the end of the year and that’s all we can say for now,” Mr Dalla Valle said yesterday….. company analysts now expect that Olympic Dam and other “mega” projects under consideration by the company will not be given the go-ahead until the December half of next year in response to rising economic uncertainty…
BHP likley to drop plan for Yeelirrie uranium mine
BHP has in recent weeks backed away from a target set last year to invest roughly $80 billion over five years in its mining
BHP to decide on uranium deposit, THE AUSTRALIAN, ROBB M. STEWART, June 01, 2012 BHP Billiton, under pressure from state officials in Western Australia to sell the country’s second-largest undeveloped uranium deposit, said it intends to update investors on its plans for the Yeelirrie project later this year…..
Western Australian Premier Colin Barnett and another member of the state parliament have said that BHP should sell
Yeelirrie, which lies hundreds of kilometers northeast of Perth, if it does not intend to develop a mine there. Continue reading
Wiluna locals unhappy on uranium plans
Western Nuclear free Alliance ,24th May 2012 Wiluna locals have sent letters to both WA Environment Minister Bill Marmion and Federal Environment Minister Tony Burke inviting them both to Wiluna to discuss the proposed uranium mine by Toro Energy.Wiluna local and senior law man Glen Cooke has been very critical of the consultation process and is now seeking consultation from the Ministers, with the support of others in the community.
Mr Cooke said “Toro Energy they only talk to a few people, always the same people. It’s not right, the people from Bondini’s (the community closest to the proposed mine) sometimes they don’t know about meetings, or they’re not invited to meetings or they can’t get to meetings. This is not right.”
“Marmion and Burke they will be making a big decision that will affect our community our dreaming and our health. Before they make a decision on what happens in our community, before signing away our country from many thousands of kilometers away they should come and look us in the eyes.”
Kado Muir, Chairperson of the West Australia Nuclear Free Alliance and Ngalia man said “The decision by EPA to approve the mining and transport of uranium has sent a shiver of fear through Aboriginal communities in the Goldfields. Our families in Wiluna face the prospect of having their country and environment poisoned by the Toro mine, while those of us living in Leonora and Kalgoorlie can only live in fear and hope that the road trains driving through our town does not have an unfortunate accident.
“The trucking of uranium down the Goldfields highway, sneaking around the back of Kalgoorlie and scurrying out of the State to South Australia along the Eyre highway is a striking commentary on the ‘not in my backyard syndrome’. Lead exports through Esperance and Fremantle demonstrated that industry and Government owned ports can’t cope with Lead, how will they ever transport uranium safely, it’s like playing Russian roulette with a loaded gun.
“This is an irresponsible politically motivated decision by the EPA to pander to Barnetts ‘development at all costs’ agenda for Western Australia. “The EPA needs to redeem its legitimacy and hold a full public enquiry as provided for under their Act into the wider environmental and public health consequences of uranium mining in WA” Mr Muir concluded.
(the signatures on this letter are only a few of the many many people in Wiluna who are concerned about the uranium mine at Wiluna- due to bad timing and meetings). http://nuclearfree.wordpress.com/media/
Australia’s uranium companies put on a bold face, but their prospects are not good
The uranium price tanked after the Fukushima disaster and so far there is no sign of a bounce. Current prices are too low to allow the smaller uranium wannabes to proceed with any confidence.
Uranium flashpoint in the wild West, The Drum, Jim Green, 22 May 12, Interesting times in the uranium sector. The mining companies have had a few wins in the 14 months since the Fukushima disaster, but they’ve had more losses.
Bill Repard, organiser of the Paydirt Uranium Conference held in Adelaide in February, put on a brave face with this claim: The sector’s hiccups in the wake of Fukushima are now over with, the global development of new nuclear power stations continues unabated, and the Australian sector has literally commenced a U-turn in every sense.
Yet for all the hype, uranium accounts for a lousy 0.03 per cent of Australian export revenue and a negligible 0.02 per cent of Australian jobs. The industry’s future depends on the nuclear power ‘renaissance’, but global nuclear power capacity has been stagnant for the past 20 years, and if there is any growth at all in the next 20 years, it will be modest. Continue reading
BHP reluctant to develop its Western Australian Yeelirrie uranium mining project
Procrastinating BHP pressured over uranium deposit, Rania Spooner May 23, 2012 BHP Billiton has been challenged to develop or sell a West Australian uranium deposit, amid growing speculation it may offload the deposit later this year.
Despite a pro-uranium WA government, BHP Billiton delayed submission of the draft environmental review and management program for its Yeelirrie uranium project in June, citing a failure to meet internal standards and flagging a delay of at least six months. Almost a year later,.. speculation grows that a sell-down of the asset is imminent Continue reading
Conservation Council opposes Wiliuna uranium mine, Kalgoorlie mayor not enthusiastic, either
The Kalgoorlie-Boulder mayor Ron Yuryevich says he is not opposed to the project as long as the uranium is not transported through residential areas of Kalgoorlie-Boulder.
Council to challenge Toro’s uranium approval, ABC News May 22, 2012 The Conservation Council is to challenge the approval of Toro Energy’s proposed uranium mine in Western Australia’s northern Goldfields. Yesterday, the Environmental Protection Authority gave the go-ahead for the company’s proposal to develop the mine 30 kilometres from Wiluna. Continue reading
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