Author: roymorgansocial

Ranger rated a potential catastrophic risk by Rio

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Original article by Nick Evans
The Australian – Page: 24 : 13-Jun-19

Rio Tinto has advised that 19 of its tailings facilities in Australia have a high hazard rating under a system established by the Australian National Committee on Large Dams. Two of the tailings dams at the Ranger uranium mine have a ‘high B’ rating, which signifies that there is a ‘catastrophic’ risk of damage to the environ­ment and people if they collapse. The Ranger mine is operated by Rio-controlled Energy Resources of Australia, and is slated to be closed in 2021. A dam at Rio Tinto’s Weipa bauxite mine has a ‘high A’ rating.

CORPORATES
RIO TINTO LIMITED – ASX RIO, ENERGY RESOURCES OF AUSTRALIA LIMITED – ASX ERA, BHP GROUP LIMITED – ASX BHP, GLENCORE PLC, ANGLO AMERICAN PLC, AUSTRALIAN NATIONAL COMMITTEE ON LARGE DAMS INCORPORATED, CHURCH OF ENGLAND

Legal setback for Adani on eve of sign-off

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Original article by Charlie Peel, Sarah Elks
The Australian – Page: 8 : 13-Jun-19

The development of Adani’s Carmichael coal mine may be further delayed due to an ‘administrative error’ by the federal government. Adani’s separate proposal to build a 110km water pipeline will have to be reassessed by Environment Minister Sussan Ley and reopened to public comment. This follows the revelation that the Department of the Environment cannot prove that it had considered all of the public submissions it received on the pipeline project. The Queensland Government is slated to make a decision regarding the groundwater management plan for the Carmichael mine on 13 June.

CORPORATES
ADANI MINING PTY LTD, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN CONSERVATION FOUNDATION INCORPORATED, ENVIRONMENTAL DEFENDERS OFFICE LIMITED, FEDERAL COURT OF AUSTRALIA, QUEENSLAND GREENS

Fortescue challenges oil and gas over emissions

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Original article by Brad Thompson
The Australian Financial Review – Page: 17 : 13-Jun-19

Fortescue Metals Group CEO Elizabeth Gaines says the pure-play iron ore miner supports the Paris climate agreement and Australia’s commitment to reducing carbon emissions. However, she adds that Fortescue opposes any move to make it accountable for the scope 3 emissions of customers such as Chinese steel mills. Oil and gas producers have lobbied Western Australia’s Environmental Protection Authority to take into account scope 3 assessments when approving resources projects.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, WESTERN AUSTRALIA. ENVIRONMENTAL PROTECTION AUTHORITY, RIO TINTO LIMITED – ASX RIO, BHP GROUP LIMITED – ASX BHP, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, WOODSIDE PETROLEUM LIMITED – ASX WPL, ROYAL DUTCH SHELL PLC, CHEVRON CORPORATION, SANTOS LIMITED – ASX STO

US-Australia to secure rare earths

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Original article by Angus Grigg, Phillip Coorey
The Australian Financial Review – Page: 1 & 2 : 13-Jun-19

The US, Canada and Australia will co-operate in developing a strategy to reduce reliance on China for key minerals such as rare earths and lithium. Rare earths in particular are crucial in a range of technology, including defence systems, wind turbines and electric vehicle batteries. Meanwhile, Austrade has identified a list of Australia’s ‘critical’ mineral resources that could potentially be developed using offshore capital. The Northern Australia Infrastructure Facility is also considering an investment in Arafura Resources’ proposed rare earths mine in the Northern Territory.

CORPORATES
AUSTRADE, NORTHERN AUSTRALIA INFRASTRUCTURE FACILITY, ARAFURA RESOURCES LIMITED – ASX ARU, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, GEOSCIENCE AUSTRALIA, AUSTRALIAN NUCLEAR SCIENCE AND TECHNOLOGY ORGANISATION, AUSTRALIA. DEPT OF DEFENCE, AUSTRALIA. NATIONAL SECURITY COMMITTEE, UNITED STATES. DEPT OF COMMERCE, CHINA. NATIONAL DEVELOPMENT AND REFORM COMMISSION, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

ANZ-Roy Morgan Consumer Confidence falls again to 114.6

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Original article by Roy Morgan
Market Research Update – Page: Online : 13-Jun-19

ANZ-Roy Morgan Australian Consumer Confidence fell 2.0% to 114.6 in the week ended 9 June, although it remains above the long-term average. Households’ views towards current financial conditions fell 2.7%, while views towards future financial conditions were down 2.2%. This weekly decline has resulted in the subindices closing below their long-term averages. Meanwhile, consumers’ views toward current economic conditions fell 7.8%, after rising for three consecutive weeks; future economic conditions were down 2.8%, resulting in the subindex falling below the long-term average. The ‘time to buy a household item’ index rose 4.9%.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Qantas lifts its share as travel numbers fall

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Original article by Robyn Ironside
The Australian – Page: 19 : 12-Jun-19

New figures show that Qantas increased its share of Australia’s international travel market from 16.9 per cent to 18.2 per cent in March 2019. Qantas and its subsidiary airlines lifted their combined share of international passengers to 27.4 per cent, while Virgin Australia’s market share increased from six per cent to 6.7 per cent. The Bureau of Infrastructure, Transport & Regional Economics’ data also shows that international passenger numbers fell by 2.5 per cent year-on-year in March.

CORPORATES
QANTAS AIRWAYS LIMITED – ASX QAN, JETSTAR AIRLINES PTY LTD, JETSTAR ASIA, VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, AUSTRALIA. DEPT OF INFRASTRUCTURE AND REGIONAL DEVELOPMENT. BUREAU OF INFRASTRUCTURE, TRANSPORT AND REGIONAL ECONOMICS, THE AUSTRALIAN FEDERATION OF TRAVEL AGENTS LIMITED, INTERNATIONAL AIR TRANSPORT ASSOCIATION, AMERICAN AIRLINES INCORPORATED, SINGAPORE AIRLINES LIMITED, AIR NEW ZEALAND LIMITED – ASX AIZ, EMIRATES AIRLINES

Gas tax hike: Treasurer sparks energy backlash

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Original article by Jamie Walker, Sarah Elks
The Australian Financial Review – Page: 1 & 6 : 12-Jun-19

Queensland Treasurer Jackie Trad has defended the state government’s decision to increase the royalty on gas production from 10 per cent to 12.5 per cent, arguing that the state’s LNG royalty has been frozen for 10 years. She describes the increase as a "modest measure" given than some countries have LNG royalties of up to 30 per cent. The Budget measure has been criticised by Queensland Resources Council CEO Ian Macfarlane and former federal resources minister Martin Ferguson, who warn of the impact of the move on gas supply and prices.

CORPORATES
QUEENSLAND. TREASURY, QUEENSLAND RESOURCES COUNCIL LIMITED, AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED, AUSTRALIAN LABOR PARTY, ACTU

Cormann says power price drops on the way

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Original article by Phillip Coorey
The Australian Financial Review – Page: 6 : 12-Jun-19

Finance Minister Mathias Cormann has reiterated the federal government’s commitment to reducing electricity prices by 25-30 per cent by the end of 2021. He notes that the Coalition has a range of policy initiatives aimed at achieving this goal, including its so-called "big stick" legislation and its proposal to underwrite baseload generation projects. Action to reduce power prices is among the key demands of Senate crossbenchers in return for backing the Coalition’s income tax cuts package.

CORPORATES
AUSTRALIA. DEPT OF FINANCE, ONE NATION PARTY, CENTRE ALLIANCE, AUSTRALIAN CONSERVATIVES, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN LABOR PARTY

AGL under pressure to explain Vocus takeover

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Original article by Lucas Baird, Simon Evans
The Australian Financial Review – Page: 15 & 22 : 12-Jun-19

Vocus Group has agreed to allow AGL Energy to commence due diligence after offering $4.85 per share for the telco. AGL investors have responded bearishly to the $3bn bid, with its share price falling 7.2 per cent to $19.40 on 11 June. Sentiment toward AGL was also affected by an earnings downgrade on 7 June, before the stock market closed for a long weekend. Justin Braitling of Watermark Funds Management and James Nevin of RBC Capital Markets have questioned whether Vocus is an appropriate target for AGL.

CORPORATES
AGL ENERGY LIMITED – ASX AGL, VOCUS GROUP LIMITED – ASX VOC, WATERMARK FUNDS MANAGEMENT PTY LTD, RBC CAPITAL MARKETS, EQT INFRASTRUCTURE, M2 GROUP LIMITED

Stockmarket boosted as Prospa prospers on debut

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Original article by Joyce Moullakis
The Australian – Page: 21 : 12-Jun-19

Prospa Group’s joint CEO Beau Bertoli is upbeat about the outlook for the small business lending market, despite the slowing Australian economy. The fintech specialises in loans of between $5,000 and $300,000, and Bertoli say there is a lot of unmet demand for small business loans. Prospa’s shares peaked at $4.55 on the stock’s first day of trading on 11 June, having been issued at $3.78. Prospa has forecast a pro-forma net loss of $1.5m for fiscal 2019.

CORPORATES
PROSPA GROUP LIMITED – ASX PGL, REFINITIV, QUALITAS REAL ESTATE INCOME FUND – ASX QRI, LIFE360 INCORPORATED – ASX 360