Gorgon LNG permits slashed by decade

Original article by Peter Ker
The Australian Financial Review – Page: 15 : 12-Jan-21

Chevron will be required to renew its permit to operate the Gorgon LNG export facility on Barrow Island more frequently after the Western Australian government decided to amend it. Chevron was granted an amended 20-year permit in July 2018, but Environment Minister Stephen Dawson has reduced this to just 10 years, arguing that this is sufficient. The Conservation Council of WA had lobbied for Chevron’s permit to be reduced to just three years. Shipments from the Gorgon project commenced in March 2016. Gorgon is expected to be operational for about four decades.

CORPORATES
CHEVRON CORPORATION, WESTERN AUSTRALIA. DEPT OF ENVIRONMENT AND CONSERVATION, CONSERVATION COUNCIL OF WESTERN AUSTRALIA INCORPORATED

Iron ore miners dig in for fight over capacity at Port Hedland

Original article by Brad Thompson
The Australian Financial Review – Page: 18 : 23-Nov-20

Iron ore producers Mineral Resources, BHP, Fortescue Metals Group and Hancock Prospecting have been asked to contribute to an independent review to determine the maximum capacity of Port Hedland. The Western Australian government wants the review to be completed by December, and it comes after the mining companies rejected the government’s call for a $10 billion outer harbour to be constructed at Port Hedland. Growth plans outlined by the four companies amount to output of at least 690 million tonnes per annum, while the government believes that Port Hedland’s maximum capacity could be pushed to around 650 million tonnes.

CORPORATES
MINERAL RESOURCES LIMITED – ASX MIN, BHP GROUP LIMITED – ASX BHP, FORTESCUE METALS GROUP LIMITED – ASX FMG, HANCOCK PROSPECTING PTY LTD

Nahan buries ALP’s $400m gold grab

Original article by Andrew Burrell
The Australian – Page: 5 : 11-Oct-17

Western Australia’s Opposition Leader Mike Nahan says the State Government’s proposed increased in the gold royalty was aimed at funding its election promises rather than budget repair. The 50 per cent royalty increase faces defeat in the upper house after Liberal Party MP voted to block the bill, which had already been rejected by the National Party and crossbenchers. The mining industry had also opposed the royalty increase, warning that it would result in widespread job losses.

CORPORATES
LIBERAL PARTY OF WESTERN AUSTRALIA, AUSTRALIAN LABOR PARTY, NATIONAL PARTY OF AUSTRALIA, ONE NATION PARTY, THE CHAMBER OF MINERALS AND ENERGY OF WESTERN AUSTRALIA INCORPORATED, NEWCREST MINING LIMITED – ASX NCM, WESTERN AUSTRALIA. DEPT OF TREASURY AND FINANCE

Gold royalty hike would ‘wipe profits’

Original article by Tess Ingram
The Australian Financial Review – Page: 17 & 22 : 5-Oct-17

Newcrest Mining CEO Sandeep Biwas says the Western Australian Government’s proposed increase in the gold royalty has already affected the state’s reputation as an investment destination. He says companies such as Newcrest may opt to redirect investment elsewhere if the royalty hike makes their WA operations uneconomic. Northern Star Resources chairman Bill Beament, Gold Fields CEO Nick Holland and AngloGold Ashanti Australia executive Mike Erickson have expressed similar concerns.

CORPORATES
NEWCREST MINING LIMITED – ASX NCM, NORTHERN STAR RESOURCES LIMITED – ASX NST, GOLD FIELDS LIMITED, ANGLOGOLD ASHANTI LIMITED – ASX AGG, WESTERN AUSTRALIA. DEPT OF TREASURY AND FINANCE, THE CHAMBER OF MINERALS AND ENERGY OF WESTERN AUSTRALIA INCORPORATED, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF WESTERN AUSTRALIA

Libs may back gold royalty rise

Original article by Andrew Burrell
The Australian – Page: 17 & 20 : 4-Oct-17

The Western Australian Government will require the Liberal Party’s support to increase the gold royalty from 2.5 per cent to 3.75 per cent. Opposition Leader Mike Nahan says the gold industry will need to present a strong case to persuade him to reject the royalty hike. He adds that the Liberal Party would be reluctant to block a money bill. Newcrest Mining CEO Sandeep Biswas is among the industry executives to have lobbied both major political parties.

CORPORATES
LIBERAL PARTY OF WESTERN AUSTRALIA, WESTERN AUSTRALIA. DEPT OF TREASURY AND FINANCE, NEWCREST MINING LIMITED – ASX NCM, THE CHAMBER OF MINERALS AND ENERGY OF WESTERN AUSTRALIA INCORPORATED

Gold royalty rise to cost 3000 jobs: lobby

Original article by Andrew Burrell
The Australian – Page: 6 : 3-Oct-17

Economic modelling by the Chamber of Minerals & Energy of Western Australia highlights the potential impact of the State Government’s proposal to increase the gold royalty from 2.5 per cent to 3.75 per cent. The modelling, which is based on 27 gold mines, suggests that the royalty hike would reduce the gold sector’s cash flow by about $A125m a year and cost up to 3,000 jobs. Saracen Mineral Holdings Raleigh Finlayson notes that a further 2,000 direct jobs would be lost if the gold price fell to $A1,400 per tonne.

CORPORATES
THE CHAMBER OF MINERALS AND ENERGY OF WESTERN AUSTRALIA INCORPORATED, SARACEN MINERAL HOLDINGS LIMITED – ASX SAR, WESTERN AUSTRALIA. DEPT OF TREASURY AND FINANCE, MACQUARIE RESEARCH EQUITIES, SILVER LAKE RESOURCES LIMITED – ASX SLR, BLACKHAM RESOURCES LIMITED – ASX BLK, WESTGOLD RESOURCES LIMITED – ASX WGX

Tax hike widens split over Kalgoorlie Super-Pit value

Original article by Danielle Bochove
The Australian Financial Review – Page: 18 : 27-Sep-17

Newmont Mining CEO Gary Goldberg has warned that an increase in Western Australia’s gold royalty would reduce the value of the Super Pit gold mine. Lack of consensus over the valuation of the mine has stalled negotiations for Newmont to buy Barrick Gold’s 50 per cent stake in the mine. Barrick president Kelvin Dushnisky says his company is willing to sell its stake at the right price. Newmont estimates that the royalty increase could increase its operating costs by about $US15m a year.

CORPORATES
NEWMONT MINING CORPORATION, BARRICK GOLD CORPORATION, NEWCREST MINING LIMITED – ASX NCM, GOLD FIELDS LIMITED, SHANDONG TYAN HOME COMPANY LIMITED, DENVER GOLD FORUM

Gold industry rallies against WA royalty hike

Original article by Tess Ingram
The Australian Financial Review – Page: 16 : 19-Sep-17

The Chamber of Minerals & Energy of Western Australia has launched a "grassroots" campaign against the State Government’s proposed increase in the gold royalty rate. Social media will be the initial focus of the campaign, although the CME has not ruled out extending it to include radio advertising. As part of the campaign, about 1,500 employers of gold mining companies have held a rally in Kalgoorlie. Meanwhile, Treasurer Ben Wyatt has downplayed the gold industry’s concerns about the potential impact of the royalty increase on the sector.

CORPORATES
THE CHAMBER OF MINERALS AND ENERGY OF WESTERN AUSTRALIA INCORPORATED, WESTERN AUSTRALIA. DEPT OF TREASURY AND FINANCE, NORTHERN STAR RESOURCES LIMITED – ASX NST, NEWMONT MINING CORPORATION, NEWCREST MINING LIMITED – ASX NCM, SARACEN MINERAL HOLDINGS LIMITED – ASX SAR, GOLD FIELDS LIMITED, ANGLOGOLD ASHANTI LIMITED – ASX AGG, SILVER LAKE RESOURCES LIMITED – ASX SLR, AUSDRILL LIMITED – ASX ASL, MACMAHON HOLDINGS LIMITED – ASX MAH, DDH1 DRILLING PTY LTD, BYRNECUT AUSTRALIA PTY LTD, ASSOCIATION OF MINING AND EXPLORATION COMPANIES, LIBERAL PARTY OF WESTERN AUSTRALIA, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, AUSTRALIAN LABOR PARTY

WA Budget 2017: 50 gold producers hit with royalties double whammy

Original article by Neale Prior
Herald Sun – Page: Online : 8-Sep-17

The Western Australian Government’s 2017 Budget includes an increase in the gold royalty rate from 2.5 per cent to 3.75 per cent when the spot gold price trades above $A1,200 ($US959) an ounce. In addition, gold miners whose annual output exceeds the 2,500oz threshold for a royalty exemption will no longer be entitled to it. The Association of Mining & Exploration Companies has described the measures as a "tax grab" that will result in job cuts in the sector. Large mining companies also face an 0.5 per cent increase in the payroll tax rate, although this will be temporary.

CORPORATES
ASSOCIATION OF MINING AND EXPLORATION COMPANIES, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, AUSTRALIAN LABOR PARTY, THE CHAMBER OF MINERALS AND ENERGY OF WESTERN AUSTRALIA INCORPORATED

BHP, Rio face fresh tax threat

Original article by Tess Ingram, Peter Ker
The Australian Financial Review – Page: 1 & 10 : 29-May-17

The Western Australian Government may seek to have BHP Billiton and Rio Tinto pay their iron ore production levies upfront for a number of years, as part of its strategy to address the state’s rising debt and Budget deficit. Premier Mark McGowan says buying out the lease rental fee of $A0.25 per tonne is one of the options under consideration. Peter Strachan of StockAnalysis questions whether BHP and Rio Tinto would agree to such a deal, given the difficulty of forecasting their annual production rates over the long-term.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, WESTERN AUSTRALIA. DEPT OF TREASURY AND FINANCE, NATIONAL PARTY OF AUSTRALIA, STOCK ANALYSIS AUSTRALASIA PTY LTD, FORTESCUE METALS GROUP LIMITED – ASX FMG, ROY HILL HOLDINGS PTY LTD, THE CHAMBER OF MINERALS AND ENERGY OF WESTERN AUSTRALIA INCORPORATED, AUSTRALIAN LABOR PARTY