The Resources Inventory
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Australia has the potential to become the largest exporter of liquefied natural gas (LNG) in the world in the next five years, according to the country’s federal resource minister.
Seven of the world’s twelve newest LNG projects, says Minister Gary Gray, are being built in Australia. The resource minister predicts an annual production of 90 million tonnes come 2018.
The demand for liquefied natural gas is expected to rapidly match that of coal by 2035. The International Energy Agency estimates that 50% more gas will be needed by that time.
The Asia-Pacific region is fast becoming the heart of the global market for gas. The region accounts for more than two-thirds of LNG production.
At the same time, imports are expected to increase by an average of 7% from 2012 to 2018. Twenty percent will go to China, which is understandably set to become one of the biggest importers of LNG in the world. The rest will go to economies that are expected to emerge within the next 20 years.
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Australia has secured what is perhaps the biggest deal in the global transport sector this 2013 by way of a $5.3 billion deal with a locally-led private consortium for the lease of two major state-owned seaports.
The winning bidder is the NSW Ports Consortium, which is comprised of Industry Funds Management, Australian Super, QSuper, and the Abu Dhabi Investment Authority. The bid involved Port Botany and Port Kembla, two big seaports in the Australian state of New South Wales.
Port Botany handles a variety of products that include natural gas, oil, and petroleum. Port Kembla ships coal and steel.
Australian officials initially projected the seaports’ lease deal will net $2.96 billion.
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Mining company Toro Energy has received the green light for construction of its planned $280 million uranium mine in Western Australia. In order to prevent detrimental effects associated with mining uranium, such as radiation, the federal government also imposed 36 conditions on Toro.
Toro’s flagship project can be found south of Wiluna. It will be the sixth uranium mine in Australia, the first new uranium mine to be approved since 2009, and the first in resource-rich Western Australia.
Environment Minister Tony Burke assured AFP that the new uranium mine at Wiluna will have minimal negative effect on the environment, be it during the 14-year expected lifespan of the mine or afterwards. The federal government has placed 36 strict conditions upon Toro that will, among others, limit radiation, protect groundwater and surface water from pollution, and ensure that the mine will remain safe for humans and animals after it is closed.
Toro expects the first sales of uranium from the mine in 2014.
Australia does not use nuclear power. It is, however, the third biggest producer of uranium in the world. In 2010, Australia earned more than $630 million for shipping 6,888 tonnes of oxide concentrate.
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This is the second year of a legal dispute between Australian billionaire Andrew “Twiggy” Forrest and the mining laws of Western Australia. At stake is Forrest’s mineral-rich family land in Minderoo, Western Australia, which is being eyed by several mining companies.
It’s ironic. Forrest became a billionaire by mining iron ore. But he refuses to allow any mining company to explore his 500,000-acre family ranch. The billionaire continues to resist pressure from sand miner Yarri Mining Pty Ltd. and uranium miner Cauldron Energy, who want him to open up his family land for exploration and exploitation.
The property holds intense emotional value for Forrest. His father, Donald Forrest, had been forced to sell the land back in 1998 due to debt and drought. Forrest recovered the property in 2009.
Australia implements public ownership of mineral resources. The Australian people legally own anything below the top meter of the soil.
In addition, Western Australian law can grant access any mineral explorer to private land so long as the explorer first applies to the Warden’s court for permission.
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As part of its drive to cut $5 billion in costs, Rio Tinto was not only forced to delay its plans to expand its Argyle diamond mine in Western Australia, but also needed to lay off workers at the aforementioned mine.
Argyle is renowned for its pink diamonds. Its $2.1 billion underground expansion project was postponed by Rio Tinto. In addition, the miner will sack up to 350 contractors.
Rio gave the green light of approval to Argyle’s expansion in 2005. The miner is sure that it can still meet the April deadline for the initial output of the expanded mine. However, it had been forced to drop plans to install a second crusher, making it unlikely that the project will reach full operational capability by the time 2015 rolls in.
The second biggest miner in the world, Rio Tinto is cutting costs and restructuring. In July 2012, it announced that it was putting up its diamond division for sale.
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