THE Queensland Resources Council (QRC) says Queensland is missing out on a multi-billion dollar addition to our resources and energy industry which would also lower global emissions, because of bans on uranium mining.

QRC chief executive Ian Macfarlane today told the House of Representatives inquiry into the prerequisites for nuclear energy in Australia that Queensland uranium could be mined sustainability and economically.  The most recent valuation estimated Queensland’s uranium deposits to be worth about $10 billion. 

“Queensland is literally sitting on billions of dollars of value to our local communities and our economy.  But the ban on uranium mining prevents us from reaping the benefit of regional jobs, investment and royalty taxes,” Mr Macfarlane said.

“Queensland’s uranium reserves are not only a valuable export, but they also have a role to play in delivering reliable and low-emissions power.

“Both the BP Energy Outlook 2019 and the International Energy Agency recognise that nuclear energy has a role to play in making significant reductions to global greenhouse gas emissions. Under the advanced emissions reductions scenarios modelling in both reports, nuclear energy use will grow between 2.3 percent to 7 percent each year through to 2040," Mr Macfarlane said.

“Even accounting for less aggressive emissions reductions models, nuclear energy will be an important option for countries that want to ensure reliable, low-emissions power in the decades ahead.

“There are already more than 316,000 jobs associated with the Queensland resources industry, and more than 70 percent of them are in regional Queensland.

“Uranium mining would provide an opportunity to add to those jobs and support new jobs in other industries such as refining and manufacturing," he said.

“A growing uranium industry will also support the State’s North West Minerals Province.  An increase in uranium exploration or development will increase the state of knowledge of Queensland’s resource endowment.

“This may well lead to the discovery of important new deposits of uranium as well as other elements and resources. 

“Queensland can develop its uranium industry in a sustainable way. Queensland has some of the highest environmental standards in the world and all resources projects undergo a rigorous assessment process. Uranium mines in Queensland would be subject to the same high standards.

“Queensland has an abundance of energy options, including coal, gas, solar and uranium for nuclear energy.

“It is sensible for this review to take place to look at the long-term options for uranium exports, and in the longer-term, nuclear energy generation.”

www.qrc.org.au

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ASX-LISTED Magnis Energy Limited (MNS) has announced it has completed a valuation on its lithium-ion battery cell manufacturing facility in New York as part of the due diligence process for project financing.

The independent valuation, which was completed by O'Brian & Gere, a wholly owned subsidiary of Dutch engineering giant Ramboll Group, on the battery plant came in at $US71.34 million.

The valuation began in August 2019 and went through all the items purchased as part of the acquisition made in early 2018. In the current condition of the equipment the report attributes a valuation today of US$71.34 million (A$105.5 million). With Magnis having an ownership of over 50 percent in iM3NY through its direct and indirect holdings including its stake in C4V, a value of about A$53 million can be attributed to Magnis’ share in the value of the equipment.

Magnis managing director Marc Vogts said, "We believe that the purchase of the New York battery plant will fast track cell manufacturing at commercial scale for the company once funding for commissioning of the plant is secured. The purchase of the equipment last year was a strategic purchase and today’s announcement validates our decision.

"We continue to prioritise efforts to secure funding and the third-party valuation of our battery plant will assist in financing considerations.”

Having recently secured $8 million through a private placement with Middle East based Negma Group the company is now well funded to advance on all projects both in Australia and overseas, he said.

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THE House of Representatives Standing Committee on the Environment and Energy is travelling around the country for a series of public hearings on nuclear energy in Australia.

Chair of the Committee, Ted O’Brien MP said this is an opportunity to engage with people from Brisbane, Melbourne, Adelaide and Perth and to hear their views both in favour and against nuclear energy.

“We want to hear from experts in the field, and all interested parties from one end of the country to the other, to best understand the feasibility and suitability of these new and emerging nuclear technologies,” Mr O’Brien said.

“These hearings will be looking at nuclear from a very evidence based approach and will be identifying the conditions which would need to be in place before nuclear energy could be considered for Australia.”

Public hearing details

Brisbane
Date: Monday 30 September 2019
Location: Brisbane Novotel, 200 Creek St

Melbourne
Date: Tuesday 1 October 2019
Location: 55 St Andrews Place

Adelaide
Date: Wednesday 2 October 2019
Location: South Australian Parliament building, cnr North Terrace and King William Rd

Perth
Date: Thursday 3 October 2019
Location: Legislative Council Committee Offices, 18 to 32 Parliament Place

The hearings will be broadcast live at aph.gov.au/live.

Further information about upcoming public hearings, including programs as they are released, and the inquiry in general can be found on the inquiry website: https://www.aph.gov.au/nuclearpower. 

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THE Financial Services Council (FSC) has welcomed the Federal Government’s announcement of a review of the retirement income system and the members appointed to conduct the Review. 

FSC CEO Sally Loane said the FSC would work closely with the Review to ensure continuing improvements to Australia’s retirement income system, particularly through our unique superannuation system.

“Superannuation consumers receive significant benefits from competition and choice, and this will be an important focus of the FSC’s approach to the Review,” Ms Loane said. 

“However, this review should not delay important reforms that the Government has already committed to that will significantly improve consumer outcomes in superannuation.

“These include the introduction of a ‘default once’ framework to prevent unintended multiple accounts, as recommended by both Commissioner Kenneth Hayne and the recent Productivity Commission review of superannuation, and legislating an obligation for trustees to consider the retirement needs of their members.”

The FSC will also suggest to the Review that:

• the Government should retain its policy of increasing the Superannuation Guarantee to 12 per cent;
• superannuation laws should be simplified, and red tape in the sector should be removed including barriers to rationalising legacy products; and
• there is no need for further tax increases on superannuation, because our system, as measured against OECD standards, is not unfairly beneficial to higher income earners.

“The FSC looks forward to advocating strongly for these positions during the Review process over the coming year,” Ms Loane said.

www.fsc.org.au

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