News Wrap

IN THIS morning’s News Wrap: Severe gas shortage ahead for New South Wales, warns Macfarlane; Western Australian resource projects at risk of invalid EPA approvals; and AngloGold to spin off international assets.

Lou Caruana

NSW staring at severe gas shortage, warns Macfarlane

Federal Industry Minister Ian Macfarlane has warned NSW will face huge gas shortages within a few years and sharp increases in wholesale prices because of the lack of progress in accessing reserves, according to the Sydney Morning Herald.

Indecision in government policy means the state “will be very short of gas in three to four years,” Macfarlane told a business lunch on Wednesday.

“We continue to face what is becoming an unsolvable problem,” he said in reference to the opposition in some areas to tapping gas reserves locked up in coal seams.

WA resource projects at risk of invalid EPA approvals

At least 25 projects, including “significant resource projects” which were given environmental approval in the past may be found invalid if challenged, the West Australian government has revealed, according to the Sydney Morning Herald.

On Wednesday, Environment Minister Albert Jacob, alongside Environment Protection Authority chairman Paul Vogel, announced that legislation would be introduced to ensure the projects cannot be challenged on conflict of interest grounds.

AngloGold to spin off international assets

Western Australia’s Tropicana gold mine is set to be the jewel in the crown of a new global resources company as AngloGold Ashanti follows in the footsteps of BHP Billiton and spins off assets, according to the Australian Financial Review.

The world’s third-largest gold miner plans to spin off its mining and exploration assets outside of South Africa into a new UK-based company. AngloGold Ashanti will remain domiciled in South Africa.

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