News Wrap

IN THIS morning’s News Wrap: India's Adani slams green tape for investor woes; coal, costs threaten to take the shine off golden age of gas, says IEA; and Rio axes 100 jobs in Utah.

Staff Reporter

Adani slams green tape for investor woes

India’s Adani has slammed constant changes to federal environmental laws for increasing risks to investors, demanding that a Greens-led push to block projects along the Great Barrier Reef coastline be dumped after the shelving of $150 billion worth of resources projects, according to The Australian.

Adani chief executive officer for Australia Harsh Mishra said there had been constant changes to the Environment Protection and Biodiversity Conservation (EPBC) Act while the company had sought approvals to expand Abbot Point in north Queensland.

Coal, costs threaten to take the shine off golden age of gas: IEA

The influential chief economist of the world's energy watchdog says a “golden age of gas” predicted by the International Energy Agency two years ago faces strong challenges from growing coal use and increasing community concerns, as well as rising costs in Australia, according to The Australian.

Turkish-born Fatih Birol, who oversees research at the Paris-based IEA, has warned that there are challenges on both the supply and demand side for gas.

Rio axes 100 jobs in Utah

Rio Tinto has cut about 100 jobs at its copper operation in Utah and warns more positions will go later this month as it moves to reduce operating costs after a large part of the pit wall collapsed at its Bingham Canyon mine last month, according to The Australian.

The company's Kennecott Utah Copper unit said it was continuing to take steps to reduce the impact on its workforce and did not have a figure for the number of employees who would be affected. It has offered workers the opportunity to take holidays, unpaid leave or a $US20,000 ($20,600) resignation incentive for retirement.

Further changes to reduce operating costs would be needed in the coming months as plans were finalised, it said.