NT pipeline viability unlikely
A plan by the Northern Territory and New South Wales governments for a pipeline they say could help plug NSW’s critical gas shortage won’t do the job, and wouldn’t be viable without huge public subsidies anyway, according to energy experts.
The Australian Financial Review reported that Grattan Institute energy program director Tony Wood said the agreement to examine the plan was such an ill-formed idea it looked like a “post-it note from school”
“Nothing is happening,” he said.
Yancoal debt bid not a road to privatisation, says CEO
Yancoal boss Reinhold Schmidt is adamant a $US2.3 billion debt-for-equity swap, using a subordinated capital notes offer, is not a fresh push to privatise the listed Australian coal miner by its major Chinese shareholder Yanzhou Coal, according to the Sydney Morning Herald.
Yancoal's addition to the ASX in mid-2012 was the first time a Chinese state-owned enterprise operating in Australia had listed on the local exchange.
Iron ore specialists take $10B hit as prices slump
The crashing iron ore price has wiped more than $10 billion of value off Australia's four key pure-play iron ore miners so far this year, with Atlas Iron worst hit by the broad sell-off, according to the Sydney Morning Herald.
Together, Fortescue Metals Group, Mt Gibson Iron, Atlas Iron and BC Iron have suffered enormously from the near 45% fall in the iron ore price this year. A combined $10.2 billion has been wiped off their market capitalisations since December 31, analysis shows.