News Wrap

IN News Wrap: Complaint lodged with ASX over Adani job claims for Carmichael mine; Glencore seeks ACCC protection at Newcastle port; and miners diversify into junk.

Lou Caruana

Complaint lodged with ASX over Adani job claims for Carmichael mine

A complaint has been lodged with the Australian Securities Exchange alleging an announcement about Australia's biggest coal development contained misleading information about the project's economic potential, according to the Sydney Morning Herald.

In December last year Downer EDI announced to the ASX its partnership with Adani Mining, to provide services for the controversial Carmichael mine in central Queensland. The announcement quoted the CEO of Adani Mining, Jeyakumar Janakaraj, as saying the project would deliver “10,000 jobs and $22 billion in taxes and royalties” for Queensland.

However, environmental finance campaign group Market Forces has filed a complaint against Downer for announcing “significantly exaggerated figures”

Glencore seeks ACCC protection at Newcastle port

Glencore’s unexpected push for declaration of the shipping channel at Australia’s biggest coal port at Newcastle in New South Wales offers yet more evidence that state governments are failing to manage the challenges they embrace when privatising state-owned monopolies, according to the Australian Financial Review.

This pitch for ACCC protection comes as management of Victoria’s Port of Melbourne stares down a similar threat of declaration under national competition law and both sides of the Queensland coal chain continue to grapple with a state-based regulatory process that has manufactured deadlock over the pricing and access regime for their rail network.

Miners diversify into junk

Gindalbie Metals is not the only ASX-listed miner trying to make a diversified business by combining mining with waste dumps, according to the Australian Financial Review.

Nagambie Mining chairman Mike Trumbell has been running the same strategy for several years now, less than two hours north of Melbourne.

Nagambie has found exciting gold grades on its tenements, but is also hoping to develop an urban landfill facility – otherwise known as a rubbish tip – in an abandoned mine site.