News Wrap

IN THIS morning’s News Wrap: Santos looks to post-ANU future; and Newcrest CEO pay determined during ‘bidding war’.

Lou Caruana

Santos looks to post-ANU future

Santos is shrugging off its battle with Australian National University to focus on eliminating obstacles to exploiting huge growth opportunities in Asia, including labour relations problems and access to gas in states such as NSW, according to the Australian Financial Review.

Chairman Ken Borda said Santos was eager to buy more gas assets in Asia and Australia, develop more liquefied natural gas projects in Australia and even expand its Moomba gas processing plant in South Australia.

But to take advantage of huge future LNG demand in Asia, the local industry needed a comprehensive energy policy, better access to onshore gas in go-slow states such as NSW, fiscal certainty and life-of-project labour contracts to prevent productivity-sapping last minute claims, Borda said.

Newcrest CEO pay determined during ‘bidding war’

A report by advisory firm Ownership Matters claims Newcrest Mining told a proxy adviser it was engaged in a bidding war for Sandeep Biswas’ services before hiring the former Rio Tinto man as its managing director, according to the Australian Financial Review.

The explanation was reportedly provided by Newcrest in response to further questioning by Ownership Matters over why the gold miner decided to pay Biswas a remuneration package that is in some ways more generous than those given to the bosses of BHP Billiton and Rio Tinto.

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