tag:blogger.com,1999:blog-6601355103716900050.post1257885572397358761..comments2024-03-25T17:14:57.213+08:00Comments on Hands off Country: Anti-Fracking Activists Celebrate Cancellation of Gas Leases and Drilling Plans in NE Pennsylvania | AlternetRed Handhttp://www.blogger.com/profile/17147253130448944470noreply@blogger.comBlogger91125tag:blogger.com,1999:blog-6601355103716900050.post-20396869366657231332019-10-03T10:41:18.432+08:002019-10-03T10:41:18.432+08:00If you are seeking a Bank Guarantee (BG), SBLC for...If you are seeking a Bank Guarantee (BG), SBLC for Lease or Purchase, we are the best financial institution to help you to secure <br /><br />verifiable and easily monetized BG, SBLC and other financial instruments. we are a group of experienced bankers, seasoned brokers <br /><br />with years of experience in the financial instrument industry. We deal directly with reliable Providers of BG, SBLC, MT109, <br /><br />MT799, MT760, Sale and Lease of Financial Instruments issued by Top rated global banks.<br /><br />Our procedure is TIME SAVING and transparent. With us, you can secure any denomination of BG / SBLC from 10M to 10B (EURO / USD) <br /><br />in time for use in Heavy / Light project financing anywhere in the world.<br /><br />Basically, we are here to help you move your business to the next level.<br /><br />Anticipating your interests,<br />Email:aafinancialconsultantltd.uk@gmail.com<br />Kelvin Kinghttps://www.blogger.com/profile/02584433550479900525noreply@blogger.comtag:blogger.com,1999:blog-6601355103716900050.post-58915950230309703952019-05-16T14:39:30.183+08:002019-05-16T14:39:30.183+08:00Amazing knowledge and I like to share this kind of...Amazing knowledge and I like to share this kind of information with my friends and hope they like it they why I do The oil and gas industry is one of the most revenue-generating industries in the world. In fact, according to a report by Research and Markets, the global oil & gas industry collected revenue of $1,977,380.6m in 2017. However, the oil and gas industry is also among the most capital-intensive industries in the world. Operations taking place throughout the oil and gas industry incur huge capital investment. A huge chunk of this investment goes into the supply chain and procurement arm of oil and gas companies. Oil and gas directory were essentially developed in the ’00s to help reduce the time and cost involved within this ecosystem. This whole concept then readily went online, giving the oil and gas companies the ability to use it through their desktops, laptops or mobile phones. <a href="https://www.energydais.com/" rel="nofollow">Oil and Gas Directory</a><br />Naveed Mughalhttps://www.blogger.com/profile/10692198202169963899noreply@blogger.comtag:blogger.com,1999:blog-6601355103716900050.post-34626398869001339612019-04-11T14:48:17.964+08:002019-04-11T14:48:17.964+08:00I am really thankful to have the information from ...I am really thankful to have the information from this blog.Directional drilling company in australiahttps://www.undergroundinstallations.com.au/noreply@blogger.comtag:blogger.com,1999:blog-6601355103716900050.post-56051675954968009282018-03-19T21:53:24.433+08:002018-03-19T21:53:24.433+08:00We are Ireland based major/Direct providers of Fre...We are Ireland based major/Direct providers of Fresh Cut BG, SBLC, POF, MTN, Bonds and CDs and this financial instruments are specifically for lease and sale.We are one of the leading Financial instrument providers with offices all over Europe.<br />we always deliver on time and precision as Set forth in the agreement. You are at liberty to engage our leased facilities into trade programs, project financing, Credit line enhancement, Corporate Loans (Business Start-up Loans or Business Expansion Loans), Equipment Procurement Loans (Industrial Equipment, Air crafts, Ships, etc.) as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed, Our Terms and Conditions are reasonable.<br />DESCRIPTION OF INSTRUMENTS:<br />1. Instrument: Bank Guarantee (BG)/SBLC (Appendix A)<br />2. Total Face Value: 10M MIN to 50B MAX USD or Euro<br />3. Issuing Bank: HSBC, Deutsche Bank Frankfurt, UBS or any Top 25 .<br />4. Age: One Year, One Day<br />5. Leasing Price: 4+ 1%<br />6. Sale Price: 32+2%<br />7. Delivery by SWIFT .<br />8. Payment: MT103-23<br />9. Hard Copy: Bonded Courier within 7 banking days.<br />If you have need for Corporate loans, International project funding, etc. or if you have a client that requires funding for his project or business, We are also affiliated with lenders who specialize on funding against financial instruments, such as BG, SBLC, POF or MTN, we fund 100% of the face value of the financial instrument.<br />Inquiries from agents/ brokers/ intermediaries are also welcomed; do get back to us if you are interested in any of our services and for quality service.<br />Name : Robert O'Sullivan<br />E-mail : osullivanr225@gmail.com<br />Skype id : osullivanr225@gmail.com<br />BEST OFFER BG/SBLC FOR LEASE OR SALEhttps://www.blogger.com/profile/11178941584560129475noreply@blogger.comtag:blogger.com,1999:blog-6601355103716900050.post-25869147780586262942017-08-18T03:40:03.497+08:002017-08-18T03:40:03.497+08:00We are broker firm in London-UK, we have direct Pr...We are broker firm in London-UK, we have direct Provider of BG/SBLC specifically for Lease, The provider is tested and trusted. We have been dealing with the company for the past 6years. Interested Agent/Lessee should contact us for directives.If you have need for corporate loans, international project funding, etc. or if you have a client who requires funding for his project or business we have all available.<br /><br />For further details contact us with the below information....<br /><br />Contact : Mr. SIVAJOTHI GNANATHEEVAM<br />Email: leasingmandate@gmail.comSIVAJOTHI GNANATHEEVAMhttps://www.blogger.com/profile/14939262143258040135noreply@blogger.comtag:blogger.com,1999:blog-6601355103716900050.post-247355086130781892017-07-16T07:36:02.991+08:002017-07-16T07:36:02.991+08:00We specialized in Bank Guarantee {BG}, Standby Let...We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.<br /><br />We will be glad to share our working procedures with you upon request to help us proceed towards closing deals effectively.<br /><br />Email: Kangheeil64@gmail.com<br />Skype: Kangheeil64<br /><br />Regards<br />Kang Hee Ilkanghttps://www.blogger.com/profile/07628859210277151339noreply@blogger.comtag:blogger.com,1999:blog-6601355103716900050.post-28050420025490341172017-01-03T07:47:22.793+08:002017-01-03T07:47:22.793+08:00Dear Sir,
We are direct providers of Fresh Cut BG...Dear Sir,<br /><br />We are direct providers of Fresh Cut BG, SBLC and MTN which are specifically for lease/sales, our bank instrument can be engage in PPP Trading, Discounting, signature project(s) such as Aviation, Agriculture, Petroleum, Telecommunication, construction of Dams, Bridges, Real Estate and all kind of projects. We do not have any broker chain in our offer or get involved in chauffeur driven offers.<br /><br />We deliver with time and precision as sethforth in the agreement. Our terms and Conditions are reasonable, below is our instrument description.<br /><br />The procedure is very simple; the instrument will be reserved on euro clear to be verified by your bank, after verification an arrangement will be made for necessary bank documents and stock testing expenses, the cost of the Bank Guarantee will be paid after the delivery of the MT760,<br />Description OF INSTRUMENTS: <br /><br />1. Instrument: Bank Guarantee (BG/SBLC)<br />2. Total Face Value: Eur/USD 5M MIN and Eur/USD 10B MAX (Ten Billion EURO/USD).<br />3. Issuing Bank: HSBC Bank London, Credit Suisse and Deutsche Bank Frankfurt.<br />4. Age: One Year, One Month<br />5. Leasing Price: 6% of Face Value plus 2% commission fees to brokers.<br />6. Delivery: Bank to Bank swift.<br />7. Payment: MT-103 or MT760<br />8. Hard Copy: Bonded Courier within 7 banking days. <br /><br />We are ready to close leasing/purchasing with any interested client in few banking days, if interested do not hesitate to contact me.(WE MOVE FIRST)<br /><br />Regards,<br /><br />Robert Francis<br />Skype :robfrancis7<br />+447546769978 <br />robertfrancis767@gmail.comRobert Francishttps://www.blogger.com/profile/16278788417030354138noreply@blogger.comtag:blogger.com,1999:blog-6601355103716900050.post-7552149691073997232016-01-13T22:46:24.595+08:002016-01-13T22:46:24.595+08:00We can deliver Financial service/instruments(BG/SB...We can deliver Financial service/instruments(BG/SBLC/MTN/DLC/LC) at affordable price to our customers in other to derive maximum utility. We understand that finding the right company to provide financial instrument is not easy. We are certified financial company that delivers banking instrument for lease which we adhere to our terms and condition. Over 96% of our clients are satisfied with our work whether it is business or financial service.<br /><br />Once transaction is in progress, we ensure we keep you posted on the progress of your paper. We also get you connected to the provider for personalized service. Instead of stressing yourself out looking for financial instrument or company why not let professional like us deliver financial instrument to you within the time frame required by you.<br /><br />For further details contact us with the below information....<br /><br />Contact : Mr. Petrovic Dorde<br />Email: directmandate@gmail.com<br />Skype ID: petrovic.dordedirectmandatehttps://www.blogger.com/profile/11097104321297394134noreply@blogger.comtag:blogger.com,1999:blog-6601355103716900050.post-77558095741490822512015-03-14T19:16:59.696+08:002015-03-14T19:16:59.696+08:00Are you in need of a Loan/Funding for a project? H...Are you in need of a Loan/Funding for a project? Have you been trying to obtain a Loan from any of the Banks or Loan Companies and got Ripped off and they have refused to grant you the Loan because of bad credit? we offer all types of non-recourse Loan and funding at a low Interest Rate of 3% both long term and short term.<br /><br />The categories of Loan/financial funding offered include but not limited to: Business Loan, Personal Loan, Company Loan, Mortgage Loan, debt consolidation and financial funding for both turnkey and mega projects E.T.C. from a minimum of Euro/US$1Million to Euro/US$5Billion Max.<br /><br />We also specialize in lease, sales and monetization of Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN} and Confirmable Bank Draft {CBD}, this financial instrument is issue from AAA Rated bank such as HSBC Bank, UBS Zurich, Barclays Bank, Standard Chartered Bank E.T.C.<br /><br />The financial instrument can be invested into High Yield Investment Trading Program {HYITP) or Private Placement Program (PPP). We are direct to a genuine and reliable Financial Organization, without broker chain or chauffer driven offer.<br /><br />Kindly get in touch for further details and procedure.<br /><br />Regards <br /><br />Mr.Andrew John Pelley<br /><br />Email: andrewjohnpelley@yahoo.co.uk AND andrewjohnpelley@oakdm2ltd.comAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-6601355103716900050.post-57382921398816628112014-03-15T15:07:09.579+08:002014-03-15T15:07:09.579+08:00this post is to informative to every person and wi...this post is to informative to every person and with help of this post he can learn new ideas from this post.<br /><a href="http://www.katconcretepumping.com.au" rel="nofollow">concrete pumping dalby qld</a>Anonymoushttps://www.blogger.com/profile/04984398146498971989noreply@blogger.comtag:blogger.com,1999:blog-6601355103716900050.post-15825635808677476502013-08-06T17:11:58.647+08:002013-08-06T17:11:58.647+08:00US shale gas boom a one-off, says BG
Senior execu...US shale gas boom a one-off, says BG<br /><br />Senior executives at BG Group, a leading supplier of liquefied gas to industrial nations, predict it could be a decade or more before widespread development of shale gas reserves occurs outside the US.<br /><br />In 2011, the FTSE 100 company became the first exporter to strike a deal for shale gas from the Gulf Coast of the US, agreeing a contract with Cheniere Energy running from 2015 and estimated at $8bn.<br /><br />But, in spite of BG Group’s move to include US shale as part of its mix of LNG supplies to energy-hungry countries in Asia and Europe, executives suggest that the rapid boom in cheap shale gas supplies in North America is unlikely to be replicated elsewhere in the short term.<br /><br />“We don’t see a big wave of shale development globally in the near term,” said Matt Schatzman, executive vice-president for global energy marketing and shipping at BG Group. “Our position is that you’ve seen a tremendous change in the US, and the US was, really, in terms of developing unconventional, a sweet spot. Our view is that we’re sceptical that’s going to be fully replicated anywhere else as quickly as we’ve seen it in the US.”<br /><br />The remarks come despite optimism expressed by politicians and fracking industry supporters in the UK and beyond that shale gas can emerge as a key element of power supply.<br /><br />Last month the UK’s chancellor, George Osborne, outlined plans to create the world’s most generous tax regime aimed at accelerating shale gas development. He said shale gas was “a resource with huge potential to broaden the UK’s energy mix”, adding: “I want Britain to be a leader of the shale gas revolution.”<br /><br />However, President François Hollande of France has ruled out exploration for shale gas during his presidency on environmental grounds. Meanwhile in Poland, in spite of enthusiasm from government, some US companies have withdrawn their interest in exploring for shale gas after early drilling disappointment.<br /><br />The hunt for shale gas and oil opportunities outside North America among supermajors has led Chevron of the US to strike a deal last month with Argentina’s YPF to invest $1.24bn in the country’s Vaca Muerta shale formation. <br /><br />Despite its overall caution, BG Group is assuming China will have developed material amounts of shale gas supplies by the beginning of the next decade. But the global gas supplier still predicts that, amid growing demand for the fuel, China will remain a major destination for imported LNG supplies.<br /><br />“Beyond that [China], we see developments being slower in some of the other places, South America, Argentina, Europe etc, that’s to do with both the fundamentals of the rocks and the development environment, the investment environment, constraints like water,” said Mr Schatzman.<br /><br />“We do see shale gas development occurring globally in places other than the US,” he added. “But . . . it won’t be as easy to develop shale gas in these other places.” <br /><br />Andrew Walker, vice-president of global LNG at BG Group, said any progress outside North America in developing shale gas production over the next decade was likely to coincide with increased demand, coming as supplies from existing gasfield development face depletion.<br /><br />He predicts LNG will grow from about 11 per cent of total gas consumed at the moment worldwide, to about 14 per cent by 2025. He estimates that, even allowing for projects under construction, a supply gap of 150 tonnes in the global LNG market will require $400bn of investment to plug.<br /><br />“To put it into context, that is volumetrically equivalent to 10 Gorgon projects in Australia,” Mr Walker said. Chevron’s Gorgon LNG venture in Western Australia has a development budget of $52bn.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6601355103716900050.post-83380677693278420252013-08-06T17:10:24.498+08:002013-08-06T17:10:24.498+08:00Scandal in South Korea Over Nuclear Revelations
c...Scandal in South Korea Over Nuclear Revelations<br /><br />cont......<br /><br />President Park Geun-hye has kept off her own air-conditioning even when she hosted foreign guests, including Mark Zuckerberg, the chief executive of Facebook. And some entrepreneurs have capitalized on the troubles, selling “cool scarves” made of a special fabric that, after being dipped in water, keeps wearers cool for hours. But the modeling and creativity have not stopped the grousing, or alleviated anger at the industry. <br /><br />Critics of South Korea’s nuclear industry say there were plenty of warning signs. <br /><br />Last year, the government was forced to shut down two reactors temporarily after it learned that parts suppliers — some of whom were later convicted — had fabricated the safety-test certificates for more than 10,000 components over 10 years. But the government emphasized at the time that those parts were “nonessential” items and that the industry was otherwise sound. <br /><br />As it turned out, the problems went much deeper. <br /><br />The investigation that began this spring suggested that the oversight within the supply chain may also be more deeply compromised. A company that was supposed to test reactor parts skipped portions of the exams, doctored test data or even issued safety certificates for parts that failed its tests, according to government investigators. And this time the parts involved included more important items. Among the parts that failed the tests were cables used to send signals to activate emergency measures in an accident. <br /><br />“This is not a simple negligence or mistake; this is a deliberate fabrication by those who were supposed to safeguard the reliability of parts,” said Kim Yong-soo, a professor of nuclear engineering at Hanyang University in Seoul. “It raises serious questions about the immune system of our nuclear power industry.” <br /><br />Although much remains unclear with the investigations under way, experts say they know enough to pinpoint the underlying cause of the scandal: an industry that is even more highly centralized than Japan’s, with poor oversight on the relations among the major players. <br /><br />.<br /><br /><br />“In the past 30 years, our nuclear energy industry has become an increasingly closed community that emphasized its specialty in dealing with nuclear materials and yet allowed little oversight and intervention,” the government’s Ministry of Trade, Industry and Energy said in a recent report to lawmakers. “It spawned a litany of corruption, an opaque system and a business practice replete with complacency.” <br /><br /><br />.<br /><br />But the problems appear to go beyond testing. At the home of one of the Korea Hydro officials, investigators found boxes of cash amounting to several hundred thousand dollars. Investigators tracing the origin of the money recently arrested officials of Hyundai Heavy Industries, a major parts supplier, on bribery charges. Prosecutors said the money was meant to ensure contracts for Hyundai Heavy and appeared not to be part of the scandal over testing certificates. <br /><br />In a statement jointly issued in June, Korea Hydro, Kepco E & C and two other state-financed nuclear industry companies promised “self-purification measures.” To “root out corruption arising from collusive ties,” they said they would make it mandatory for senior officials to make public their personal assets, ban all employees from buying stocks in suppliers or getting jobs there after retirement, and reduce the retirement package benefits for those fired for corruption. <br /><br />Amid a public uproar, the government fired the heads of both the Kepco subsidiaries. It also promised to enact new laws and tighten regulations to ban retirees from the two subsidiaries from getting jobs at suppliers and test agencies. <br /><br />Political opposition parties, which control some seats on the Nuclear Safety and Security Commission — the top nuclear watchdog, which has long been criticized as being too cozy with the industry — recently added two critics of nuclear power to the regulatory group. But many worry the changes, and promised changes, will not be enough. <br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6601355103716900050.post-5611154054514291862013-08-06T17:06:32.150+08:002013-08-06T17:06:32.150+08:00Scandal in South Korea Over Nuclear Revelations
S...Scandal in South Korea Over Nuclear Revelations<br /><br />SEOUL, South Korea — Like Japan, resource-poor South Korea has long relied on nuclear power to provide the cheap electricity that helped build its miracle economy. For years, it met one-third of its electricity needs with nuclear power, similar to Japan’s level of dependence before the 2011 disaster at its Fukushima plant. <br /><br />Now, a snowballing scandal in South Korea about bribery and faked safety tests for critical plant equipment has highlighted yet another similarity: experts say both countries’ nuclear programs suffer from a culture of collusion that has undermined their safety. Weeks of revelations about the close ties between South Korea’s nuclear power companies, their suppliers and testing companies have led the prime minister to liken the industry to a mafia. <br /><br />The scandal started after an anonymous tip in April prompted an official investigation. Prosecutors have indicted some officials at a testing company on charges of faking safety tests on parts for the plants. Some officials at the state-financed company that designs nuclear power plants were also indicted on charges of taking bribes from testing company officials in return for accepting those substandard parts. <br /><br />Worse yet, investigators discovered that the questionable components are installed in 14 of South Korea’s 23 nuclear power plants. The country has already shuttered three of those reactors temporarily because the questionable parts used there were important, and more closings could follow as investigators wade through more than 120,000 test certificates filed over the past decade to see if more may have been falsified. <br /><br />In a further indication of the possible breadth of the problems, prosecutors recently raided the offices of 30 more suppliers suspected of also providing parts with faked quality certificates and said they would investigate other testing companies. <br /><br />“What has been revealed so far may be the tip of an iceberg,” said Kune Y. Suh, a professor of nuclear engineering at Seoul National University. <br /><br />With each new revelation, South Koreans — who, like the Japanese, had grown to believe their leaders’ soothing claims about nuclear safety — have become more jittery. Safety is the biggest concern, but the scandals have also caused economic worries. At a time of slowing growth, the government had loudly promoted its plans to become a major builder of nuclear power plants abroad. <br /><br />The scandal, Professor Suh said, “makes it difficult to continue claiming to build reliable nuclear power plants cheaply.” <br /><br />South Koreans say they are already suffering for the industry’s sins. The closing of the three reactors, in addition to another three offline for scheduled maintenance, has led the country’s leaders to order a nationwide energy-saving campaign in the middle of a particularly muggy summer. At university campuses, students have deserted the libraries for cooler Internet cafes, and major corporations have turned down air-conditioning. <br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6601355103716900050.post-69019080356978564992013-08-06T06:19:12.343+08:002013-08-06T06:19:12.343+08:00Radioactive water leaking into Pacific Ocean in ne...Radioactive water leaking into Pacific Ocean in new Fukushima 'emergency'<br /><br />Japan's nuclear watchdog says there is a state of emergency at the shattered Fukushima nuclear plant over ongoing leaks of radioactive water.<br /><br />An official from the Nuclear Regulation Authority says contaminated groundwater has risen above a shore barrier meant to contain it and is seeping into the Pacific Ocean.<br /><br />Speaking to the Reuters news agency, Shinji Kinjo revealed the leak is exceeding legal limits of radioactive discharge.<br /><br />Countermeasures planned by Tokyo Electric Power Co (TEPCO), the operator of the Fukushima nuclear complex, are only a temporary solution, Mr Kinjo added.<br /><br />"Right now, we have an emergency," he said.<br /><br />TEPCO has been struggling to contain hundreds of tonnes of groundwater entering the plant everyday - water that quickly becomes contaminated.<br /><br />But the company has also been roundly condemned for failing to make public leaks of radioactive water into the Pacific, despite knowing about it. <br /><br />In the early weeks following the 2011 earthquake and tsunami, the Japanese government allowed TEPCO to dump tens of thousands of tonnes of toxic water into the Pacific in an emergency move.<br /><br />That prompted heavy criticism by neighbouring countries as well as local fishermen, and the company has since promised it would not dump irradiated water without the consent of local townships.<br /><br />In a bid to prevent more leaks into the bay of the Pacific Ocean, plant workers created an underground barrier by injecting chemicals to harden the ground along the shoreline of one of the reactor buildings.<br /><br />But that barrier is only effective in solidifying the ground at least 1.8 metres below the surface.<br /><br />By breaching the barrier, the water can seep through the shallow areas of earth into the nearby sea.<br /><br />More seriously, it is rising toward the surface - a break of which would accelerate the outflow.<br /><br />The regulatory task force overseeing accident measures of the Fukushima station, which met last Friday, "concluded that new measures are needed to stop the water from flowing into the sea that way," Mr Kinjo said.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6601355103716900050.post-22718018061818893842013-08-06T06:18:02.899+08:002013-08-06T06:18:02.899+08:00Gorgon gas can't beat Canada on cost, claims C...Gorgon gas can't beat Canada on cost, claims Chevron<br /><br />Further expansion of the giant Gorgon export gas project off Western Australia will be in direct competition with exports from North America, which have a cost advantage, an investor in both sets of projects has declared.<br /><br />Chevron, which is pushing to develop the Kitimat export gas project in Canada, reckons this project would be cheaper than a further expansion at Gorgon, while declaring a ''horse race'' between the two prospective developments in seeking outlets for the gas from the two projects.<br /><br />Partners in Gorgon are spending an estimated $50 billion to develop a project with three gas processing plants, or trains, with capacity to handle 15.6 million tonnes of liquefied gas annually. The first gas is to be shipped from 2015.<br /><br />Chevron has a 47.3 per cent stake in Gorgon with Shell and ExxonMobil each holding 25 per cent. There has been recurrent speculation of plans to add a fourth unit, which would add a further 5.2 million tonnes a year of capacity.<br /><br />Advertisement <br /><br />In North America, Chevron has a 50 per cent share of Canada's Kitimat project, with the final decision to proceed with this development expected in 2014. It is planned to have an initial two processing units.<br /><br />It is the most advanced of the estimated five gas export projects in British Columbia vying for government approval. Participants in other projects there include Shell, BG and Malaysia's Petronas, which are all involved in gas export projects in Australia.<br /><br />''In the case of Gorgon train four … we are happy to see both of them move'' forward, Chevron vice-chairman George Kirkland told analysts late last week, referring to the competition with Kitimat. ''[There is] a bit of a horse race between them at this point.''<br /><br />Shipping gas to north Asia from Canada is cheaper than exports from Australia, he said, although the challenge is to find markets for the gas. ''The development cost at Kitimat … may end up being less than in the case of Gorgon,'' he said, which ''has the benefit of [being a] brownfield development on the plant side''.<br /><br />''We're going to offer volumes … and interest in the plant as a combination,'' Mr Kirkland said of the Kitimat marketing plans. ''We think that's a big advantage.<br /><br />''Our goal is to maintain our … first-mover advantage … We have had some initial discussions with Asian buyers.''<br /><br />Partners in the $C4.5 billion Kitimat project aim to have 60-70 per cent of the export gas volumes under long-term commitment prior to a final investment decision, he said.<br /><br />The decline of the Australian dollar in recent foreign exchange trading has helped to improve the cost competitiveness of Chevron's Australian projects, Mr Kirkland said.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6601355103716900050.post-86071421871768465882013-08-06T05:44:22.064+08:002013-08-06T05:44:22.064+08:00BARNETT'S MAD OBSESSION CONTINUES.....
$2b tr...BARNETT'S MAD OBSESSION CONTINUES.....<br /><br />$2b trade-off hope for gas base<br /><br />Colin Barnett has hinted the Woodside Browse consortium would need to fund a $2 billion oil and gas supply base at James Price Point in return for keeping key Browse Basin retention leases.<br /><br />Mr Barnett yesterday expanded on his disappointment that Federal Resources Minister Gary Gray had waived the conditions that demanded the consortium process its Browse gas at James Price Point. Mr Gray made the decision on Friday because, he said, commercial realities for land-based processing were not viable and it was in Australia's best interests to ensure the gas was developed as quickly as possible, even if it was through floating LNG.<br /><br />But Mr Barnett, a vocal opponent of FLNG, hit back yesterday, saying the Federal Government had gone "soft" and suggesting his Government would demand trade-offs before it granted the Woodside consortium relief from the James Price Point gas processing condition.<br /><br />The consortium's three gas fields - Calliance, Brecknock and Torosa - are spread across seven retention leases, of which five are in Commonwealth waters.<br /><br />Mr Gray's determination removes the James Price Point processing condition from five leases but leaves the conditions on the two WA-controlled leases.<br /><br />Mr Barnett yesterday hinted that a commitment from the consortium to build a supply base at James Price Point, to service the broader Browse Basin oil and gas industry, could be sufficient for his support to axe the contentious development condition.<br /><br />"At the end of the day, and it's not my perfect result, if we were to have the supply base built at James Price Point that would be something acceptable to the State Government because that would then start the development of (a broader precinct at) James Price Point for future LNG to come onshore," he said.<br /><br />"There are other companies operating in the Browse Basin that intend to do LNG onshore, not offshore the project."<br /><br />Asked whether he thought it would be appropriate for the Commonwealth Future Fund to fund an economy-building project such as James Price Point, Mr Barnett said that should not be necessary for a supply base he said would cost $1 billion to $2 billion.<br />"The (oil and gas) industry is big enough and rich enough and with deep enough pockets to fund its own infrastructure," he said. "Taxpayers shouldn't have to do that."Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6601355103716900050.post-32969119191774513152013-08-05T07:59:53.205+08:002013-08-05T07:59:53.205+08:00Fortescue probed on 'insolvent trading'
...Fortescue probed on 'insolvent trading'<br /><br /><br />SENIOR executives of Andrew "Twiggy" Forrest's Fortescue Minerals Group face examination by a liquidator over allegations the group traded while insolvent during last year's iron ore price slump, causing it to wrongfully terminate a contract worth more than $8 million. <br /> <br />It's claimed that the actions by the world's fourth-largest iron ore miner sent a contractor on its Pilbara iron ore project, Queensland-based Fuel-Sys Installations, to the wall.<br /><br />FSI had a $17m lump sum contract with milestone progress payments for the Solomon hub diesel storage facility which includes two mines, Fire Tail and Kings.<br /><br />Lawyers for the liquidator to the failed contractor wrote to Fortescue's board yesterday claiming that witnesses, including its own former project manager, allege that a Fortescue executive had said it could not make payments on the construction of a fuel facility project at its Solomon project in the Pilbara.<br /><br />According to a legal letter obtained by The Australian, FSI claims that Fortescue was probably insolvent when the comments were made last September.<br /><br />.<br /><br />Trading while insolvent can result in personal fines of up to $200,000 against director and criminal sentences of up to five years in some cases.<br /><br />The Australian Securities & Investments Commission may also launch a civil compensation claim on behalf of creditors. The liquidator informed Fortescue that if it would agree to discuss a compromise, the liquidator would seek to formally examine executives on insolvent trading and begin legal action to recover outstanding monies.<br /><br /><br />.........................<br /><br /><br /><br />Rio, BHP profits expected to fall sharply<br /><br /><br />MORE evidence that the mining boom has run out of puff is on its way as industry leaders Rio Tinto and BHP Billiton set about reporting sharply lower profit results, along with a new zeal for cost-cutting and capital discipline in response to weaker commodity prices and concerns about global economic growth. <br /> <br />Massive profits from iron ore will be a feature of the earnings reports. But the resource's price strength is also seen by most in equity markets as the Achilles heel of the two biggest diversified miners, given the broad expectations that strong supply growth will eventually undercut prices.<br /><br />Rio is most exposed to that scenario and starts the ball rolling for profit season for the big end of town with its June-half interim report, to be released on Thursday. One group of analysts expect underlying earnings of $US4.23 billion ($4.75bn), down 18.6 per cent from $US5.2bn in the previous corresponding period.<br /><br />Deutsche Bank equity analysts are a touch higher at $US4.3bn.<br /><br />.<br /><br />Rio's reliance on iron ore will come under new focus in the result, given the expectation by Deutsche that the division's contribution to net profit after tax at $US4.87bn (consensus is $US4.51bn) will actually be more than the expected underlying profit. Losses in aluminium and energy (uranium and thermal coal) provide the explanation. JPMorgan is also expecting underlying earnings of $US4.3bn. It said the key focus for investors in Rio's results would be commentary about the timing of its $US5bn commitment to build supporting mine capacity to take Pilbara iron ore production to an annual rate of 360 million tonnes, and progress on Rio's plan to extract $US3bn in cost savings on a sustainable basis from 2015. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6601355103716900050.post-33975318756259659012013-08-05T07:55:55.972+08:002013-08-05T07:55:55.972+08:00(Global) LNG capex tipped to surge
GLOBAL cap... (Global) LNG capex tipped to surge<br /><br /><br />GLOBAL capital expenditure on LNG facilities will skyrocket to nearly $228 billion in 2013-17, an increase of 109 per cent over the preceding five years, a new report predicts. <br /> <br />Activity in the forecast period is underpinned by huge financial commitments to both liquefaction projects and gas imports, the World LNG Market Forecast report from Douglas-Westwood says.<br /><br />The liquefied natural gas developments will drive expenditure, with Australasia and North America playing a fundamental role in bringing new supply into the international market over the period to 2017.<br /><br />Australia has the world's fastest-growing liquefied natural gas industry and with $200bn of projects under construction or recently completed, it is generally accepted that by 2020 the nation will have jumped from the fourth-biggest exporter in 2011 into the leading position.<br /><br />Australia's planned projects and those under development include Chevron's $52bn project on Barrow Island in Western Australia, the $34bn Ichthys LNG plant in the Northern Territory and the three separate LNG plants on Curtis Island, near Gladstone in Queensland.<br /><br />.<br /><br />Report author Michelle Gomez said activity over the next five years would be underpinned by huge financial commitments to both LNG projects and gas import facilities.<br /><br />"Spend will peak in 2015 and decline slightly in 2016 and 2017, which is due to the surge of Australian LNG export projects reaching completion," she said.<br /><br />The report by the market research and consulting company outlines that the spending surge includes capital expenditure on baseload onshore and offshore fixed LNG plants, carriers and re-gasification operations. Steve Robertson, a director at Douglas-Westwood, said he expected continued change in the focus areas for LNG export projects.<br /><br />"While the Middle East remains one of the top exporters, the region will see very little expenditure in the forecast period," he said.<br /><br />"Australian spend, however, will surge, peak and start to decline somewhat. As in many other sectors of the oil and gas industry, reducing the costs of LNG projects remains a major challenge."<br /><br />The LNG industry was evolving as economic conditions and technology changed, the report concluded.<br /><br />"A strong recovery in the LNG business is now under way."<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6601355103716900050.post-72558133738577649442013-08-05T07:53:35.634+08:002013-08-05T07:53:35.634+08:00Another mine gets approved for the Tarkine
Conser...Another mine gets approved for the Tarkine<br /><br />Conservationists opposed to mining in Tasmania's Tarkine have been dealt a second blow in a week, with another large resource project in the region winning federal approval.<br /><br />Venture Minerals on Monday was granted permission to proceed with its Riley Creek iron ore proposal in north-western Tasmania.<br /><br />Environment Minister Mark Butler says the mine will operate for two years, subject to strict conditions.<br /><br />Just last week Mr Butler gave the green light to a $20 million Shree Minerals' iron ore mine at Nelson Bay River in the contentious northwest region of the state.<br /><br />The Tarkine, home to a population of healthy Tasmanian devils and one of the world's largest temperate rainforests, is fast becoming the state's new environmental flashpoint.<br /><br />Green groups have gone to court to try and stop mining projects, but the area also has a long mining history and has been the scene of pro-mining rallies sponsored by unions.<br /><br />In granting Venture permission to proceed, Mr Butler says he considered the impact of the development on endangered species in the area, including the Tasmanian devil and spot-tailed quoll.<br /><br />But he's confident the conditions will work.<br /><br />Venture must make a contribution to Tasmania's ongoing efforts to protect the devil, and pay around $50,000 to a rehabilitation program for every devil it kills above two every year.<br /><br />The Tarkine contains one of the last populations of devils, free of the facial tumour disease that has wiped out up to 80 per cent of the species.<br />Similar conditions were imposed on Shree's iron ore mine at Nelson Bay River.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6601355103716900050.post-52189332470110994002013-08-05T07:52:24.300+08:002013-08-05T07:52:24.300+08:00Barnett poised for fight over Browse gas
.....Und...Barnett poised for fight over Browse gas<br /><br />.....Under the changes Woodside Petroleum and its partners will spend more than $1 billion over five years on project planning. <br /><br />The companies have also asked WA to change the state leases which require the plant to be built onshore.<br /><br />But Colin Barnett remains committed to onshore development of the gas and has described the Federal Government's decision as rushed.<br /><br />Financial commentator Tim Treadgold says it is time Mr Barnett faced up to reality.<br /><br />"The Premier is out of step with the financial aspects of what's happening and he's also out of step with what is common sense from a government level," he said.<br /><br />"The simple fact is that onshore gas developments has become prohibitively expensive, we are the most expensive country in the world."<br /><br />"The Premier can't do anything because whether he likes it or not, he's a minor player in the business of developing offshore oil and gas." <br /><br /><br />...........<br /><br /><br /><br />Woodside gains federal approval to develop the Browse Basin gas field<br /><br />Mr Gray said his decision restored the Browse retention lease to a lease consistent with other Commonwealth leases.<br /><br />The revised conditions do not specify any particular development concept, consistent with the Government's belief that this should be a commercial decision.<br /><br />Mr Gray said it was important to take advantage of the current window of opportunity to develop the LNG industry.<br /><br />"The risk is that if Australia does not provide the environment for commercial decision-making now, we may miss out altogether," he said.<br /><br />"Already it has been more than 40 years since the first Browse fields were first identified, and over a decade since development options were first considered."<br /><br />There are a total of seven leases covering the oil field. <br /><br />Five are controlled by the Federal Government, and the remaining two are controlled by the WA Government.<br /><br />Mr Barnett has previously stated those leases expire at the end of 2014 and he does not see the need to change them before then.<br /><br />He has been contacted for comment.<br /><br /><br />............<br /><br /><br /><br />THE OUTCOME OF THE COURT DECISION RE WA ENVIRONMENTAL APPROVALS COULD REALLY PROVE TO BE THE BIG DECIDER ON THE ISSUE OF HOW FAST BARNETT HAS TO BURY THIS DOOMED PROJECT.<br /><br />The decision is due for release any day now.<br /><br />Federal environmental approvals were halted in April after Woodside cancelled the project.<br /><br />.<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6601355103716900050.post-80683106523152458292013-08-05T06:32:33.943+08:002013-08-05T06:32:33.943+08:00Shell's earnings down in North America in part...Shell's earnings down in North America in part because of shale investments.<br /><br />..<br /><br />Earnings at Shell and Exxon Fall Sharply in 2nd Quarter<br /><br />Royal Dutch Shell, continuing to struggle with its operations in Nigeria and North America, on Thursday announced earnings that fell below analysts’ forecasts, and Exxon Mobil, the largest American oil producer, posted a 57 percent year-over-year earnings decline. <br /><br />Shell’s second-quarter income, adjusted for one-time items, was $4.6 billion, compared with $5.7 billion in the same period a year earlier. Analysts had expected the company to earn $5.8 billion. “This is one of the worst set of Shell results that we can remember,” analysts from Bernstein wrote in a note. <br /><br />Shell’s shares were down 4.7 percent in trading in London. <br /><br />Exxon Mobil reported second-quarter earnings of $6.9 billion, down 57 percent from the same period in 2012. The company said that earnings, excluding divestments and other one-time charges, were down 19 percent for the quarter. The company’s shares were down 5.7 percent in trading in New York. <br /><br />.<br /><br />Shell’s chief executive, Peter Voser, told reporters that the situation in Nigeria, where Shell normally obtains close to 9 percent of its world production, was worsening. The country has long been a mainstay for Shell, but production there has been dogged by political and environmental issues. <br /><br />Problems in Nigeria during the quarter had lowered production by about 100,000 barrels a day, or around 40 percent, and had cost the company $250 million, Shell said. Nigerian output was hit not only by the usual sabotage aimed at stealing oil from pipelines, but also by a legal dispute between the Nigerian maritime authorities and a liquefied natural gas facility in which Shell is a partner. In the most serious episode, the maritime authorities kept L.N.G. tankers from landing at the plant from late June to mid-July until they received a large payment from the operators. <br /><br />Mr. Voser said oil theft and disruptions to gas supply were causing widespread environmental damage and could cost the Nigerian government up to $12 billion a year. “We will play our part, but these are problems Shell cannot solve alone,” he said, adding that the company was reviewing its Nigeria operations. <br /><br />Shell also said it was reviewing its exploration and production portfolio in North America, where it has been losing money. The exercise, the company said, will lead to divestments and a focus on fewer projects. <br /><br />Over the last five years, the company has invested heavily in shale gas and oil properties, building a $28 billion portfolio. Based on drilling and exploration results in recent months, Shell is writing off about $2 billion after taxes in the shale oil areas after taking previous write-downs on shale gas acreage. The write-downs drop the book value of the portfolio to about $24 billion. <br /><br />Mr. Voser said that the write-downs represented a low proportion of the North American shale portfolio, but that they reflected continued problems in the Americas, an important area for Shell. Bernstein estimated that Shell lost $4.54 for every barrel it produced in the Americas, the location of almost one-quarter of its output. <br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6601355103716900050.post-77026272840385839562013-08-03T10:12:46.918+08:002013-08-03T10:12:46.918+08:00AGL warns of gas plant closures as carbon price fa...AGL warns of gas plant closures as carbon price falls and gas prices rise<br /><br /><br />AGL Energy chief executive Michael Fraser says some of the nation's biggest baseload gas power stations could face closure as the carbon price falls and gas prices rise. <br /> <br />Mr Fraser said baseload power stations in Queensland, South Australia and NSW might not survive.<br /><br />Liquefied natural gas plants worth $60 billion being built at Gladstone to export Queensland's vast coal-seam gas resources are expected to triple east coast gas demand in coming years and more than double prices.<br /><br />New gas-fired plants will not be able to compete with coal-fired power under current carbon prices, let alone the reduced or non-existent carbon prices likely in future.<br /><br />AGL, which is being forced to lock in contracts at high prices, has been in arbitration with suppliers Santos and BHP Billiton/ExxonMobil over price increases.<br /><br />Mr Fraser said both new and existing baseload plants would be hit.<br /><br />.<br /><br />But the owners of three of the plants rejected the suggestion that their plants could close.<br /><br />Energy Australia, which runs Tallawarra and has previously said the new scenario could make the plant uneconomic and promote coal-fired power, said its plant could also operate in a peaking role.<br /><br />"A tighter gas market is expected to increase gas prices, making gas-fired electricity generation less competitive than coal," an Energy Australia spokeswoman said.<br /><br />But she agreed some gas-fired plants were in danger of closure.<br /><br />....................<br /><br /><br /><br />Sun shines on AGL's $450m solar energy project<br /><br /><br />THIS week's landmark announcement that AGL Energy will build a $450 million solar power station in outback NSW put the spotlight on the problems facing the renewable energy source but it was also cause to rejoice for those willing to pay more for cleaner energy. <br /> <br />Despite big recent advances in solar technology, taxpayers will need to stump up more than half the total amount.<br /><br />This is not to make the technology comparable to gas or coal-fired power, but just to make it as cost-effective as wind -- under even more renewable subsidies that it will receive.<br /><br />It is not clear whether the Rudd government's headline on its announcement, which declared the two projects would cover an area "four times the size of Sydney" to power the equivalent of a town the size of Tamworth, was supposed to be a positive. Further down the press release it explains they were talking about the Sydney CBD, still not a small area.<br /><br />But the federal and NSW taxpayers are not just forking out a combined $232m to power 50,000 homes in the outback.<br /><br />.<br /><br />The project is designed to kickstart utility-scale solar in Australia in the hope it will provide greater experience to rapidly bring down costs.<br /><br />.<br /><br />The AGL project consists of two solar farms, one in Broken Hill and one in Nyngan, that will provide a combined 155 megawatts of capacity. The Nyngan plant, at 102MW, will be the biggest solar plant in the southern hemisphere.<br /><br />First Solar, the US firm that is building the project, says solar costs in Australia should rapidly improve once local industry becomes more familiar with building the technology.<br /><br />Savings of 60 or 70 per cent should be seen within three or four years, provided plants keep being built, according to Jack Curtis, First Solar's head of Asia-Pacific development. "The gap (between solar and fossil fuels) will continue to close," he says.<br /><br />"The first gap solar is concentrating on closing is becoming a competitive renewable source.<br /><br />"The next target is fossil, which we believe will happen sometime towards the end of this decade," Mr Curtis said.<br /><br />The Clean Energy Council has the same message.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6601355103716900050.post-60491104141882182932013-08-03T10:08:04.263+08:002013-08-03T10:08:04.263+08:00Paladin to keep Langer mine stake, raise about $87...Paladin to keep Langer mine stake, raise about $87m, take $180m charge<br /><br /><br />PALADIN Energy has scrapped plans to sell a stake in a African uranium mine, saying low prices for the nuclear fuel meant it couldn't attract high enough bids. <br /> <br />Paladin had been discussing the sale of a minority stake in the Langer Heinrich mine in Namibia with two nuclear power companies for several months, and last month signalled to investors that it was closing in on a deal that could shore up its balance sheet.<br /><br />On Friday, the Australian company instead launched a share issue to institutional investors equivalent to around 15 per cent of its stock. The price of the new shares will be determined via a bookbuild process, Paladin said.<br /><br />A person familiar with the deal said the capital raising has a price floor of 70 cents a share, which represents a 30 per cent discount to Paladin shares' last traded price of $1.00.<br /><br />UBS is advising Paladin on the capital raising, which would raise $87.9 million if priced at the low end of the bookbuild, the person said.<br /><br />.<br /><br />In the three months to March 31, the Langer Heinrich mine produced 1.23 million pounds of uranium oxide, down 13 per cent from the previous quarter due to technical problems related to water treatment.<br /><br />Paladin also said it will take a further $180 million impairment charge in its financial results for the year to June 30. It said the writedown relates to a mine in Malawi, its exploration portfolio in Niger and "other smaller items".<br /><br />Prices for uranium fell dramatically after an earthquake and tsunami in 2011 crippled the Fukushima Daiichi nuclear power plant in Japan. The accident triggered reactor shutdowns around the world and subsequent reviews of new reactor builds in various countries. Many nations, including the US and China, remain committed to nuclear power in their energy mix.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6601355103716900050.post-90361512006544918502013-08-03T10:06:22.282+08:002013-08-03T10:06:22.282+08:00OM Manganese fined $150k for desecrating Aborigina...OM Manganese fined $150k for desecrating Aboriginal sacred site<br /><br /><br />A MINING company convicted in a landmark ruling of desecrating an Aboriginal sacred site has apologised after being fined $150,000 for the damage. <br /> <br />In the first successful prosecution by a government authority of a mining company for desecration under Australian law, OM Manganese was found to have caused a "horizontal arm" of rock to break off, reducing its sacredness to traditional owners and damaging its spiritual connections.<br /><br />In the case, brought by the NT Aboriginal Areas Protection Authority, a magistrate found the mining company guilty of desecrating the sacred site known as Two Women Sitting Down, about 170 km north of Tennant Creek.<br /><br />The company had previously pleaded guilty to damaging the sacred site by causing it to split in half, sending thousands of tons of rock and debris tumbling down into a nearby excavation.<br /><br />.<br /><br />In her judgement handed down this morning, magistrate Sue Oliver found OM Manganese had made decisions that favoured "business and profit" over its obligations to protect the sacred site.<br /><br />.<br /><br />"The company never intended to harm, damage or disrespect the sacred site. We sincerely regret the damage and the hurt caused and I unreservedly apologise to the site's custodians and traditional owners," he said.<br /><br />.<br /><br />During the hearing, traditional owner Gina Smith described sacred sites as like railway stations connected by song lines, which she said were like railway lines.<br /><br />The site was located next to an open cut mining area known as Masai Pit, part of the company's Bootu Creek manganese mining operation.<br /><br />The story of the Two Women Sitting Down site depicts dreaming figures whose skin names were Namakili and Napanangka. One was a bandicoot and the other a type of marsupial rat. They had a fight over bush tucker fruits and their blood spilled onto the rocks in the area.<br /><br />Ms Oliver found the company had deliberately mined at a steeper angle around the sacred site in order to extract more ore.<br /><br />Indigenous traditional owners testified that they had been consulted about the steeper mining angle and had agreed to it, but had not properly understood what the company was doing.<br /><br />"In my view, arranging a meeting with the three gentlemen to essentially obtain approval for the steeper batter angle approach was either a cynical or a naive exercise on the part of the Defendant," Ms Oliver found.<br /><br />"The custodians had no individual authority to approve a mining plan that posed a risk to the integrity of the sacred site."<br /><br />Ms Smith also testified that the destruction of a "horizontal arm", a flat piece of rock that broke off during mining, had made the site "much less sacred".<br /><br />"It will always remain a sacred site to us, but it has been ruined and we don't know what to do because this has never happened to the old people," she said.<br /><br />Ms Oliver found the loss of the horizontal arm had desecrated the site by diminishing its sacredness and interfering with its spiritual connections.<br /><br />She found the fragile arm had fallen off due to mining activity rather than due to natural causes, as the company had argued.<br /><br />AAPA CEO Ben Scambary said the case was a timely, precedent-setting reminder that disregard for Aboriginal sacred sites would not be tolerated by the law.<br /><br />"When a sacred site is desecrated or damaged it tears the social fabric of the affected community as the harmony of those people is inherently linked to that sacred site," he said.<br /><br />"Sacred sites are important to all Australians as most of this nation's cultural integrity, historical significance and tourism appeal comes from the 50,000 years that Aboriginal people have been caring for their country, their seas and their sacred sites."<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6601355103716900050.post-59994070509573026312013-08-03T09:45:26.597+08:002013-08-03T09:45:26.597+08:00Miner fined for desecrating Aboriginal sacred site...Miner fined for desecrating Aboriginal sacred site<br /><br />A mining company has been fined $150,000 for desecrating an Aboriginal sacred site in the Northern Territory.<br /><br />It is the first case of desecration brought against a mining company under Australian law.<br /><br />OM Manganese has been found guilty of two charges of damaging a site known as Two Women Sitting Down at the Bootu Creek mine, north of Tennant Creek, in July 2011.<br /><br />The company had pleaded guilty to causing damage at the site but not guilty to desecration.<br /><br />.<br /><br />In a lengthy legal battle, the Darwin Magistrates Court heard that the company had used explosives to break up ground in the area.<br /><br />Some blasting had taken place about 25 metres from the sacred site.<br /><br />The court had been told that OM Manganese was issued a clearance in 2004 to mine in the area but was advised of sacred sites in the area.<br /><br />It had been warned to be cautious near the Two Women Sitting Down site when cracks began to appear in the rock early in 2011.<br /><br />Earlier this year, former mine manager Paul Carrick told the court that the damage would not have happened if blasting had taken place further away from the site.<br /><br />In making her ruling today, Magistrate Sue Oliver said the damage to the site was significant.<br /><br />She said it was important to send a message to mining companies that sacred sites must be protected.<br /><br />The maximum penalty was almost $400,000.<br /><br />In determining how much to fine the company, Ms Oliver said there was "some risk that companies might be willing" to do a "cost-benefit analysis" where they would weigh up the fines of desecrating sites with the financial gains of mining.<br /><br />OM Holdings chief executive Peter Toth said the company did not intend to cause damage or hurt through its mining, and there was no cost-benefit analysis involved.<br /><br />"We genuinely believed at the time that our mining methods and the pit design was sufficient to technically achieve our objectives in terms of developing the pit while protecting and preserving the site," he said.<br /><br />He said the mining company deeply regrets the damage to the site.<br />Anonymousnoreply@blogger.com