Griffin Coal set to deplete $220 million in WA taxpayer support nine months early
Premier Roger Cook revealed to parliament on Tuesday that the government had so far made $182.7 million worth of payments from the $220 million support package for Griffin Coal, which mines coal used to power the state 180 kilometres south of Perth.
The package was devised in December 2023 to avoid the shutdown of Griffin Coal's mining operations in Collie, which would have cut coal supply to the privately owned Bluewaters power station and Synergy's nearby coal-fired power stations.
The $220 million package was on top of $40 million in support payments already paid to Griffin.
On average, Griffin is drawing down about $10.5 million from the taxpayer fund each month.
At that rate, it will have expended the whole $220 million by September, despite the funding support originally slated to end in June 2026.
If the Collie coal supply is impacted, it could impact the reliability of the south-west electricity grid over summer.
Indian-owned Griffin Coal entered receivership in 2022 following escalating losses on the fading operation and crippling debts that reached about $1.5 billion.
Cook confirmed he intended to cease funding Griffin by June next year and had reached out to stakeholders to find out what their plan was after taxpayer support ended.
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The Advertiser
9 hours ago
- The Advertiser
Starmer, Modi hail 'historic' UK-India trade deal
Britain and India have signed a free trade agreement during a visit by Indian Prime Minister Narendra Modi, sealing a deal to cut tariffs on goods from textiles to whisky and cars and allow more market access for businesses. Keir Starmer and Narendra Modi met at Chequers, the British leader's official country residence outside London, where the UK and Indian trade ministers, Jonathan Reynolds and Piyush Goyal, formally signed the agreement. Starmer said it was "the biggest and most economically significant trade deal" Britain has made since leaving the European Union in 2020. Modi said it was "a historic day in our bilateral relations." Alongside the agreement, the two countries announced almost STG6 billion ($A12 billion) in trade and investment deals in areas including AI, aerospace and dairy products, and pledged to work more closely together in areas such as defence, migration, climate and health. The trade agreement between India and Britain, the world's fifth- and sixth-largest economies, was announced in May, more than three years after negotiations started, and stalled, under Britain's previous Conservative government. The UK government said the deal will reduce India's average tariff on British goods from 15 per cent to three per cent. Import taxes on whisky and gin will be halved from 150 per cent to 75 per cent before falling to 40 per cent by year 10 of the deal. Automotive tariffs will fall from over 100 per cent to 10 per cent under a quota. Britain said the deal is expected to increase bilateral trade by STG25.5 billion annually from 2040 and add almost STG5 billion a year to the British economy. India's Trade Ministry said in May that 99 per cent of Indian exports will face no import duty under the deal, which applies to products including clothes, shoes and food. Formal talks began in 2022 on a free trade agreement that then-Prime Minister Boris Johnson hailed as a key goal after Britain left the EU. Johnson famously promised to have a deal done by the Diwali holiday in October of that year. The two countries held 13 rounds of negotiations without a breakthrough before talks were suspended while both nations held general elections in 2024. Almost two million people in the UK have roots in India, where Britain was the colonial power until independence in 1947. Starmer said Britain and India "have unique bonds of history, of family and of culture, and we want to strengthen our relationship further, so that it is even more ambitious, modern and focused on the long term." Speaking as England and India face off in a Test cricket series, Modi sad the sport was "a great metaphor for our partnership." "There may be a swing and a miss at times but we always play with a straight bat," he said. "We are committed to building a high-scoring, solid partnership." with Reuters Britain and India have signed a free trade agreement during a visit by Indian Prime Minister Narendra Modi, sealing a deal to cut tariffs on goods from textiles to whisky and cars and allow more market access for businesses. Keir Starmer and Narendra Modi met at Chequers, the British leader's official country residence outside London, where the UK and Indian trade ministers, Jonathan Reynolds and Piyush Goyal, formally signed the agreement. Starmer said it was "the biggest and most economically significant trade deal" Britain has made since leaving the European Union in 2020. Modi said it was "a historic day in our bilateral relations." Alongside the agreement, the two countries announced almost STG6 billion ($A12 billion) in trade and investment deals in areas including AI, aerospace and dairy products, and pledged to work more closely together in areas such as defence, migration, climate and health. The trade agreement between India and Britain, the world's fifth- and sixth-largest economies, was announced in May, more than three years after negotiations started, and stalled, under Britain's previous Conservative government. The UK government said the deal will reduce India's average tariff on British goods from 15 per cent to three per cent. Import taxes on whisky and gin will be halved from 150 per cent to 75 per cent before falling to 40 per cent by year 10 of the deal. Automotive tariffs will fall from over 100 per cent to 10 per cent under a quota. Britain said the deal is expected to increase bilateral trade by STG25.5 billion annually from 2040 and add almost STG5 billion a year to the British economy. India's Trade Ministry said in May that 99 per cent of Indian exports will face no import duty under the deal, which applies to products including clothes, shoes and food. Formal talks began in 2022 on a free trade agreement that then-Prime Minister Boris Johnson hailed as a key goal after Britain left the EU. Johnson famously promised to have a deal done by the Diwali holiday in October of that year. The two countries held 13 rounds of negotiations without a breakthrough before talks were suspended while both nations held general elections in 2024. Almost two million people in the UK have roots in India, where Britain was the colonial power until independence in 1947. Starmer said Britain and India "have unique bonds of history, of family and of culture, and we want to strengthen our relationship further, so that it is even more ambitious, modern and focused on the long term." Speaking as England and India face off in a Test cricket series, Modi sad the sport was "a great metaphor for our partnership." "There may be a swing and a miss at times but we always play with a straight bat," he said. "We are committed to building a high-scoring, solid partnership." with Reuters Britain and India have signed a free trade agreement during a visit by Indian Prime Minister Narendra Modi, sealing a deal to cut tariffs on goods from textiles to whisky and cars and allow more market access for businesses. Keir Starmer and Narendra Modi met at Chequers, the British leader's official country residence outside London, where the UK and Indian trade ministers, Jonathan Reynolds and Piyush Goyal, formally signed the agreement. Starmer said it was "the biggest and most economically significant trade deal" Britain has made since leaving the European Union in 2020. Modi said it was "a historic day in our bilateral relations." Alongside the agreement, the two countries announced almost STG6 billion ($A12 billion) in trade and investment deals in areas including AI, aerospace and dairy products, and pledged to work more closely together in areas such as defence, migration, climate and health. The trade agreement between India and Britain, the world's fifth- and sixth-largest economies, was announced in May, more than three years after negotiations started, and stalled, under Britain's previous Conservative government. The UK government said the deal will reduce India's average tariff on British goods from 15 per cent to three per cent. Import taxes on whisky and gin will be halved from 150 per cent to 75 per cent before falling to 40 per cent by year 10 of the deal. Automotive tariffs will fall from over 100 per cent to 10 per cent under a quota. Britain said the deal is expected to increase bilateral trade by STG25.5 billion annually from 2040 and add almost STG5 billion a year to the British economy. India's Trade Ministry said in May that 99 per cent of Indian exports will face no import duty under the deal, which applies to products including clothes, shoes and food. Formal talks began in 2022 on a free trade agreement that then-Prime Minister Boris Johnson hailed as a key goal after Britain left the EU. Johnson famously promised to have a deal done by the Diwali holiday in October of that year. The two countries held 13 rounds of negotiations without a breakthrough before talks were suspended while both nations held general elections in 2024. Almost two million people in the UK have roots in India, where Britain was the colonial power until independence in 1947. Starmer said Britain and India "have unique bonds of history, of family and of culture, and we want to strengthen our relationship further, so that it is even more ambitious, modern and focused on the long term." Speaking as England and India face off in a Test cricket series, Modi sad the sport was "a great metaphor for our partnership." "There may be a swing and a miss at times but we always play with a straight bat," he said. "We are committed to building a high-scoring, solid partnership." with Reuters Britain and India have signed a free trade agreement during a visit by Indian Prime Minister Narendra Modi, sealing a deal to cut tariffs on goods from textiles to whisky and cars and allow more market access for businesses. Keir Starmer and Narendra Modi met at Chequers, the British leader's official country residence outside London, where the UK and Indian trade ministers, Jonathan Reynolds and Piyush Goyal, formally signed the agreement. Starmer said it was "the biggest and most economically significant trade deal" Britain has made since leaving the European Union in 2020. Modi said it was "a historic day in our bilateral relations." Alongside the agreement, the two countries announced almost STG6 billion ($A12 billion) in trade and investment deals in areas including AI, aerospace and dairy products, and pledged to work more closely together in areas such as defence, migration, climate and health. The trade agreement between India and Britain, the world's fifth- and sixth-largest economies, was announced in May, more than three years after negotiations started, and stalled, under Britain's previous Conservative government. The UK government said the deal will reduce India's average tariff on British goods from 15 per cent to three per cent. Import taxes on whisky and gin will be halved from 150 per cent to 75 per cent before falling to 40 per cent by year 10 of the deal. Automotive tariffs will fall from over 100 per cent to 10 per cent under a quota. Britain said the deal is expected to increase bilateral trade by STG25.5 billion annually from 2040 and add almost STG5 billion a year to the British economy. India's Trade Ministry said in May that 99 per cent of Indian exports will face no import duty under the deal, which applies to products including clothes, shoes and food. Formal talks began in 2022 on a free trade agreement that then-Prime Minister Boris Johnson hailed as a key goal after Britain left the EU. Johnson famously promised to have a deal done by the Diwali holiday in October of that year. The two countries held 13 rounds of negotiations without a breakthrough before talks were suspended while both nations held general elections in 2024. Almost two million people in the UK have roots in India, where Britain was the colonial power until independence in 1947. Starmer said Britain and India "have unique bonds of history, of family and of culture, and we want to strengthen our relationship further, so that it is even more ambitious, modern and focused on the long term." Speaking as England and India face off in a Test cricket series, Modi sad the sport was "a great metaphor for our partnership." "There may be a swing and a miss at times but we always play with a straight bat," he said. "We are committed to building a high-scoring, solid partnership." with Reuters
Sky News AU
2 days ago
- Sky News AU
About 17,000 jobs in jeopardy as Glencore warns it may have to shut down its operations at Townsville and Mount Isa
About 17,000 jobs could be in jeopardy as massive resources company Glencore reveals its considering halting operations. Two local operations in North Queensland at the Swiss metals Glencore are in strife despite a verbal offer of financial incentives from the Queensland government, including payroll tax deferral, to prevent collapse. An internal memo to staff from Glencore's interim chief operating officer revealed the company could soon place the two smelters into care and maintenance until conditions improved. 'To date Glencore has been absorbing losses hopeful that a viable solution could be found,' Mr Wilson wrote, per The Townsville Bulletin. 'However, we are fast reaching the point at which Glencore cannot continue to absorb these losses. 'We need to know in the coming weeks whether there is a viable solution on the table from governments. "Glencore is genuinely disappointed at the prospect of placing the smelter and refinery into care and maintenance if we do not receive adequate government support.' It comes as the company is expected to report a multi-billion-dollar loss over the next seven years from just two of its operations at Townsville and Mount Isa. Glencore directly employs about 550 workers, while lobby group Townsville Enterprise estimates that 17,000 jobs are connected to the nearby copper assets. Mr Wilson said offers from the state government were not enough and Glencore was now turning to Canberra for further support. 'Glencore is now urgently seeking details from the federal government on their proposed national smelting/refining strategy,' Mr Wilson said. Senior Glencore executive Suresh Vadnagra said shutting down was a last resort and that the company was open to the public taking a large stake in the beleaguered company. 'Time is running out," Mr Vadnagra said, according to The Australian. "We have been engaging with government for the past five months. "We need to know in the coming weeks whether there is a viable solution on the table from governments or whether we start to planning to transition the copper smelter and refinery into care and maintenance." The smelter's strife comes as Industry Minister Tim Ayres said Labor could provide taxpayer funds and long-term loans to assist ailing smelters crippled by energy costs and China-instigated trade distortions. 'The truth is, if these facilities didn't exist, governments would be trying to build them,' Mr Ayres told The Australian Financial Review. Many smelters and refineries are struggling to stay afloat in Australia. Rio Tinto-owned Tomago, which is Australia's largest aluminium producer, is seeking billions of dollars from the federal and NSW governments amid high power prices and as cost-effective and consistent renewables remain largely unavailable. Two Australian smelters owned by international minerals and metals producer Nyrstar are also under threat and the local CEO has begged various state and federal governments for a handout as losses mount to "tens of millions a month".
West Australian
3 days ago
- West Australian
WA Mt Palmer mine shines for Kula, Aurumin with one-ounce gold hits
Kula Gold and Aurumin Limited have continued to resurrect a forgotten gem in Western Australia's Southern Cross Goldfields after hauling in another series of dazzling drill hits at the historic Mt Palmer mine. The share price of Kula, which owns 80 per cent of the project, rocketed nearly 30 per cent to 0.009 cents on the back of the blockbuster drill results. The rise was fuelled by a surge of investor interest that saw close to 25 million shares change hands on the company's biggest trading day in a month. The latest stage two reverse circulation drilling campaign delivered some serious eye candy for gold bugs, with a standout shallow intercept of 3 metres at 35.9 grams per tonne (g/t) gold from just 17m, including 1m at a whopping 83.6g/t. Other hits include 3m grading 29.7g/t gold from 37m, 2m at 18.1g/t gold from 23m and 18m at 1.9g/t gold from 22m, including a 7m section running at 9.4g/t. The company says the sizzling grades - many from depths of less than 40m - and Mt Palmer's strong geological fundamentals are building an early case for a low-cost, high-return open-pit operation at the site. According to management, the results are also just the tonic to support aggressive ongoing exploration efforts to delineate the longer-term development potential of a mine that once produced 150,000 ounces at 15.9g/t before World War II halted production. Notably, the company believes that using a photon assay could be the secret to uncovering nuggety historically under-reported high-grade zones at the project. The game-changing technique can analyse 10 times more samples than traditional fire assay without destroying coarse gold in the process. Across the project, the results are stacking up. Previous hits include 18m at 4.4g/t from surface, with a 2m punch of 31.3g/t, and 7m at 7.7g/t gold also starting from surface. Kula says beyond the spectacular grades, the geological stars are also starting to align. Drilling has tapped into high-grade mineralisation, dubbed the New Lode beneath historic workings, where rich gold appears to be concentrated in fold closures. These can be classic structural traps for juicy mineralisation. New zones to the east of the old pit, such as the West Lode and Busey Shoot, are also emerging to offer a pipeline of fresh targets. The company says these lodes remain poorly tested, but early drilling hints at a solid upside. Kula's structural consultant Model Earth has now remapped the mine's intricate geology, revealing stretched and shear-folded quartz veins broken into segments, which vary significantly between each hotspot but appear to control the plunge orientations of the gold mineralisation. Mt Palmer sits in gold-rich real estate, a little north of the previously mined 600,000-ounce Nevoria gold deposit and east of the Chinese-owned 2.4-million-ounce Marvel Loch mine. With its latest results now in hand, Kula is busy putting the finishing touches on a diamond drilling campaign aimed at twinning high-grade reverse circulation intercepts to firm up structural models and refine future drill targeting. If these results keep coming, helped along with a healthy dose of modern assay technology, Kula might be on to more than a few lost ounces. From a dusty relic of WA's mining past, Mt Palmer is starting to look more like a golden opportunity in the making. Is your ASX-listed company doing something interesting? Contact:
