{"id":81787,"date":"2024-02-21T02:37:46","date_gmt":"2024-02-21T02:37:46","guid":{"rendered":"https:\/\/globalroadtechnology.com\/\/?p=81787"},"modified":"2024-02-21T02:55:30","modified_gmt":"2024-02-21T02:55:30","slug":"australias-nickel-industry-support","status":"publish","type":"post","link":"https:\/\/globalroadtechnology.com\/australias-nickel-industry-support\/","title":{"rendered":"Albanese Drops a Dime on Aussie Nickel"},"content":{"rendered":"

Prime Minister Anthony Albanese has given in to industry pressure and will provide \u2018tax credits\u2019 for Australia\u2019s ailing nickel miners. After Australia\u2019s biggest company, BHP, signalled that it was close to shutting down its WA nickel operations, at the cost of 3000 full-time jobs, the Prime Minister was left with no choice but to step in.<\/span><\/p>\n

Under stress from a market flooded with cheap supply, mainly from Indonesia, Australia\u2019s nickel industry has become uncompetitive with a raft of mine closures so far this year. <\/span><\/p>\n

In announcing the support, Mr. Albanese said the industry\u2019s problems were \u201ctime-limited\u201d and that the government was \u201clooking towards smart, targeted support\u201d.\u00a0<\/span><\/h3>\n

Indonesia has lept ahead with its production stats in recent times but is also unrestricted by the same environmental standards that Australia has. Speaking in Perth last week, Mr Albanese reiterated to reporters that \u201cthis is a short-term issue for what is, in the long term, a very critical industry for Australia.\u201d<\/span><\/p>\n

\u201cNickel will be a critical mineral going forward. It\u2019s critical for batteries and for other sources as the global economy shifts, as we are seeing, to clean energy.\u201d<\/span><\/p>\n

The government also added nickel to the critical minerals list to aid WA\u2019s miners and producers. The WA government also announced a 50% royalty discount for nickel miners over 18 months.<\/span><\/p>\n

Rio Becomes Australia\u2019s Largest Renewable Energy Buyer<\/span><\/h2>\n

Rio Tinto continues its mission to \u2018re-power\u2019 the company\u2019s Gladstone operations with renewable energy. The mining major has signed a new Power Purchase Agreement (PPA) with Windlab for 80% of the clean energy generated by its proposed 1.4 gigawatt Bungaban wind farm.\u00a0<\/span><\/p>\n

The agreement is set to run for a quarter century, leaving the remaining 20% for Australia\u2019s domestic energy needs.<\/span><\/h3>\n

Rio has signed multiple renewable PPAs recently and, with the addition of the Bungaban deal, has become Australia’s biggest buyer of renewable energy.\u00a0<\/span>Rio’s CEO, Jakob Stausholm, has stated that the task of providing competitive, firm power to Gladstone plants is challenging, but the company has a pathway to achieve it.\u00a0<\/span><\/p>\n

\u201cRio is working hard with all stakeholders, including the Queensland and Australian Governments, to accomplish this goal,\u201d he said.\u00a0<\/span><\/p>\n

\u201cCompetitive capacity, firming, and transmission are critical to developing a modern energy system that can ensure more large-scale renewables development in Queensland and help guarantee the future of Australian industry.\u201d<\/span><\/p>\n

The Bungaban project is expected to commence in late 2025, with the first power by 2029. Windlab’s CEO John Martin said Bungaban would create \u201cup to 600 new jobs and inject about $500m into the regional economy through local employment, supply and contracting.\u201d<\/span><\/p>\n

Australia: Still a Coal-Fired Continent<\/span><\/h2>\n

When it comes to coal mining, Australia remains one of the largest producers in the world, trailing only giants like China, India, the US, and Indonesia. <\/span><\/p>\n

But on the coal-fired power generation front, Australia is even further up the chain and is the world’s second-largest burner of thermal coal.<\/span><\/h3>\n

With a commitment to the Paris Agreement on climate change and a long-term plan to meet net zero carbon by 2050, the country\u2019s continued use of coal raises an obvious challenge. The International Energy Agency (IEA) is urging Australia to phase out its coal-fired power plants in favour of more renewable energy projects; however, rising energy costs are making the government cautious as it seeks to ease \u2018cost-of-living\u2019 pressures.\u00a0<\/span><\/p>\n

There is no deadline for the closure of domestic coal-fired power plants. Still, the government maintains a target of 82% renewable energy generation, so, to put it simply, the retirement date for coal must come. But for now, at least, Australia remains a coal-fired continent, relying on its cheap abundance to provide the nation with the energy it needs while slowly phasing in the clean energy technology of the future.\u00a0<\/span><\/p>\n

You can read more about Australia\u2019s coal dependence at the link below.\u00a0<\/span><\/p>\n

 <\/p>\n

Dust suppression is a critical issue in the world of mining and resources.<\/strong><\/p>\n

Learn more about GRT\u2019s industry-leading and IoT-connected\u00a0SMART Dosing Units<\/a>, and discover how we\u2019re driving better dust suppression solutions for all!<\/strong><\/p>\n

If you\u2019d like to talk with an expert, simply\u00a0contact us<\/a>!<\/strong><\/p>\n

Your feedback is important to us.\u00a0<\/strong><\/p>\n

If you enjoyed reading this Global Road Technology industry update and found it informative, please let us know by leaving a\u00a0REVIEW<\/a><\/strong><\/p>\n

 <\/p>\n

References:<\/span><\/p>\n

https:\/\/www.afr.com\/politics\/federal\/labor-plans-tax-credits-to-help-nickel-miners-20240218-p5f5tc<\/span><\/a><\/p>\n

https:\/\/announcements.asx.com.au\/asxpdf\/20240221\/pdf\/060lyd43vj62t3.pdf<\/span><\/a><\/p>\n

https:\/\/www.mining-technology.com\/features\/can-australia-give-up-coal\/?cf-view<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Prime Minister Anthony Albanese has given in to industry pressure and will provide \u2018tax credits\u2019 for Australia\u2019s ailing nickel miners. 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