Sep 23, 2017 Last Updated 2:27 PM, Sep 22, 2017

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Rio Tinto commits further $3.15 billion to shareholders in buyback programme

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BHP surges back to profit thanks to increased prices and improved productivity

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Toys R Us to trade as usual in Australia despite filing for bankruptcy

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QLD offers new oil & gas permits

AusBN – The state government of Queensland, Australia has released 11,000 square kilometres of land for oil & gas development in an attempt to attract investment.

The land released sits within the Cooper, Eromanga and Surat basins, making it a prime target for hydrocarbon exploration.

Dr. Anthony Lynham, minister for state development, natural resources and mines, said both the land and its nearby infrastructure presented a brilliant opportunity for investors.

“The Cooper and Eromanga basins contain vast petroleum and gas resources and are considered among Australia’s most prospective and commercially viable regions for deep gas and oil development,” he said.

“Into the bargain, Queensland offers potential investors access to A$70 billion worth of infrastructure in pipelines, processing facilities and liquefaction plants.”

The Queensland government is keen to attract the attention of explorers and investors in Europe, North America and Asia.

On offer are six-year petroleum and gas exploration permits, which would be awarded only after the buyer met environmental, land access and native title requirements.

@AusBNOnline

Australian Budget salutes resource industry

AusBN – Australia’s federal Budget announced this week emphasised the importance of the resource industry in supporting the country’s economy.

Treasurer Joe Hockey told Parliament that iron ore exports to China remained significant and that Australia was on target to become the world’s largest exporter of liquefied natural gas (LNG) by 2020.

“Together with our annual exports of coal, this is enough energy to power Tokyo, Singapore and Mumbai for an entire year,” he said.

Hockey acknowledged that lower demand and commodity prices had hit the Australian economy hard, resulting in a A$90 billion reduction in expected tax revenue.

However, taking a positive stance he emphasised Australia’s existing scope for growth through its close ties to Asian markets.

He added: “While prices are lower – and we wish they were higher – the opportunities from Asia for our resources are enormous.”

Resource industry organisations such as the Western Australian Chamber of Minerals and Energy (CME) welcomed Hockey’s acknowledgement.

CME CEO Reg Howard-Smith commented: “The resources sector needs to remain internationally competitive if it is to continue to deliver benefits to the Australian community and to that end, we’re pleased the federal government has not placed additional cost burdens on our industry.”

@AusBNonline

Australia generates 3GW of wind power

AusBN – Australia achieved record wind power generation on Tuesday morning, generating 2,988 megawatts of output in the National Electricity Market which excludes some areas.

This implies a total output exceeding 3,000 megawatts when combined with wind power generated in Western Australia and other remote grids.

The National Electricity Market has a total capacity of 3,766 megawatts but until now the highest proportion of it used was 2,848 megawatts on 16 December 2014.

South Australia generated the most electricity from wind on Tuesday, outputting 1,066 megawatts, while Victoria came in a close second with 1,021 megawatts.

Australia’s largest wind farm contributed 388 megawatts on its own.

A recent study showed that wind power could generate up to 30% of Australia’s electricity by 2025 if new turbines continue to be installed at the current pace.

@AusBNOnline

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