Word search 097.01
Western Plains begins further drilling program at Peculiar Knob - Penrhyn to follow
In a Media release on 8 February Western Plains Resources Limited (ASX:WPG) announced it has commenced a further drilling program at the Company's flagship Peculiar Knob DSO iron ore project area last weekend. At least two RC percussion holes and five large diameter cored holes will be drilled. The objective of the RC program is to test for possible extensions to the Peculiar Knob orebody to the north east of the currently known limit of the mineralised zone. This drilling program is expected to be completed in early March. A separate drilling program will commence at the Penrhyn coal project near the proposed haul road from Peculiar Knob to Wirrida siding around mid-March.
Word search 097.02
OZ whets appetite for results from sole remaining mine
By BARRY FITZGERALD, http://www.smh.com.au February 10
OZ MINERALS is delighted with its earnings from its new Prominent Hill copper/gold mine in South Australia - its only operating asset after the drastic financial restructuring undertaken last year.
In a teaser to its full financial results to be published on February 25, OZ said yesterday that the market should be expecting a net profit after tax from Prominent Hill of $190 million to $210 million.
The managing director, Terry Burgess, said the Prominent Hill result was an ''outstanding outcome for the operation in its commissioning year".
But OZ also updated the market on what to expect on a consolidated entity basis after taking into account last year's sale of four of its five operating assets and the associated financing costs. It is a net loss after tax of $500 million to $520 million.
The update was aimed at fixing the ''wide variance in the earnings forecasts produced by broker analysts providing coverage of OZ Minerals, particularly at the level of net profit after tax''.
OZ became a single-mine company last year when it was forced to sell $1.92 billion in mining assets to Minmetals of China and China Sci-Tech. The sales allowed OZ to pay off bank debt and keep about $1 billion, but it left Prominent Hill as its only operating asset.
The group is looking for acquisitions but is in no rush. Shares in the company fell 5c to 98.5c.
OZ has also appointed two new non-executive directors, Neil Hamilton and Charlie Lenegan. Mr Hamilton will be put forward for election as chairman at the group's board meeting in April, replacing Barry Cusack, who has previously announced he planned to retire on April 13.
Mr Hamilton has more than 26 years in the legal profession and in business with experience in funds management, insurance, banking and resources. He is the chairman of Mount Gibson Iron.
GREY ENVIRONMENT TO BENEFIT FROM DIRECT ACTION ON CLIMATE CHANGE
Member for Grey Rowan Ramsey welcomed the Feb 3 announcement that a Coalition Government will improve the environment and reduce greenhouse gas emissions through direct action and practical, local measures.
"Our direct action plan will cost the Australian community just a fraction of the Government's $119bn tax, and as a result will not threaten the viability this electorates industry," he said.
"If the Government's ETS is passed it is expected Nyrstar in Port Pirie, Flinders Power in Port Augusta and OneSteel in Whyalla will be taxed millions every year for CO2 emissions. These companies will be forced to pass on the cost to consumers and if they can't industry in Grey could well be is under threat.
"By contrast the Coalition's plan will reward improvements in emissions and deliver a penalty if industries become dirtier. The Government's ETS would build in a competitive disadvantage for the power station, the Coalition's will not.
"The Coalition will improve soil carbon to help soil quality, farm productivity and water efficiency. Our plan is careful, costed and capped - reducing emissions and improving the environment without a great big new tax on everything.
"The Government's ETS is projected to cost Australian households $1100 per year, in contrast the Coalition's climate change policy does not include any new or increased taxes.
"Between 2011-12 and 2014-15, the Coalition's policy will cost $3.2 billion. In the comparable period, the Government's ETS will cost more than $40 billion.
"We just do not need a $10bn tax per year to achieve a 5% cut in emissions".
Mr Ramsey said the Coalition will establish a $2.5 billion Emissions Reduction Fund to provide direct incentives to industry and farmers to reduce CO2 emissions. Businesses that reduce emissions below their baseline or 'business as usual' activity will be able to sell their CO2 abatement to the government. This will provide a direct financial incentive to take action to reduce emissions below baseline levels.
"Local families and businesses will be encouraged to take up renewable energy with the goal of achieving one million additional solar energy roofs on homes by 2020.
"The Coalition will support a range of measures to encourage the increased uptake and use of renewable energy in homes and communities. This includes a $1,000 rebate for either solar hot water systems or solar panels, capped at 100,000 rebates per year. This will be in addition to the existing rebates.
"We will also support the planting of an additional 20 million trees by 2020 to re-establish urban forests and green corridors.
"These are some practical measures that will improve our environment and reduce greenhouse gas emissions - all without a great a great big new tax that will increase the price of everything."
Word search 097.03
Coober Pedy Visitor Information Centre (Coober VIC)
Sandra Harris Tourism Officer (email@example.com)
HELLO FROM COOBER PEDY VIC TEAM
Welcome to Issue 2 of the Coober VIC E-Newsletter & we hope you enjoy receiving the information about events etc. each month. If you know of anyone we may have missed please let us know so we can include their email address for future editions.
So the VIC has been busy preparing for the Tourist Season. We have been re-stocking all our 2010 brochures & setting up a display section in our brochure stands dedicated to Lake Eyre in anticipation of those many questions we'll no doubt get. I have been trying to get out to meet you all & see your establishments in order for me to promote them more to visitors. Thank you to everyone I have visited so far for your hospitality and your time. It is very
much appreciated. A big pat on the back to all the businesses, tourist attractions & accommodation places in town. I am getting rave reviews from visitors who make the effort to pop back into the VIC to let me know they had a wonderful time in Coober Pedy. Well done all of you.
Cheers for now
Sandra Harris & John Holdrich - Coober VIC Team
Word search 097.04
Another Great Green Tax?
Homeowners awoke on Sunday morning to read about the Rudd Government's proposed new mandatory energy assessment of all homes before they can be rented or sold. The cost was estimated at up to $1500 per home!
Typical of government-sanctioned leaks, it was short on detail but the intention was clear. The Government wants to impose a new cost on all homeowners and property investors in a futile attempt to tackle carbon emissions.
The premise is quite simple and has a certain allure to those who like symbolic gestures as long as they don't have to wear the cost. Every home will be assessed for energy efficiency and rated so that prospective purchasers (or tenants) will be able to judge the 'green cred' of the premises.
There was no detail on just who would carry out these assessments but it's a fair bet that those who were duped into training for the Government's failed green loan assessment scheme might be given another opportunity to cash in on this latest green scheme.
Of course, with the Rudd Government in charge any activity is expected to come at a hefty price for the general public. Media reports have that cost as high as $1500 per assessment.
Homeowners will foot the bill and many will expect that money back when they sell, thereby lifting property prices above where they would otherwise be. Even if they can't recoup their costs, it's an additional impediment for either the seller or the purchaser.
Not surprisingly, at $1500 per home, the total cost of assessing Australia's 8.1 million residential dwellings gives rise to a new green tax of a staggering $12 billion plus!
And for what purpose? Is anyone really going to stop making one of the most important decisions of their lives based on whether the right light globes are fitted or not? Can we really expect a missing ratings 'star' will stop you buying your dream home?
Such simplistic solutions are the subject of green fantasies rather than reality.
There is one other thing to consider. Surely a more efficient and just as effective method of displaying the greenness of any particular dwelling would be to provide the last four quarters electricity bills as part of the real estate disclosure documents?
It would achieve more or less the same result and cost a whole lot less than this proposed new $12 billion green tax. But that would be too sensible for this Government wouldn't it?
Living Underground: Coober Pedy
Huffington Post, under the GREEN tab -
Coober Pedy, an opal mining town in South Australia, is located in an extremely inhospitable environment. Desert temperatures in the summer usually exceed 104 degrees Fahrenheit and it can get quite chilly in the winter. Years ago, the original miners stumbled upon a solution to living there: Build everything underground. They began using old opal mines or digging out new structures for housing. The underground homes naturally maintain a comfortable temperature. They require no air-conditioning or heating systems, greatly reducing the residents' carbon footprints. Most of the towns 1,916 residents continue to build and live underground.
Word search 097.05
LINC ENERGY RECORDS 'OIL SHOWS' IN THE ARCKARINGA BASIN (From the Linc Energy Press Release of 9 February)
Oil shows at Maglia-1 in the Arckaringa Basin are the most significant find in the history of the basin. In October 2009, Linc Energy mobilised 'Boart Longyear Rig 9' to the Arckaringa Basin,
South Australia where it currently holds seven Petroleum Exploration Licenses prospective
for UCG, CSG and conventional petroleum.