The truth we are discovering is that neither new nor old world mining do very well when the basic policies are not right.
its Nickel West business by US$2.5 billion after tax to be effectively worthless. Many other WA nickel operations, including Andrew Forrest’s most recent nickel acquisitions, have been slowed, shut or written off. It probably won’t be the last market bust as this new frontier industry of future-facing metals is created. But Australia must ensure that it’s not structurally uncompetitive as well.
Indonesia’s 2020 ban on unprocessed nickel exports has dovetailed with heavy Chinese backing of Indonesia’s ambitions to build its mining sector into metal refining, batteries and even electric cars. Somenow fear that they will be caught in the nickel bust themselves, but new President Prabowo Subianto says he will extend these downstreaming policies into other Indonesian commodities sectors.
New Australian exploration and mine capital investment has been peaking for some time. Booming commodity prices cannot compensate for handicaps created by bad government policy settings in industrial relations, tax, red tape and lawfare.The transition fuel of gas, which a Shell report on LNG this week says will grow even as it peaks in the 2040s, has been particularly demonised by activists.
Prime Minister Anthony Albanese is expected to announce on Friday a “think big” initiative to subsidise and co-invest in clean energy to compete with the Biden administration’s IRA. Australia would be better concentrating on getting the basics right.We are always interested to hear your views on current topics. Guidelines for how to write an opinion article are
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