Latest Business News

Mining giant BHP Billiton says it has addressed all environmental, social, cultural and economic issues raised over its planned expansion of the Olympic Dam uranium and copper mine.

South Australian Premier Mike Rann welcomed the release of the company’s supplementary environmental impact statement (SEIS) on Friday, hailing it as a major step forward in the development of the world’s biggest mining project.

But the Australian Conservation Foundation has urged the company to reconsider its environmental assessments to take into account the recent nuclear crisis in Japan.

And the Greens said the company had largely ignored the 4000 government, community and private submissions to its original environmental impact statement issued in 2009.

BHP Billiton already produces 180,000 tonnes of copper a year at Olympic Dam but will lift output to 750,000 tonnes annually if the expansion goes ahead.

Uranium oxide production will jump from 4500 tonnes to about 19,000 tonnes.

The expansion is also expected to create up to 10,000 jobs, including 6000 in the construction phase and about 4000 ongoing positions.

The company estimates there will be about 15,000 flow-on jobs in the supply and service industries.

Releasing the SEIS, the company’s uranium customer sector group president Dean Dalla Valle said the expansion would pump billions of dollars into the South Australian economy for decades to come.

Mr Dalla Valle said the document was an important step in establishing Olympic Dam as one of the world’s premier mining operations and one of the company’s biggest single investments.

“Ultimately our aim is to help supply the world’s population with the vital resources it needs to power homes, build cities and grow communities,” he said.

“We have addressed the environmental, social, cultural and economic issues raised in those submissions and in doing so we have ensured the project will deliver the most advanced and responsible outcomes.”

But the ACF said the SEIS did not address the risks from Australian uranium being used in nuclear reactors overseas.

“In the same week the German and Japanese governments have made decisions not to proceed with new nuclear reactors, BHP Billiton has released a mammoth document that completely dodges the question of international responsibility,” ACF campaigner David Noonan said.

“BHP Billiton hopes to lock in the world’s largest uranium project in the shadow of the continuing nuclear disaster at Fukushima in Japan.”

South Australian Greens MP Mark Parnell said BHP Billiton’s latest proposal largely ignored the concerns raised in submissions and would pose major risk to local marine life, groundwater supplies and air quality.

He also called on the SA government to maximise the return to taxpayers by insisting that mineral processing be conducted in South Australia, rather than overseas.

“This stuff can only be dug up once,” he said.

“They’ve got to do it right. Full Post…

— The company planning to redevelop the former Naval Station Ingleside paid a $1 million payment ahead of schedule, port officials said.

Canyon Supply and Logistics, a Houston-based company that aims to create an offshore oil service complex at the former base, now has until Sept. 15 to pay the remaining $24 million of its down payment, said Tom Moore, who is directing redevelopment efforts for the Port of Corpus Christi.

During the next few months, the company and port will conduct surveys and studies before closing the sale.

The $1 million payment was due Friday, but the company turned over the money four days earlier, on May 9.

Port commissioners approved a sales contract with the company on May 2.

The $1 million is refundable before the closing date, Moore said.

After closing on the majority of the base property, the company has an extra month to decide if it also wants to buy the portion of the land that includes barracks, a dining hall, fitness center and classrooms. T

Full Post…

LAS VEGAS — SAC Capital Advisors told investors Thursday that it’s considering closing to new investment, according to a person familiar with the situation. SAC, which met with about 30 investors in Las Vegas on Thursday, has experienced net inflows recently and now oversees nearly $14 billion in assets, the person added on condition of anonymity. A spokesman for SAC declined to comment.

Jones was honored for his work to boost local tourism.

— The Corpus Christi Convention & Visitors Bureau on Thursday awarded a local executive with its most prestigious honor.

American Bank President and CEO Al Jones received the Brad Lomax Spirit of Hospitality Award during the bureau’s annual National Tourism Week luncheon.

About 300 people attended the event in the Henry Garrett Ballroom at the American Bank Center.

The award is named for local business owner Brad Lomax, the first to receive it in 2006, bureau CEO Keith Arnold said.

Jones said American Bank always has been interested in the role tourism plays in the community.

“It’s just very gratifying that the industry recognizes that,” he said after the luncheon. “

Full Post…

Shares in Eneabba Gas were placed in a trading halt today after the company announced Mark Babidge had resigned as managing director.

Mr Babidge will, however, remain as chief executive.

The announcement comes two days before a scheduled meeting requisitioned by shareholders, who were due to vote on the removal of Mr Babidge as company director, and the appointment of Thomas Goh and Kar Wan as directors.

It also follows the resignation of Reg Gillard as company director in February.

Eneabba Gas is seeking to develop the Centauri 1 gas-fired power station, near Dongara. Full Post…