Briefs

ELECTRICITY

By InvestSMART · 7 Oct 2011

By InvestSMART ·
7 Oct 2011

Comments

ELECTRICITY

Xstrata contract

APA and AGL have won a 17-year contract to supply Xstrata's Mount Isa operations with electricity from the proposed $500 million Diamantina power station, which guarantees the future of the Carpentaria Gas Pipeline owned and operated by APA. Two 121 megawatt units are to be built. Analysts said the contract removes uncertainty hanging over APA. The deal will require a capacity upgrade to the pipeline. The power station is owned jointly by APA and AGL.

ENERGY

No delays for deal

Final approvals for Australia's next big offshore gas project will not face unexpected hurdles, according to Japanese company Inpex. Company spokesman Sean Kildare told a conference in Darwin that Inpex was expecting to make a final investment decision (FID) on the massive Ichthys gas project within the next 12 weeks. "There are no show stoppers or bottlenecks that would cause a substantial delay to Ichthys' FID," he said. The Resources Minister, Martin Ferguson, said the project would be a "game changer" for Darwin.

MINING

Exco in demand

Washington H. Soul Pattinson has more than doubled its stake in Exco Resources to 13.25 per cent from 6.52 per cent. Ivanhoe Mines is the largest shareholder in Exco, with 22.58 per cent.

STOCK EXCHANGE

NZ chief moves on

The New Zealand Stock Exchange chief executive, Mark Weldon, will step down in the first half of 2012. Weldon, 44, owns about 5 per cent of the stock exchange and led the company's initial public offering in 2003. He has been the stock exchange boss since June 2002. NZX shares have gained 54 per cent this year, the best performer on the NZX 50 index.

Go to Google News, then click "Follow" button to add us.

Share this article and show your support

Frequently Asked Questions about this Article…

What is the 17-year electricity contract for Xstrata’s Mount Isa operations?

APA and AGL have won a 17-year contract to supply Xstrata’s Mount Isa operations with electricity from the proposed $500 million Diamantina power station. The deal is planned to use two 121 megawatt units to meet Xstrata’s needs.

How does the Diamantina power station agreement affect the Carpentaria Gas Pipeline and APA?

The contract effectively guarantees the future of the Carpentaria Gas Pipeline, which is owned and operated by APA. Analysts said the deal removes uncertainty that had been hanging over APA, although the arrangement will require a capacity upgrade to the pipeline.

Who owns and will build the Diamantina power station, and what are the key project details?

The proposed Diamantina power station is jointly owned by APA and AGL. The project is estimated at around $500 million and includes construction of two 121MW generating units to supply Xstrata’s Mount Isa operations under a 17-year supply contract.

What did Inpex say about final approvals and the FID timing for the Ichthys gas project?

Inpex told a conference in Darwin it did not expect final approvals for the Ichthys gas project to face unexpected hurdles. Spokesman Sean Kildare said Inpex was expecting to make a final investment decision (FID) on Ichthys within the next 12 weeks and that 'there are no show stoppers or bottlenecks' likely to cause a substantial delay.

Why is the Ichthys gas project described as important for Darwin?

Resources Minister Martin Ferguson said the Ichthys gas project would be a 'game changer' for Darwin, indicating the project’s potential significance for the region’s economy and development as reported in the article.

What recent shareholding changes have taken place in Exco Resources?

Washington H. Soul Pattinson has more than doubled its stake in Exco Resources, increasing its holding to 13.25% from 6.52%. Ivanhoe Mines remains the largest shareholder in Exco with a 22.58% stake.

What does increased institutional buying in Exco Resources mean for everyday investors?

The report shows growing institutional interest in Exco Resources, highlighted by Washington H. Soul Pattinson raising its holding to 13.25% while Ivanhoe Mines holds 22.58%. For everyday investors, such moves can signal heightened market attention, though the article does not provide investment advice or analysis beyond the shareholding changes.

What should investors know about New Zealand Stock Exchange chief Mark Weldon stepping down and NZX share performance?

Mark Weldon, CEO of the New Zealand Stock Exchange, will step down in the first half of 2012. He has led the exchange since June 2002, owns about 5% of the company, and led its IPO in 2003. The article notes NZX shares have gained 54% this year, making them the best performer on the NZX50 index.