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ResourcesQ Partnership Signed in Brisbane

Queensland resources sector has welcomed an agreement signed today with the Queensland government that takes a long-term view to develop the state’s minerals and energy wealth to its full potential.

ResourcesQ Signing

ResourcesQ is signed in Brisbane. From left are APPEA Chief Operating Officer Paul Fennelly, AMEC Regional Manager Bernie Hogan, QRC Chief Executive Michael Roche, Premier Campbell Newman and Minister for Natural Resources and Mines Andrew Cripps.

Chief Executive of the Queensland Resources Council Michael Roche said the signing of ResourcesQ, a 30-year vision for the sector, was an important blueprint for the sector’s future, particularly with its emphasis on global competitiveness.

A statement of intent between the Queensland Government, the Association of Mining and Exploration Companies (AMEC), the Australian Petroleum Production and Exploration Association (APPEA), and the QRC was signed today.

‘The QRC acknowledges the work already under way by the Newman and Commonwealth governments to streamline the approvals process and cut red and green tape, but this agreement recognises the need for long-term and stable policy and legislation to attract investment in the sector,’ said Mr Roche.

‘What the resources sector doesn’t need is unexpected cost increases, such as increased royalties. Investment in the sector is by its nature long term, and changes to royalties affect the global competitiveness of resources operations, and reduce our attractiveness as a destination for resource investment.

‘We also don’t need an added impost on our inputs in the form of the federal government’s mooted changes to the diesel fuel tax credit scheme in tomorrow night’s budget.

‘However, I’m very pleased to see included in ResourcesQ measures to ensure that we have the skilled people we will require into the future.

‘I’m also gratified to see in the agreement an emphasis on properly informing the community about the sector’s importance to the economy, and regaining the confidence of the community in the government’s stringent environmental legislation.

‘As has been seen in our current television commercials on the Great Barrier Reef, there is a real need to push back on the misinformation being spread by an ever increasing bevy of anti-resource industry activists.

‘Also covered is the importance of demonstrating prospectivity through the provision of geological information, and actively pursuing investment to identify future resource deposits.’ Mr Roche said.

ResourcesQ is a Queensland Government initiative to drive growth and jobs in Queensland’s resources sector.

The initiative was formulated by the government to generate an economically strong, competitive, diverse and agile sector over the next 30 years. It’s about planning for the future to ensure we all prosper from Queensland’s resource wealth.

Throughout 2014, the government will work in partnership with the resources sector to develop a shared vision for Queensland’s resources over the next 30 years and an action plan to deliver that vision.

A long-term vision underlying the initiative is designed to:

  • position Queensland as the best state to do business in the resources sector
  • position the Queensland Government as modern and efficient, with an economic growth and development agenda
  • foster greater industry and investment confidence in Queensland
  • shape future government policy
  • ensure all Queenslanders prosper from resources now and in the future.

The initiative features innovative and strong formal partnership with peak bodies representing the industry, which will remove constraints and realise the benefits the resources sector offers to all Queenslanders, leading to the signing of an agreement with QRC, APPEA and AMEC in Brisbane yesterday.

Stakeholder input will be sought through a range of methods including targeted industry consultation.

Working alongside stakeholders

The ResourcesQ process includes the following key actions and engagement activities:

  • Foresight study — December 2013 to February 2014
  • Industry leaders’ workshop — February 2014
  • Partnership group — February 2014
  • Resources supply chain leaders’ workshop — 4 April 2014
  • Partnership agreement — May 2014
  • Regional stakeholder workshops — April to June 2014
  • Five regional stakeholder workshops will be held to discuss the proposed vision and the way forward from an ‘on-the-ground’ perspective. The first of these workshops was held in Mt Isa on 16 April. Other workshops will be held in Cairns, Gladstone, Roma and Emerald during May and June.
  • Public consultation — consultation on draft ResourcesQ vision and themes – June/July 2014
  • Partnership report launch — September 2014
  • Launch of the final partnership report which includes the 30-year vision and action plan in September.
ResourcesQ Timeline

ResourcesQ initiative timeline

ResourcesQ stakeholders

Queensland’s resources industry includes a large number of stakeholders from a broad range of sectors including:

  • resource exploration and development companies
  • peak industry bodies
  • resources sector workforce
  • suppliers to industry
  • regional and local communities
  • federal government
  • local government
  • agricultural and landholder groups
  • training organisations
  • traditional owners
  • research institutions
  • investors
  • public sector.

ResourcesQ will give industry the opportunity to guide the strategic direction for the resources sector. Businesses and other stakeholders, including resource communities, will be encouraged to contribute to the development of solutions that will ensure resources remains an economic pillar in Queensland for future generations.

More information

More information regarding the ResourcesQ initiative is available from:

Phone: 13 QGOV (13 74 68)

Email: ResourcesQ@dnrm.qld.gov.au

You can also sign up to a ResourcesQ newsletter or visit the ResourcesQ web page.

AIG learned of the ResourcesQ programme, somewhat by accident, through the Cairns stakeholder workshop being held this week.  While the initiative is one that many geoscientists would welcome, the promotion of the initiative amongst stakeholder groups appears to have gotten off to a very slow start, with little awareness of the initiative evident amongst Queensland geoscientists this week.  Hopefully we’ll see this situation change as the initiative gains momentum.

Andrew Waltho, 13 May 2014

Proposed Asia Pacific Stock Exchange (“APX”) Listing Rule Amendments and Guidance Notes

The Asia Pacific Stock Exchange (“APX”)  today (1 May 2014) published a consultation paper in relation to APX Listing Rule Amendments and Guidance Notes.

APX is issuing this Consultation Paper to facilitate public comment on its proposals to introduce the following:

  1. Guidance Note 3 – Continuous Disclosure;
  2. APX Listing Rules – Chapter 12A – Other Continuing Obligations for Oil & Gas Listees;
  3. APX Listing Rules – Chapter 12B – Other Continuing Obligations for Mining Listees;
  4. Guidance Note 5 – Reporting of Oil & Gas Listees;
  5. Guidance Note 6 – Reporting of Mining Listees;
  6. APX Listing Rules – Consequential rule amendments; and,
  7. A new Appendix 12-2 (Mining Exploration Listee and Oil & Gas Exploration Listee Quarterly Reporting) and amended Appendices 15-1 (Half Year Report) and 15-2 (Full Year Indicative Report).

The Consultation Documents are available on the APX website.

Consultation will end on Friday, 23rd May 2014.

For further information contact Simon O’Brien, Manager – Market Supervision, Asia Pacific Stock Exchange.

Productivity Commission Report into Mineral and Energy Resource Exploration Released

The final report of the Productivity Commission‘s enquiry into Mineral and Energy Resource Exploration was sent to Government on 27 September 2013 and was released on 5 March 2014.

The Australian Government asked the Commission to undertake a 12-month inquiry into the non-financial barriers to mineral and energy resource exploration.

Specifically,  the Commission was asked to:

  • determine if there is evidence of unnecessary regulatory burden and if there is, make recommendations on how to reduce or eliminate these burdens;
  • examine the complexity and time frames of government approvals processes for exploration, and potential for delay due to appeals both within and across jurisdictions;
  • examine areas of duplication between and within Local, State, Territory and Commonwealth regulation that can be triggered throughout an exploration project;
  • examine costs of non-financial barriers (including regulatory and related costs);
  • consider options to improve the regulatory environment for exploration activities, having regard to regulatory objectives; and,
  • assess the impact of non-financial barriers on international competitiveness and economic performance of Australia’s exploration sector.

The terms of reference included certain exclusions in relation to:

  • local, state, territory and Commonwealth taxation and fiscal policy;
  • the Government’s response to the Report of the Independent Review of the Environment Protection and Biodiversity Conservation Act 1999; and,
  • processes under the Commonwealth’s Native Title Act 1993, the Aboriginal Land Rights (Northern Territory) Act 1976 or state Indigenous land rights regimes

The Commission consulted with all relevant state, territory and Commonwealth government agencies and other key stakeholders.

A copy of the Commission’s report is available here.  Visit http://www.pc.gov.au/inquiries/completed/resource-exploration for copies of the submissions to the enquiry and the transcripts of public hearings conducted by the Commission.