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25.06.2021 (434 Clicks)

Resources’ Businesses in firing Line of big Insurers and Lenders

A growing number of small to medium-sized businesses that service the resources sector are having significant problems securing finance and insurance because of recent climate change-related policy changes by banks and insurers, the Queensland Resources Council (QRC) said today.

QRC Chief Executive Ian Macfarlane said Queensland businesses which support the state’s $82.6 billion resources sector, particularly the all-important Mining, Engineering and Technology Services (METS) sector, are being disadvantaged.

“Insurers and banks are increasingly trying to appease activist shareholders by reducing or cutting ties with operators connected to resources,” he said. “In some cases, insurance premiums are tripling, and the cost of credit is skyrocketing simply because a business is supplying goods or services to the resources sector,” he said. The irony is that by restricting the ability of METS businesses to renew their insurance policies and access finance, these lenders and insurers are threatening the viability on the very sector that will play a leading role in Queensland’s transition to a low-emissions future.”

In a presentation to the Joint Standing Committee on Trade and Investment Growth Inquiry today, Mr Macfarlane said if resources-related businesses can’t get finance or insurance at a reasonable rate, jobs in the industry will be lost.

'Through our submission, the QRC is giving a voice to service companies, many of which are based in regional areas, to send a message that jobs will be lost because of increasingly unfair banking and insurance practices,” he said.

A recent survey of QRC supply chain members, representing a combined workforce of 7,600, found:

• 75 percent said accessing banking or lending services has become much more difficult in the past two years;
• 44 percent said that if these banking costs stayed at these levels for the next five years, they would be unlikely to continue operating;
• 90 percent said they had experienced a major change in insurance as a result of working in the resources sector.

Mr Macfarlane said the QRC supports the Paris Agreement and emissions’ reductions targets, and that Australia’s well-regulated and environmentally sustainable resources sector can continue to thrive while meeting these targets.

“Queensland is abundant in resources and has the potential to become a global renewable and low-emissions’ energy superpower, but resources companies need a viable METS sector to provide technical expertise and innovation to support our operations,” he said.

“The QRC hopes this inquiry will encourage the banking and insurance sectors to work with their regional clients to implement practical reforms that will lower emissions and help keep exports rolling.”

Source: QRC

                     

25.06.2021 (424 Clicks)

Transport Secretary gives the Go-ahead for Start of permanent Works on HS2’s west London ‘super-hub’ Station

In partnership with HS2 Ltd, Balfour Beatty Vinci Systra will commence permanent works on the west London ‘superhub’ station - Old Oak Common. The Rt Hon Grant Shapps MP visited the ten-hectare site to meet the team working there and give the thumbs up for work to begin on the biggest newly-built railway station in the UK.

24.06.2021 (462 Clicks)

Hybrit: SSAB, LKAB and Vattenfall first in the World with hydrogen-reduced Sponge Iron

SSAB, LKAB and Vattenfall have now produced the world’s first hydrogen-reduced sponge iron at a pilot scale. The technological breakthrough in the Hybrit initiative captures around 90% of emissions in conjunction with steelmaking and is a decisive step on the road to fossil-free steel.

24.06.2021 (408 Clicks)

Normet introducing new EFNARC Operator Training Course

Normet is known as a supplier of wide product and solution range for underground mining and tunnelling industry. Perhaps the most well-known are the Normet concrete sprayers. Normet has been offering technical and operator training since the production of sprayers started in the 1970’s.

24.06.2021 (471 Clicks)

BHP establishes new Cloud Agreements

BHP has selected Amazon Web Services (AWS) and Microsoft as long-term cloud providers to help improve safety, productivity, and reliability across its global operated assets.

22.06.2021 (493 Clicks)

All-new AutotriaxQube revolutionizes triaxial Testing

Wykeham Farrance, a division of Controls, is excited to announce the launch of the AutotriaxQube, which is set to revolutionize triaxial testing for laboratories around the world. The all-in-one automatic triaxial testing system has been meticulously designed to make triaxial testing easier than ever before.

22.06.2021 (503 Clicks)

Strabag Upgrading last single-track Section of Railway along the TEN-T Network in Hungary

• 30 km section to be modernised and extended with addition of second track
• 3 stations along the line will also be upgraded
• Contract value: € 364 million (Strabag share: 66 %)

20.06.2021 (432 Clicks)

Ontario Companies power forward on Hydrogen

Partnership to pursue potential pilot projects

18.06.2021 (464 Clicks)

Normet launches new Technologies for Concrete Spraying

Normet brought their sprayed concrete layer thickness control system, the SmartScan, to the market in 2019. The SmartScan is aimed at all underground sprayed concrete applications to deliver accurate and reliable sprayed concrete layer thickness information for the sprayer operator, and fast and easy reporting for management purposes.

17.06.2021 (1446 Clicks)

Webuild and Lane Construction in $16 billion mega High-Speed Rail Contract with Texas Central

Dallas-Houston line a key milestone for sustainable mobility in United States