Sydney, Australia (ABN Newswire) – New Energy Minerals Limited (ASX:NXE) (FRA:GGY) (OTCMKTS:MTTGF) is pleased to provide an update to the market in relation to the Company’s activities for the period ending 31 December 2020.
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Magnis Resources (ASX:MNS) (“Magnis” or the “Company”) is pleased to present its Quarterly Activities Report for the period ended 30 September 2018.
Magnis Resources Limited is to be renamed Magnis Energy Technologies Ltd effective with the ASX on Monday 5th November 2018, following shareholder approval at the Annual General Meeting held last Friday 26th October 2018. The change of name is to better capture the operations and value the Company is creating now and in the future. As Magnis scales up its lithium-ion battery manufacturing operations, it has become apparent from meetings with stakeholders, potential investors and partners, that a change of Company name to better reflect current operations is warranted. Any name change will not impact on the future development of its high-quality flake graphite project in Tanzania.
The ASX trading and quoting code for Magnis will remain the same as ASX:MNS.
Magnis has announced its participation in global consortiums, including ownership, to operate lithium-ion battery gigafactories in Australia, the USA and Germany. As a member of these consortiums, Magnis’ role will be to provide raw materials and associated technologies to assist in the production process. The Company continues to develop the Nachu Graphite Project towards the mining and processing of the ore into high purity flake graphite for use in various industries, including batteries for storing electrical energy.
The major activities announced during the past quarter are summarised in this report.
Battery Results with partner C4V
Early in the quarter, Magnis and exclusive partner, Charge CCCV (“C4V”) noted that joint testing programs on the commencement of lithium-ion battery manufacturing are well advanced. Magnis and C4V have made significant progress in qualifying patented next generation materials for leading battery performance and commercial supply chain partners.
Recent test programs utilising silicon enhanced graphite anode materials have delivered major advances in both anode performance and the cost of its manufacture. In particular, the patented nanostructure silicon composite material can now be manufactured at a significantly lower equivalent cost to graphite after allowance for its increased capacity.
Supply chain qualification for commercial integration benefits include:
• First cycle lithiation capacity of 623+ mAh/g, an 80% improvement on the energy density performance of existing graphite-based anode material;
• A first cycle efficiency of >89% without any pre-lithiation;
• Greater than 98% capacity retention after 35 cycles
In general terms, 80% more capacity translates to approximately 30% more distance covered by a vehicle using a similar battery pack size, when compared by dimensions. For example, an average Tesla battery has a range of approximately 450km and the results achieved here would allow the same size battery pack to achieve 600km.
The Company has received significant levels of interest from leading anode suppliers for the silicon graphite anode blend. Samples and results are currently being shared with these parties.
Original Equipment Manufacturers qualification began with battery cells being recently sent to OEM’s in the United States. Larger volumes of samples will be prepared for delivery and sent to European OEM’s.
Discussions to date have been promising and the Company expects to reach forms of agreements before the end of the calendar year.
Magnis and C4V Generation 1 and Generation 2 cathode technologies have received interest from groups within the battery industry and potential new entrants to date. Generation 1 cathodes, which will be ready for mass production in the near term, do not require any cobalt or nickel and have much higher capacity than phosphate (such as LFP) or oxides (such as NMC, NCA, LMO). Generation 1 cathode BM-LMP has been tested on commercial size (several Ah) cylindrical as well as pouch form factors. Generation 2 is targeted towards higher energy density (~300Wh/kg) and higher temperature stability (no cooling until 65°C). Testing for Generation 2 remains ongoing and the Company will provide an update to shareholders as developments materialise.
New York State Gigafactory
Significant progress has been made by Imperium3 New York, Incorporated (iM3NY) with respect to start-up activities for the New York Gigafactory project in which Magnis has increased its indirect and direct shareholding to 46.4%.
Physical relocation including the disassembly, packaging and shipment of the acquired equipment from the previous battery manufacturing plant in North Carolina to the new iM3NY facility at the Huron Campus in Endicott, New York is complete.
Some 108 full-sized container and flat-bed truckloads were moved during the recent few months without incident and there was no damage to equipment and no safety incidents reported.
Meticulous care has been taken to ensure the plant and equipment traceability including tagging, recording and tracking every asset from the original auction item identifiers to iM3NY’s equipment and inventory tracking system and fixed asset tagging of items as they arrived in New York.
The three photos below show major items located at the Huron Campus recently received from North Carolina. Work on design and process engineering has commenced along with site preparations following the successful move of the battery manufacturing plant. Equipment manufacturers, engineers and the Imperium3 (iM3) New York team have been closely working together to meet the production time frames. Local government and environmental approvals are underway with all approvals expected in Q2 2019.
Figure 1 : Cell fabrication equipment at Huron Campus, New York.
Figure 2 : Automation robots and electrode processing equipment carefully packed and moved to Huron Campus, New York.
Figure 3 : Parts of fully automated cell formation lines with cumulative capacity of tens of thousands prismatic cells per day moved to Huron Campus, New York.
The equipment and inventory will remain in approximately 100,000sq feet of storage space while plans for the design and installation of production lines and facilities are developed over the next few months. Plans are geared towards the initial state of production during the latter stage of calendar quarter three next year in a more robust 300,000sq feet facility that is located within the adjacent storage facility on the former IBM manufacturing campus at Endicott.
Key personnel hiring will be undertaken over the next six months and the manufacturing system design will be tailored to accommodate high-volume production throughout.
Battery Sales Agreements and Partners
As announced to the ASX on 15 November 2017, a significant portion of the planned production has been presold via binding sales agreements to clients mainly in the automotive and renewables industry, with further agreements expected in the coming months.
Recently, several potential partners have held high level discussions regarding being involved with the New York battery plant through an investment. The board will assess all proposals as they are received and will update the market according.
Other NY Developments for Magnis Partner, C4V
C4V Delivers Lithium-ion Battery for Smart Grid Connected Environment
C4V achieved a major milestone in delivering its first battery towards a demonstration project that was approved under a New York State Government entity.
As announced to the ASX on 22 August 2018, the project relates to the development of a software system that combines renewable energy sources with lithium-ion batteries and demand management to create a low cost Distributed Energy Resource (DER) System. This system essentially assists in the integration of renewables into the power grid by mitigating instabilities arising from short-term fluctuations in renewable energy generation. This is of particular relevance to the New York State region, due to the large number of cloudy or overcast days that cause such short-term fluctuations.
Partners in this project include the New York State Government entities, Binghamton University, Ioxus and C4V.
C4V Solid State Battery Production
In a subsequent event to the end of the reporting period, the Company announced to the ASX on 2 October 2018, that C4V completed production of a working prototype of a Solid State Battery which was demonstrated at the 2018 NYBEST Conference in New York.
C4V’s new Solid State Battery, replaces more than 80% of the liquid electrolyte with a solid electrolyte. This effectively produces a lower cost battery that is higher capacity, higher density, higher performance, and with significantly reduced charging times than existing battery solutions. Further, C4V’s battery does not require cobalt which contributes to the reduction of costs and an increase in scalability of production without metals supply constraints.
The prototype Solid State Battery demonstrated in New York has volumetric capacities of 380Wh/kg and 700 Wh/L which is expected to increase to 400Wh/kg and 750 Wh/L through optimisation over the coming months prior to production for commercial availability by Q2 2019.
As an example of the capabilities of this battery in current implementations, the C4V Solid State Battery will be capable of delivering a 70% increase in range for electric vehicles when compared to other batteries, allowing an electric car with a current 400km range to be able to run 680km on the same single charge. C4V is working alongside commercial supply chains to further refine and optimise compositions, chemical structure, particle morphologies, and electrode processing techniques to develop solutions for tailored applications including electric vehicles, grid backup solutions, aviation, and portable electronics.
Figure 4: C4V Third Generation Solid State Battery
Townsville Battery Plant
The Company updated the market and shareholders in late August that iM3 Townsville (“iM3 Townsville”), the subsidiary of Imperium3 Pty Ltd, has formally received government approvals for the $3.1M grant supporting the feasibility study into the establishment of a 15 GWh Lithium-ion Battery (LIB) manufacturing plant in Townsville, Queensland.
The Jobs and Regional Growth Fund Assistance Agreement for the Feasibility Study into the Townsville Battery Manufacturing Facility was formally signed by iM3 Townsville directors and the State of Queensland, acting through the Department of State Development, Manufacturing, Infrastructure and Planning.
The feasibility study for the 15 GWh LIB manufacturing plant in Townsville commenced following the agreement to fast track development in June this year. Initial work has focused on selection of equipment vendor partners and the development of the manufacturing design concept. In parallel, Townsville City Council has been compiling site information and discussions with major infrastructure providers and funders have commenced. From this work, iM3 Townsville has composed a Project Description Report that backgrounds key project details, including: site specifications, battery product specifications and the manufacturing process concept.
Feasibility Study lead construction partner Probuild has established project offices in Brisbane and Townsville from where the Feasibility Study will be delivered. Planning meetings with the main study participants were recently held to map out the feasibility study process and to establish project systems and schedule future work programs.
Imperium3 Pty Ltd is an Australian unlisted company, comprised of three equal shareholders, ASX listed Magnis Resources Limited, US based Charge CCCV (C4V) and Australian unlisted company Boston Energy and Innovation (BEI).
The $3.1M Assistance Agreement is confidential between iM3 Townsville and the Queensland Government. It should be noted the Assistance Agreement has several obligations on iM3 Townsville that must be delivered, to meet the key terms of the Assistance Agreement.
The Assistance Agreement defines three distinct payment milestones associated with the staged delivery of components of the feasibility study and supporting information with the aim to have the Feasibility work fully completed in the first half of 2019.
Dendrobium Joint Development Agreement
The Company signed a Joint Development Agreement (JDA) with Dendrobium Automotive Limited (DAL), Dendrobium Advanced Technologies Limited (DATL) and Charge CCCV LLC (C4V) to produce the next generation high performing batteries including semi-solid state batteries.
Under the agreement, a working group has been created to develop and produce the next generation high performance batteries using technology developed by C4V and Magnis. Areas of co-operation include battery packaging solutions, battery hybrid systems, battery management software, battery performance testing and battery development materials.
C4V’s Generation II and semi-solid state battery technologies are targeted for DAL. C4V has been at the forefront of developing and acquiring technologies that are drop-in to existing supply chains as well as manufacturing footprints to improve performance and reduce cost to make them commercially viable.
DAL is an electric vehicle (EV) and plug-in hybrid vehicle (‘PHEV’) development and production company with an all- electric hypercar (D-1), which was engineered to an advanced concept stage by Williams Advanced Engineering
Limited part of the Williams Formula1 Group, to demonstrate its advanced technologies through dynamic performance.
DATL is an advanced engineering company specialising in performance technology and component design and development including battery development and packaging systems for EV’s and PHEV’s.
Funding and Significant Investment
The Company announced in early September that AL Capital Holding (“ALC”) had invested $11.1M in Magnis for a 4.98% equity holding in the Company. The investment was via a placement of 30,000,000 shares issued at $0.37 per share.
A few weeks following this investment, ALC advised the market that it had increased its holdings in the Company with an initial substantial holding notice to indicate their investment holding had increased to 5.5% in Magnis through some on-market purchases. Magnis welcomes the ALC investment and support as it is a testament of the projects and technologies that the Company is attempting to develop.
The cash position for the Company at 30 September 2018 was A$8.5M. On 12 September 2018, the Company announced to the ASX that it had completed the transaction to acquire a 10% interest in battery technology group C4V. As part of the completed transaction, US$1M in cash was paid to C4V.
Further to the recent news on the placement to ALC, The Hon. Warwick Smith, AM was appointed as a non-executive
director of the Company. Warwick is Executive Chairman of ALC.
Mr Smith has extensive public policy and commercial acumen and a wealth of experience from national and international business relations in a variety of industries including property, financial services, natural resources, energy, transportation, heavy machinery and equipment, health, media, technology and entertainment. He is currently a director of Seven Group Holdings (ASX: SVW) and director of Estia Health Ltd (ASX: EHE). He is currently Chairman of the Australia China Council, Chairman Emeritus of the Asia Society Australia and Global Trustee of the Asia Society, Chairman of the Advisory Board of the Australian Capital Equity Group of companies, and a director of Coates Hire, ANZ Bank China and Chair of ANZ Bank Thailand.
Tanzania – Nachu Graphite Project (NGP)
The NGP in Tanzania continues to progress. During the quarter, re-demarcation of the Special Mining Licence area for the NGP in order to be compliant with the new mining regulations requirements was completed. The pegging included setting two metre high posts and short trenches in the directions of the boundary and updating peg details to include owner, mineral and licence number information.
As part of Corporate Social Responsibility, the Company through its subsidiary, Uranex Tanzania Limited, prepared and presented maps to the Ruangwa District Authority. The maps highlight the location of all schools in the District and will assist with planning and fund distribution by authorities. An assessment of schools in terms of materials and infrastructure continued during the period with the support of the District school officers.
Australia isn't a producer of graphite (yet), but three states in the country are home to millions of tonnes of reserves and resources.
Graphite has been growing in popularity in recent years as its applications as a battery mineral are realised, and as the popularity of electric vehicles grows around the world.
A form of carbon, graphite is a good conductor and is invaluable in electronics. It comes in three different forms, each with their own valuable applications in modern technology, making it a sought-after commodity without which supply lines for many industries around the world would grind to a halt.
Graphite isn't produced in Australia (yet), but the country sits on 1.05 million tonnes of ore reserves, and 7.14 million tonnes of economic demonstrated resources (EDR), as per 2017 government data — and those numbers are way up from the previously disclosed data from Canberra in 2013.
But back to Australia, whose graphite reserves and EDR are shared between three states: Queensland, with 1.32 million tonnes EDR, South Australia, where 4.72 million tonnes EDR can be found, and Western Australia, which is home to 1.1 million tonnes EDR.
Exploration is on the up in Australia and around the world for graphite, with demand for the mineral set to grow thanks almost solely to the proliferation of electric vehicles.
The Australian government is cognizant of this development, reporting that it is confident interest in the mineral will not only remain high, but will increase as time goes on. In fact, graphite is classified by the nation's government as a critical mineral, and the country has dedicated significant resources to researching market gaps and opportunities available.
The government has identified five projects between Western Australia and South Australia that have the potential to bring Australia to the table when it comes to production.
However, as of the most recent government report, none of them are producing. One asset is being explored, another is in the prefeasibility stage and the remaining three are in the feasibility stage.
The most developed projects appear to be Mineral Commodities' (ASX:MRC) Munglinup project in Western Australia, where a definitive feasibility study was completed in early 2020, with a final investment decision targeted in 2023, and Renascor Resources' (ASX:RNU) Siviour project on the Eyre Peninsula in South Australia, which has a final investment decision slated for 2022.
Renascor has hopes for production to begin by the end of 2023, and has signed memorandums of understanding for 100 percent offtake agreements. The company boasts that Siviour, which had a definitive feasibility study completed recently — is the world's second largest proven reserve of graphite, and the largest graphite reserve outside of Africa.
For its part, the Munglinup project in Western Australia is Mineral Commodities' second major graphite project, behind its flagship Skaland project in Norway. Munglinup is in the far south of Western Australia, near the port city of Esperance — giving it fantastic transport options.
Both Munglinup and Siviour, if they proceed in coming years, would produce 132,000 tonnes of graphite between them in the early stages — putting Australia well and truly on the leaderboard globally when it comes to graphite production.
The remaining projects — though not as developed or as far along with investment planning — would add another 178,000 tonnes of graphite production if they are constructed as envisaged.
As boasted by the Australian government, "the only direction for Australia's graphite production is up" — though that is indeed a reflection of the fact that current graphite production is exactly zero.
More broadly, Australia is positioning itself to take advantage of wider industry gains across the electric vehicle market, and to present itself as a reliable trading partner. Graphite, like rare earths, is classed a critical mineral by both Australia and the US — and its use extends beyond technology and into national security as well given its applications as a heat-resistant material.
Don't forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Scott Tibballs, hold no direct investment interest in any company mentioned in this article.
Sydney, Australia – New Energy Minerals Limited is pleased to provide an update to the market in relation to the Company’s activities for the period ending 31 December 2020. Corporate Update New Project Acquisition The Company has previously announced with the closing of the Balama Sale Transaction on 17 July 2020 that it has no further operations in Mozambique and that the closing also represented a disposal of its …
Sydney, Australia (ABN Newswire) – New Energy Minerals Limited (ASX:NXE) (FRA:GGY) (OTCMKTS:MTTGF) is pleased to provide an update to the market in relation to the Company’s activities for the period ending 31 December 2020.
New Project Acquisition
The Company has previously announced with the closing of the Balama Sale Transaction on 17 July 2020 that it has no further operations in Mozambique and that the closing also represented a disposal of its main undertaking as previously approved by shareholders at a general shareholder meeting on 13 May 2020.
Subsequently, the Company agreed to acquire a new mineral project and on 13 October 2020 requested a trading halt pursuant to ASX Listing Rule 17.1 pending announcement of a project acquisition.
On 13 November 2020, the ASX suspended the Company from official quotation pending the release of an announcement regarding an acquisition and that the Company’s securities will remain suspended until it has recomplied with Chapters 1 and 2 of the Listing Rules, including the issue of a prospectus.
Arena Investors Dispute
Confidential settlement negotiations with Arena have continued during the quarter and the Company expects to be able to make a further announcement in this regard during the first quarter of 2021.
Appointment of experienced technical directors
On 18 November 2020, the Company announced the appointment of Dr Bernard Olivier and Dr Evan Kirby to the Board of the Company in conjunction with the resignation of Mr Paul Ching and Mr Jackie Lee. Both were nominated to the Board by the Company’s largest shareholder UBezTT International Investment Holdings (BVI) Ltd.
To view the report, please visit:
About New Energy Minerals Ltd:
New Energy Minerals (ASX:NXE) is an ASX listed junior mining company, that recently announced the divestment of the Company’s Caula vanadium – graphite project and the Montepuez Ruby project in Mozambique.
New Energy Minerals Ltd
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The mining and resources sector now sets its sights on Australia’s largest mining investment forum, Mines and Money @ IMARC, co-located with IMARC from January 31, 2022, to February 2, 2022, at the Melbourne Showgrounds.
It was gold price, lithium demand and China’s appetite for copper that dominated much of the discussion at Mines and Money Online Connect @ IMARC this week at the virtual event running from the 19th to the 21st October.
Mines and Money Online Connect saw 90 mining companies, 600+ investors and more than 2,000 participants log-on to hear mining executives and analysts discuss the next big thing for savvy investors in 2022.
Time to Strike Gold?
‘Frustrating’ sums up the 2021 gold price according to Commodity Discovery Fund Founder and Chief Investment Officer, Willem Middelkoop. Middelkoop spruiked gold’s glittering upside during the Mines and Money Gold Outlook Panel Discussion.
The panellists suggested that with the gold price soaring to record highs, a gold correction was inevitable. Historically, gold price is linked to market volatility and the much of new money printed in the United States.
In 2022, panellists expect plenty of market volatility and money printing, with an overinflated US dollar set to weaken in value, and subsequently drive up the price of gold. Through the Commodity Discovery Find, Middelkoop has studied the gold price in relation to increased money supply over the past decade.
“If you look at the current graph, the gold price needs to move back toward over US$2,000, and it should move toward US$8,000-$10,000 dollars to be in line with money growth. If you look at that statistic, there is so much upside,” said Middelkoop.
“A doubling of the gold price within 12 months is easily possible,” said Middelkoop.
The Need for Speed
The US has the need for speed with car manufacturing adopting electric vehicles (EVs) at an accelerating rate. The rising demand for EVs, which is expected to surge to 10% in global sales by 2025 according to Bloomberg New Energy Finance, will require startling quantities of lithium.
The price of lithium hydroxide continued to soar in 2021 and shows no sign of slowing down in 2022. Prices topped US$23,375 per tonne at the time of writing, which is up from a US$6,300 average per tonne in the September quarter 2020.
During the Mines and Money Battery Metals Session, Piedmont Lithium President and Chief Executive Officer, Keith Phillips, said the EVs market is fuelling the demand for lithium hydroxide. “I’ve always had the view that the market would speak, and the time would come, and it will,” said Phillips.
Phillips said Ford’s Blue Oval City required 125,000 tonnes per year of lithium hydroxide to service its three battery plants, which surpasses the production capacities of all lithium projects currently planned in the United States.
“Tesla has been a leader here, but LG and General Motors are making big commitments. “Everyone is talking about bringing more capacity to the US, which we desperately need, and even if we all succeed, we are still going to be short, and require lots of material from outside the US,” said Philips.
China’s Quiet Copper Rush
Copper was the metal of the hour during the China Commodities Supply and Demand Outlook 2022 Panel at Mines and Money. Companies from Australia’s biggest trading partner are digging for strategic commodities to enhance diversification and survival in an uncertain marketplace.
Gold Mountains General Manager, Maggie Huang said sourcing and developing copper mines was critical to not only Gold Mountains, but to the Chinese economy. “We see copper as a highly strategic metal for China, we are the largest consumer in the world. We consume half of all output of copper but produce only 20 to 25% of what we actually use,” said Huang.
Huang pointed out that whilst Australia and Canada represented stable and mature investment destinations in the past, “an investment is an investment,” and Chinese companies are now seeking new opportunities in other mining destinations.
As Africa and South America mature as mining destinations, Huang said emerging opportunities in Africa and South America could be more profitable and signify a more attractive investment than Australia or Canada.
As Mines and Money Online Connect @ IMARC concludes with positive outlooks on gold, lithium and copper, the mining and resources sector now sets its sights on Australia’s largest mining investment forum Mines and Money @ IMARC co-located with the International Mining and Resources Conference (IMARC) from the 31st January to 2nd February 2022 at the Melbourne Showgrounds.
The International Mining and Resources Conference (IMARC) is where global mining leaders connect with technology, finance, and the future. Now in its 8th year, it is Australia’s largest mining event, bringing together over 8,000 decision makers, mining leaders, policy makers, investors, commodity buyers, technical experts, innovators, and educators from over 130 countries for three days of learning, deal-making and unparalleled networking. IMARC is developed in collaboration with its founding partners the Victorian State Government of Australia, Austmine, the Australasian Institute of Mining and Metallurgy (AusIMM) and Mines and Money.
For more information, please visit https://imarcglobal.com/
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Following international pressure, the Australian government has promised to reach net zero emissions by 2050.
In a last-minute commitment after months of debate, the Australian government has promised to reach net zero emissions by 2050, expecting to meet the goal largely through technology development.
The move comes following international pressure as Australia had previously refused to join countries in pledging to meet the target ahead of the United Nations' COP26 climate conference in Glasgow.
However, the plan unveiled on Tuesday (October 26), which includes a government investment of AU$20 billion, does not strengthen the target set for 2030, with Prime Minister Scott Morrison saying Australia is on track to beat its Paris Agreement goal, cutting emissions by 30 to 35 percent by that decade.
"We will do this the Australian way," Morrison said ahead of a press conference, announcing investments in new energy technologies like hydrogen and low-cost solar.
An Australian hydrogen industry could be worth more than AU$50 billion in 2050, according to the government. Meanwhile, expanding production and processing of metals like lithium, nickel, copper and uranium could together be worth around AU$85 billion in exports in 2050.
That said, Australia will continue to be heavily dependent on fossil fuels as the plan will not shut down coal or gas production. The country is a major coal player, with the third largest reserves in the world, but its reliance on coal-fired power makes it one of the world's largest carbon emitters per capita.
"We want our heavy industries, like mining, to stay open, remain competitive and adapt, so they remain viable for as long as global demand allows," Morrison said. "We will not support any mandate — domestic or international — to force closure of our resources or agricultural industries."
Australia's desire to achieve net zero emissions by 2050 is a step in the right direction, Prakash Sharma, Wood Mackenzie's Asia Pacific head of markets and transitions, said.
"Our analysis shows that Australia can reach net zero emissions by 2050," he said. The country's major trading partners — China, Japan and South Korea — are already in transition towards that goal.
According to Wood Mackenzie, nearly 83 percent of Australia's power generation will come from solar and wind by 2050, as compared to about 20 percent last year. Natural gas, bio energy, geothermal and small modular reactors will supply the remaining 17 percent in power output. Coal into power is expected to be phased out by 2035.
"Although the pathway requires complete transformation of its traditional energy and export sectors, there are significant opportunities to capitalise on and protect future revenues," Sharma said.
"This will require Australia to become a significant player in low-carbon hydrogen trade as well as being able to offer carbon storage and offset services."
Meanwhile, the Australian Conservation Foundation has welcomed the prime minister's commitment to reach net zero by 2050, but said the mid-century goal is only meaningful with deep cuts to climate pollution this decade.
"Unless the government sets the wheels in motion to cut our emissions in half by 2030, it is making climate change worse and turning its back on the opportunities," said Chief Executive Kelly O'Shanassy.
"Australia can become a global clean energy superpower in the next decade by replacing coal and gas with renewable energy," she added. "We have abundant clean energy, tools and talent, but we cannot delay any longer."
Don't forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
The state of Victoria completed an inquiry on cannabis earlier this year. Will it actually change anything for the drug?
In August, the government of Victoria, Australia, released the results of its inquiry into the use of cannabis, taking into account 1,475 written submissions, dozens of expert witnesses and two minority reports.
A few months on, Australia-focused cannabis investors are wondering whether the document's findings will have an impact on cannabis use in the state, or even in the country as a whole.
The short answer? Probably not. But there's more to the story than that.
Back in May 2019, Victoria's Legislative Council Legal and Social Issues Committee agreed to complete an inquiry on cannabis in the state. Although it was initially due for completion in March 2020, the deadline was extended twice, first to March 2021 and then again to August 2021.
Chaired by Reason Party Member of Parliament Fiona Patten, whose party supports legalising cannabis, the committee broadly looked at two streams of cannabis policy reform. One, the legalisation of cannabis for adult personal use, and two, a legalised and regulated cannabis market.
The report puts forth 17 recommendations and 21 findings, but Patten said after its release that the Labor-heavy committee banded together to water down certain recommendations prior to the drafting of the report.
For example, according to reports from the Age, the first recommendation of legalising cannabis for adult personal use in Victoria became "Recommendation 1: That the Victorian Government investigates the impacts of legalising cannabis for adult personal use in Victoria."
Evidence from the inquiry suggests that legalising cannabis would keep young and vulnerable people out of the criminal justice system, with state parliament estimates suggesting Victoria would save AU$725 million over 10 years in police and justice costs.
Recommendations from the report broadly fall several categories: investigating a legalised and regulated market; health and safety; and education for minors.
Here's a wrap up of the main items the Victorian government was told to look at:
Liberal Democrat David Limbrick, who participated in the inquiry, was "extremely disappointed" with the last-minute changes mentioned above and submitted a minority report in favour of legalisation.
It broadly supports the public policy Liberal Democrats have towards cannabis which is: "The Liberal Democrats support the legalisation of use, cultivation, processing, possession, transport and sale of cannabis, with protection of minors and penalties for driving while impaired."
A second minority report is also included — it comes from the Liberals and Nationals, both of which are firmly against legalising cannabis in order to protect public health and children. Signed by three members, it states that legalising cannabis only provides ready access and no deterrent to prevent cannabis use. They further wrote:
"The Liberals and Nationals support drug education programs warning of the harms of illicit substances, we support diversion programs that help get people off drugs, and we support other support services for those addicted to drugs. However, we do not support legalising cannabis."
Victoria Police Assistant Commissioner Glenn Weir told the inquiry in June that the use, cultivation and trafficking of marijuana causes "significant harm," and said he is firmly opposed to legalisation.
Any hopes of legalisation were quickly dashed after the report's release by Victorian Premier Dan Andrews, whose focus is on job creation and economic recovery from the coronavirus pandemic.
Speaking to reporters after it came out, he said he has "no intention" of legalising cannabis.
"If you want to know why, then have a look at the sections in the mental health royal commission that talk about dual diagnosis, drug-induced psychosis," he told reporters outside parliament.
"Others have a different view, they're entitled to have a different view, but as the leader of the government I've just made the government's position very clear."
The lack of support by major state parties for the Victorian inquiry may speak to a wider delay nationally for supporting decriminalising and legalising cannabis. Combined with the narrow defeat of the cannabis legalisation referendum in New Zealand, it does not look like legalisation is likely anytime soon.
Don't forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Ronelle Richards, hold no direct investment interest in any company mentioned in this article.