Perth, Australia (ABN Newswire) – Classic Minerals Limited (ASX:CLZ) has made significant progress at Kat Gap during the quarter as it strives to become a gold producer.
Highlights of the quarter include:
See our exclusive index of companies on the move:Explore Stocks
Nickel mines in Australia produced 180,000 tonnes of the metal in 2019, putting the country in fifth place for production worldwide.
Nickel is the rising star of the base metals world, and is quickly gaining more prominence beyond its traditional role in industrial applications through the creation of stainless steel.
Moonlighting as a key ingredient in the electric metals world, nickel is a major component in the creation of the lithium-ion batteries used in electric vehicles and other electric applications.
Australia is positioned to take advantage of rising demand for the metal, with the continent-spanning nation sitting on some 20 percent of global nickel reserves, behind only neighbouring Indonesia.
Australian government data estimates that the country had some 19.7 million tonnes of economic demonstrated reserves of the metal in 2018.
According to US Geological Survey data, Australia produced 180,000 tonnes of nickel in 2019, making it the fifth most prolific producer in the world — a title it shares with Canada.
Well ahead of Australia is Indonesia (800,000 tonnes), the Philippines (420,000 tonnes), Russia (270,000 tonnes) and New Caledonia (220,000 tonnes).
Australia’s production of nickel comes from 12 operating mines. All are in the state of Western Australia, which makes sense since that state is home to over 90 percent of the economic demonstrated reserves in the country. The remaining nickel is held in New South Wales (4 percent) and Queensland (5 percent).
There are plenty of deposits, however. The country’s 19.7 million tonnes of economic demonstrated reserves can be found across 84 deposits, while there are 233 known deposits in Australia.
It’s worth noting that interest in nickel is being helped along by the growing push to diversify global production of cobalt. Cobalt is frequently produced as a by-product of nickel and copper mines, and as more miners seek to move away from the unrelentingly unstable Democratic Republic of Congo, which has a near-monopoly on global cobalt production, more explorers are sniffing around Australia, a nation that is known to be an attractive mining jurisdiction.
The largest nickel reserves in Australia are all located in the southern half of Western Australia, where operators such as Canada’s First Quantum Minerals (TSX:FM,OTC Pink:FQVLF), the Anglo-Swiss Glencore (LSE:GLEN,OTC Pink:GLCNF) and Australia’s own BHP (ASX:BHP,NYSE:BHP,LSE:BHP) operate the Ravensthorpe, Murrin Murrin and Mount Keith mines, respectively.
Those top mines account for a large share of Australia’s total output.
Ravensthorpe, which is near the south coast of Western Australia, has been in the hands of First Quantum since 2010, when it acquired the then-mothballed mine and associated processing facility. Since then, it has been ploughing money and time into the project to bring it online.
Ravensthorpe produced nickel between 2011 and 2017, but as mentioned was placed into care and maintenance due to low nickel prices; since early 2020, it has been producing again, accounting for 5,113 tonnes of nickel in Q3 of that year. Murrin Murrin is a larger producer. Owned by Glencore through local operator Minara Resources, Murrin Murrin produced 17,800 tonnes of nickel in the first half of 2020 — some 32 percent of all of Glencore’s global nickel production.
The big cheese in Western Australia, however, is Australia’s own BHP, which owns and operates its Nickel West division in the centre of the state.
Four mines are operated by BHP with a focus on nickel: the low-grade Mount Keith mine and the higher-grade Cliffs, Leinster and Rocky’s Reward mines. Ore mined by BHP is sent to Nickel West’s Kalgoorlie smelter, where it also processes ores and concentrates purchased from third parties.
BHP has a fully integrated operation, with premium nickel powder and briquettes shipped from its Fremantle port facilities. Seventy-five percent of its nickel is sold to global battery material suppliers.
No surprises, then, that BHP is top dog when it comes to nickel production in Australia, accounting for 22,000 tonnes of nickel in Q3 2020. Its guidance for the 2020/2021 financial year puts its total expected output at between 85,000 and 95,000 tonnes — almost half of Australia’s nickel production.
With 75 percent of that going to battery material suppliers, Australia is shaping up to be an integral part of the technology supply chain.
The future of nickel in Australia is bright, with the metal already building from a strong base. The export value of nickel for Australia in 2018 was AU$4,285 million, according to government data, with Canberra noting that “if accessible economic demonstrated reserve is used as an indication of long-term potential supply, then Australia’s nickel resources could last 133 years at 2018 rates of production.”
Projects that are progressing through exploration and development are popping up elsewhere in Australia besides Western Australia — the Sconi battery metals project in Queensland, owned by Australian Mines (ASX:AUZ,OTCQB:AMSLF), and the Sunrise nickel-cobalt project, owned by Clean TeQ Holdings (ASX:CLQ,OTCQX:CTEQF) in New South Wales, are in the development stages.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Scott Tibballs, currently hold no direct investment interest in any company mentioned in this article.
Perth, Australia – Classic Minerals Limited has made significant progress at Kat Gap during the quarter as it strives to become a gold producer. Highlights of the quarter include: – Assay results returned for infill RC drilling testing the gap between oxide and deeper fresh rock high-grade gold mineralisation at Kat Gap. – Advancing engineering, mining and metallurgical studies at Kat Gap, and – IGO have made …
Perth, Australia (ABN Newswire) – Classic Minerals Limited (ASX:CLZ) has made significant progress at Kat Gap during the quarter as it strives to become a gold producer.
Highlights of the quarter include:
– Assay results returned for infill RC drilling testing the gap between oxide and deeper fresh rock high-grade gold mineralisation at Kat Gap.
– Advancing engineering, mining and metallurgical studies at Kat Gap, and
– IGO have made further progress at Classic’s Fraser Range Project.
A total of 29 holes for 2,588 metres were drilled during the quarter by the Company.
RC drilling was focused solely on Kat Gap with work concentrating on filling in the gap created artificially between shallow drilling of the oxide profile and deeper drilling for the down dip extensions into fresh rock. If the gap could be filled in by zones of higher-grade gold mineralisation, then the final optimisation work may drive pit designs deeper allowing the Company to access more minable ounces.
IGO have continued working on their recently identified high conductance discrete EM anomaly over the Thylacine and Sabretooth area (now known as the Moa target) within a broader stratigraphic conductor.
The development of the Forrestania Gold Project will continue to advance in Q4 FY2021 concentrating on:
– Targeting the interpreted plunge component of high-grade gold mineralisation with deeper RC drilling;
– Drilling priority targets out in the granite within the large auger soil gold anomaly west of the main granite-greenstone contact at Kat Gap;
– Advancing all aspects of the mining plan at Kat Gap;
– Acquisition of necessary mining equipment for Kat Gap, and
– Continuing to raise capital & pay down debt & liabilities to improve the financial position of the Company.
During the quarter, Classic completed a program of infill RC drilling which was completed back in April. The drilling program consisted of 28 deep infill holes for 2,548m and a single shallow RC hole for 40m. Results for this program were received in mid-June.
Deep Infill RC drilling
The 28-hole deep infill RC drilling program (FKGRC350-377) covered an area approximately 120m along strike to the north of the Proterozoic dyke (See Figure 3.0*). The infill holes were focused on testing a gap that had been artificially created between previous shallow RC holes testing the oxide profile and much deeper previous RC holes testing the down-dip extent of the main granite-greenstone contact lode. If the gap could be filled in by zones of gold mineralisation then final optimisation work may drive pit designs deeper allowing access to more minable gold bearing ore. The holes were drilled to an average depth of 100m below surface and were drilled on 20m x 10m and 10m x 10m grid spacings.
The drilling intersected significant zones of gold mineralisation in the gap between previous shallow RC holes and deeper RC holes testing the down-dip / down plunge extents (See figures 4, 5, 6 and 7*). Further work will now be urgently undertaken to include these new gold intersections into the current resource model. Once this has been completed further optimisation work will be carried out. This work coupled with the outcomes of the bulk sampling program will aid greatly in final pit design work.
Better results from the deep infill holes include:
– 7m @ 2.67g/t Au from 71m in FKGRC350
– 3m @ 6.74g/t Au from 101m including 1m @ 15.00g/t Au from 102m in FKGRC360.
– 4m @ 18.97g/t Au from 76m including 2m @ 33.75g/t Au from 77m in FKGRC362.
– 2m @ 10.73g/t Au from 74m including 1m @ 19.90g/t Au from 74m in FKGRC367.
– 1m @ 14.20g/t Au from 69m in FKGRC368.
– 4m @ 16.93g/t Au from 101m including 1m @ 58.40g/t from 101m in FKGRC372.
– 6m @ 5.30g/t Au from 84m including 1m @ 17.40g/t Au from 88m in FKGRC373.
– 6m @ 7.72g/t Au from 78m including 1m @ 26.20g/t Au from 83m in FKGRC375.
– 5m @ 7.95g/t Au from 103m including 1m @ 24.90g/t from 107m in FKGRC377.
Shallow RC Drill hole
A single shallow RC hole (FKGRC378) was completed to a depth of 40m. The hole was drilled close to existing high-grade holes FKGRC061 which returned 9m grading 15.21 g/t from 22m and FKGRC018 which returned 10m grading 30.78 g/t from 28m (See figures 4 and 5*). The hole was drilled to provide additional material for advanced metallurgical testwork and aid in further Research and Development studies.
The hole returned the highest-grade intersection ever recorded at Kat Gap, 10m grading 40.54 g/t gold from 26.50m including 0.50m grading 592.00 g/t gold from 28.50m.
The Company refers to the ASX announcements of 17 June 2019 and 05 July 2019 wherein Classic entered into the Earn-in and Joint Venture Agreement with Independence Newsearch Pty Ltd, a 100% owned subsidiary of IGO Limited (ASX:IGO) (“IGO”). More details of the transaction can be found in these two announcements.
The following is an update of progress on exploration carried out during the June 2021 quarter by IGO on the Fraser Range tenements.
In June 2021, IGO notified Classic of its election to acquire a 51% interest in the joint venture tenements after spending $1,500,000 on exploration; and its intention, at its option, to spend a further $1,000,000 exploring the Tenements over the next two years to increase its joint venture interest to 70%. Classic has provided signed transfers of 51% of the tenements to IGO and received $550,000 (including GST) on 8 June 2021.
To view the full quarterly report, please visit:
About Classic Minerals Limited:
Classic Minerals Limited (ASX:CLZ) is an exploration and development company focused on gold deposits in Western Australia’s famous Goldfields region. In March 2017, Classic acquired the Forrestania Gold Project, with seven tenements stretching across 450km2. Strategically located in a very prospective region, the FGP is an underexplored package surrounded by multimillion ounce deposits such as Bounty (2Moz) and Yilgarn Star (1.5Moz).
Classic Minerals Limited
Classic Minerals Ltd
News Provided by ABN Newswire via QuoteMedia
Perth, Australia – Classic Minerals Limited is pleased to announce that, in accordance with the terms of its Earn In and Joint Venture Agreement with IGO Newsearch Pty Ltd, a wholly-owned subsidiary of IGO Limited IGO has notified Classic of: its election to acquire a 51% interest in the Company’s Fraser Range tenements having earnt that interest by spending $1,500,000 on exploration of the Tenements; and its …
(a) its election to acquire a 51% interest in the Company’s Fraser Range tenements (Tenements), having earnt that interest by spending $1,500,000 on exploration of the Tenements; and
(b) its intention to spend a further $1,000,000 exploring the Tenements over the next 2 years to take its joint venture interest to 70%.
Under the terms of the Agreement, upon the transfer of the 51% interest, IGO will pay Classic $500,000.
About Classic Minerals Ltd:
Classic Minerals Ltd (ASX:CLZ) is an exploration and development company focused on gold deposits in Western Australia’s famous Goldfields region. In March 2017, Classic acquired the Forrestania Gold Project, with seven tenements stretching across 450km2. Strategically located in a very prospective region, the FGP is an underexplored package surrounded by multimillion ounce deposits such as Bounty (2Moz) and Yilgarn Star (1.5Moz).
Classic Minerals Ltd
Classic Minerals Ltd
News Provided by ABN Newswire via QuoteMedia
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/
Head of Marketing
+61 423 306 794
Silver is on the rise in Australia, with new silver mines opening, production potential booming and the precious metal's valuation reaching new heights.
Analysts have been bullish on gold for the better part of the past decade, but now it's silver's time to shine. While the price of silver tends to rise and fall alongside that of gold, silver's valuation is generally more volatile — slower to move in either direction, but more prone to abrupt spikes and plunges.
Considering the market's longtime gold rush, silver is due for a major price hike. In 2020, silver hit a seven year high with 27 percent year-over-year growth, climbing faster than gold. Silver was on the rise again in February 2021, bolstered by WallStreetBets fervour. Though prices have stabilised since, they remain elevated compared to the past decade. Additionally, at only a fraction of gold's valuation, silver is a much more attainable buy.
Shrewd investors are looking to Australia for their silver picks. A country whose silver mines continued to flourish even when most of the world was in a precious metal slump, Australia has emerged from the COVID-19 pandemic as a major player in the global silver market.
When you think of mining in Australia, you may not think of silver, especially since the country is a top global producer of several other metals, including gold and iron ore. Nevertheless, silver is on the rise in Australia, with new silver mines opening, production potential booming and the precious metal's valuation reaching new heights.
This may be surprising news, especially since 2020 was an erratic year for silver. Global silver-mining production plunged by 5.9 percent in 2020 — its biggest drop in over 10 years — following four years of steady decline.
Output from primary silver mines plummeted by 11.9 percent year-over-year, while silver by-product suffered a more modest drop, with production from gold and lead-zinc mines falling by 5.7 percent and 7.4 percent, respectively. Note that silver is largely produced as a by-product of other metal-mining processes, with 72 percent of silver production taking place at non-silver mines.
This production downturn was the result of COVID-19 restrictions that forced mines to suspend operations temporarily. Silver mine closures hit certain places harder than others, with extended closures in top silver-producing countries such as Peru, Mexico, Argentina and Bolivia causing major production drops.
Australia, however, was an exception to this rule, with production increasing by 3 percent. The reason for Australia's success is that it remained relatively untouched by COVID-19 restrictions. While other countries were forced to shut down production facilities, Australia was able to avoid these closures, continuing — and even upgrading — regular operations.
Australia is now the fifth largest silver producer globally, with an annual output of 43.8 million ounces in 2020. While the output of silver-mining giants such as Mexico and Peru (178.1 million and 109.7 million ounces produced in 2020, respectively) continues to far exceed that of Australia, global demand for silver is on the rise, hitting 900 million ounces annually and making room for a new silver-mining powerhouse.
Silver remains a relatively untapped resource in Australia, which means that investors have plenty of major mining companies to choose from.
Australia's largest mine is the Cannington mine owned by South32 (ASX:S32,OTC Pink:SHTLF). It is ranked as the ninth largest silver-producing mine worldwide, with 11.6 million ounces produced in 2020.
The country's second biggest silver-producing mine is the Mount Isa zinc mine. It is owned by Mount Isa Mines, a subsidiary of Glencore (LSE:GLEN,OTC Pink:GLCNF), and produced around 5.8 million ounces of silver in 2020. The Tritton copper mine, owned by Aeris Resources (ASX:AIS,OTC Pink:ARSRF), followed closely behind with nearly 4.5 million ounces produced in the same year.
Other notable Australian silver mines include the Golden Grove mine, which is owned by 29Metals (ASX:29M), and the Dugald River mine, which is owned by Metallic Minerals (ASX:MMG,TSXV:MMG,OTCQB:MMNGF). In 2020, these mines produced around 2.9 million and 2 million ounces of silver, respectively.
Australia's impressive silver-mining industry is well-positioned for further expansion, with Silver Mines (ASX:SVL,OTC Pink:SLVMF) planning to launch its Bowden silver project in 2023. This New South Wales-based silver mine is projected to produce around 6 million ounces of silver annually, which would make it the country's new second largest producer. The company hopes to capitalise on the promising solar panel market, which currently accounts for about 5.5 percent of all silver demand worldwide.
Moreover, Australian company Thomson Resources (ASX:TMZ,OTC Pink:TMZRF) bought the New South Wales-based Webb and Conrad silver projects from Silver Mines earlier this year in a transaction worth around US$8.6 million. The deal closed on March 31, and will enable Silver Mines to concentrate on its flagship Bowden project.
There are many ways to invest in silver, including physical silver, stocks, exchange-traded funds (ETFs), mutual funds, options and futures. Choosing which investment route to take is all about balancing risk and reward.
Investing in physical silver is the most straightforward option: you simply buy a tangible piece of the precious metal in the form of bullion, official coins or medallions. Bullion is a bar or 1 ounce coin of solid silver with at least 99.9 percent purity. Official silver coins are currency produced by a government mint, while silver medallions resemble coins, but lack monetary value, .
The price of physical silver rises and falls alongside the metal's market value. Physical silver is a relatively safe investment, since its value can't be affected by third-party interference or bad business practices (risks characteristic of mining stocks). However, if you plan to trade often, the added costs of buying, selling and storing physical silver may make the investment not worth your while.
Investments in physical silver rose by 8 percent last year, boosted by silver's status as a safe asset and market bullishness on gold. In Australia, coins and medals fabrication increased by 35 percent year-over-year, making physical silver a smart choice for any risk-averse investor.
Of course, low risk often means low reward. If you're looking for a bigger payday, consider investing in silver-mining stocks instead. After all, when silver's market price goes up, it is often the case that the value of a mining stock could spike far higher than that of the physical metal. The disadvantage is that mining stocks are always risky — even when the silver market is strong, a mining endeavour can fail to pan out.
ETFs offer investors the best of both worlds. ETFs are a basket of varied equities, including physical metals and shares in mining companies. Much like individual stocks, they are liable to rise or fall in price according to the market, though they tend to be less risky than stocks.
In 2020, ETF investments were at an all-time-high, though Australia only has one silver ETF that includes the physical precious metal. Stocks are a much more common means of investing in silver in Australia. The country boasts over a dozen silver-mining companies, including South32 and Silver Mines, as well as Newcrest Mining (ASX:NCM,TSX:NCM,OTC Pink:NCMGF), Golden Deeps (ASX:GED) and Investigator Resources (ASX:IVR).
Don't forget to follow us @INN_Australia for real-time news updates.
Securities Disclosure: I, Isabel Armiento, hold no direct investment interest in any company mentioned in this article.
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.