Gold Road succumbs to $3.7b takeover from South African partner
Gold Road Resources has succumbed to the advances of Gold Fields after the South African suitor sweetened its takeover offer to $3.7 billion, concluding a public war of words between the squabbling joint venture partners.
The agreement will grant Gold Fields full ownership of the lucrative Gruyere mine in Western Australia, which has produced more than 1.5 million ounces since starting operations in mid-2019.
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ABC News
3 days ago
- ABC News
Local government minister warns Shire of Coolgardie not to treat ratepayers as 'cash cows'
Western Australia's local government minister has criticised an outback shire's bid to hike mining rates by 97 per cent saying ratepayers should not be treated as "cash cows". The cash-strapped Shire of Coolgardie, 500 kilometres east of Perth in WA's Goldfields, proposed the rates increase despite strong opposition from the local mining sector. This has now been refused by the state government. In a statement Local Government Minister Hannah Beazley said the shire needed to be held accountable for its "dire financial situation". "The decision was made in the best interests of the community and state, as well as addressing concerns expressed by impacted ratepayers," she said. Ms Beazley said the size of the proposed rates increase "did not meet the values of consistency, equity and fairness". In a written statement Coolgardie shire president Malcolm Cullen said the government's decision was "disappointing". "While it may have looked ambitious in its scope the motivation was always to restore and future-proof infrastructure for the benefit of the mining sector," he said. "In light of this decision the shire will now implement its alternative budget strategy." He said a number of key infrastructure projects, including road upgrades, would now need to be deferred. Mr Cullen declined the ABC's request for an interview. He said the shire, which faces a budget deficit of $6.5 million, would work towards a "sustainable solution" for ratepayers. Multiple mining operators had warned the shire about the potential impact of the proposed rates hike. Wyloo Metals, owned by WA mining magnate Andrew Forrest, said its rates bill would have increased from $725,471 to $1.74 million. ASX-listed company WIN Metals said its bill would jump from $299,000 to more than half a million dollars annually. Speaking to the ABC, Eastern Goldfields Prospectors Association president Cranston Edwards welcomed the government's decision but said the shire's "underlying issues" needed to be addressed. "I think it sends a message that you can't keep hitting the ratepayers," he said. Mr Edwards said the shire needed more scrutiny and called on the councillors to resign. "Just like any other company would do if they go broke, they've got to face the music," he said. The Western Australian Local Government Association has been contacted for comment.
ABC News
5 days ago
- ABC News
WA Government to increase capacity of historic Goldfields water pipeline by 2027
The West Australian government will spend more than half a billion dollars expanding the capacity of the historic Goldfields Water Supply Scheme, one of the world's longest overland freshwater pipelines. The so-called Golden Pipeline took five years to build during WA's 1890s gold rush and was commissioned in 1903 as the brainchild of the state's first engineer-in-chief CY O'Connor. About 40 per cent of the original pipeline remains in use today, supplying drinking water to more than 100,000 people across WA's Wheatbelt, Upper Great Southern and Goldfields regions. Water Minister Don Punch told reporters in Kalgoorlie-Boulder on Wednesday that $543 million will be allocated in the forthcoming state budget to increase the pipeline's daily capacity by more than 7.2 million litres, or about 10 per cent. It will be the biggest upgrade of the 566-kilometre-long pipeline in decades. "We anticipate works will be completed in 2027," he said. "The design work started out in 2021, so they're well underway and completed, and we're now in a position where works can begin very shortly. Mr Punch said demand from the resources sector, particularly the booming gold mining sector, was driving the expansion. "This pipeline has an incredible history and has been meeting the needs of the Goldfields until now, but clearly with the growth that's happening, and the attractiveness of this region, we need to increase water supply." The proposed works include the replacement of 44.5km of aging pipeline in the shires of Merredin, Westonia, and Yilgarn, with new sections to be installed underground alongside the existing route. The capacity of the Binduli Reservoir near Kalgoorlie-Boulder will also be doubled from its current level of about 400 megalitres and new valves installed to improve reliability. Shadow water minister Peter Rundle said the funding was very much needed. The Nationals MP said the development would see the regional party review the policy of supporting a desalination plant in Esperance that it took to this year's state election. "It will slow that particular project down, the desalination [plant], but we'll have a look at it for sure," Mr Rundle said. Work on the pipeline expansion began in 2021 when $15 million was committed towards feasibility studies. Water Corporation CEO Pat Donovan said the existing capacity of the pipeline was about 75 million litres of water per day, which would increase to about 82 million litres daily after the works were completed. "It's about a 10 per cent increase in capacity," he said. The original capacity of the pipeline when it was commissioned in 1903 was 22.7 million litres a day. Mr Donovan said tenders would be called within the next six to 12 months after detailed design work is completed and he considered the project one of the most significant since World War II. "Post-war, some of the pipeline was replaced with wooden pipes due to steel shortages, so that was a significant upgrade," he said. "But in terms of more recent history this is a very significant investment in the future of the pipeline." More than 60,000 pipes were used in the pipeline's original construction and eight steam pumping stations were capable of delivering 8 billion litres a year, which has since been upgraded to more than 24 billion litres a year. Mr Donovan said the long-term plan is for the pipeline to be rebuilt with modern below-ground pipe over the next 50 years. "We will be progressively replacing that over decades to come as we continue to upgrade to improve reliability and meet future demand," he said. The funding comes as the City of Kalgoorlie-Boulder works to deliver a separate project to drought-proof one of Australia's biggest inland cities. Known as Water Bank, and with an estimated cost of $92 million, the project involves building new dams to harvest stormwater and grow supplies of recycled water to irrigate public spaces. WA Labor has committed $5 million to the project, while the City of Kalgoorlie-Boulder has spent months lobbying Canberra for $9.5 million via the National Water Grid Fund to complete stage one. There was no word on its application in this year's Federal Budget.
West Australian
7 days ago
- West Australian
Nando's to open first Australian drive-thru in major city, giving away free chicken
Nando's is set to open its first-ever drive-thru in Australia, with a flagship restaurant in Melbourne's northern suburbs. The store will open in Roxburgh Park in Melbourne's north on Tuesday June 10 at 11am, giving hungry customers the chance to pick up some Peri Peri chicken for lunch without leaving their car. To celebrate the launch of the flagship restaurant and drive-thru, customers will also be able to grab free quarter chicken and chips on the day of the launch – no purchase necessary and while stocks last. Drive-thru restaurants have become a key driver for revenue, making up approximately 60-70 per cent of overall revenue, according to QSR . The study found that 37 per cent of Australian consumers prefer to use the drive-thru method for ordering fast food compared to going in-store. Nando's Australia and New Zealand chief executive officer Amanda Banfield said the drive-thru marked the start of a new chapter for the restaurants, which has plans to expand further across the country. 'We've been privileged to be part of the Australian restaurant industry for 35 years and this marks yet another milestone of how Nando's is evolving,' she said. 'Over the next three years, we're planning to open another 25 Nando's restaurants across Australia and New Zealand, growing our workforce by 1000 people. 'Our goal is to open 70 new restaurants by 2030 – and Drive Thru's like Roxburgh Park are a key part of that growth story.' The new flagship restaurant will feature some of the business' 32,000 pieces of South African artwork, bustling Afro-Luso music, as well as bottomless drinks and the beloved sauce station.
