Live ASX News Today
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22nd Jan 12:57 AM AEDT
Australia strikes $580 million port upgrade deal with PNG
Image Source: © 728jet | Megapixl.com
Morrison Government has struck a $580 million agreement with Papua New Guinea to upgrade and refurbish several priority-based port infrastructures.
Under the agreement, the government will provide PNG with a loan and grant finance package of $580 million. Australian Prime Minister Scott Morrison and his counterpart James Marape signed the deal on Friday.
The government believes that the upgrades would improve regional trade and connectivity and support the economic recovery from the Coronavirus pandemic.
The investment will help PNG Ports Corporation undertake urgent repairs on the ports, some over 70 years old. The upgradation will also support investment opportunities for local PNG products.
While welcoming the investment, Marape said that the assistance strengthens the bilateral relationship between the two nations.
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22nd Jan 12:54 AM AEDT
Suiso Frontier to transport first liquefied hydrogen cargo from Australia to Japan
Image source: © Mrdoomits | Megapixl.com
History is about to be created as liquefied hydrogen carrier has arrived at Victoria’s port and is scheduled to depart for Japan in the coming week.
Suiso Frontier is the first liquefied hydrogen carrier that arrived at the port of Hastings and will take its voyage to Japan with its shipment of hydrogen. The shipment is part of the $500 million pilot project – Hydrogen Energy Supply Chain (HESC).
As part of the HESC pilot project, hydrogen produced at the long Yang brown coal mine, located in the Latrobe Valley, will be transported to Kobe, Japan. For transporting hydrogen, the Suiso Frontier will take two weeks.
It will be the first transportation of liquefied hydrogen to the international market through the sea globally, marking the achievement of a major milestone in the emerging industry.
Australian Prime Minister Scott Morrison commented that it is “key to both Australia and Japan and our hydrogen industry.” He added that $7.5 million funding would be extended to support the next stage of the project, which is operations commercialisation.
The project is receiving support from the Victorian, Australian and Japanese governments.
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22nd Jan 12:50 AM AEDT
Lithium supply concerns persist in the global electric vehicle sector
Source: Copyright © 2022 Kalkine Media®
The world is facing an acute shortage of lithium due to high demand in the rapidly growing electric vehicle (EV) production that utilises lithium-ion batteries.
- The western countries are racing to bring on new mines to compete with China amid an ongoing supply shortage for the metal.
- On Thursday, the Siberian government revoked the licenses for one of the biggest lithium projects of Rio Tinto (ASX:RIO) due to environmental concerns.
- Lithium prices have reached record-high levels due to staggering demand from Chinese battery makers in the past year.
- As per the estimates made by Benchmark Mineral Intelligence, lithium carbonate stocks for battery manufacturers are at an extremely low level due to robust demand in the EV sector.
- Global EV sales are expected to increase by 160% in 2021, while the figures are expected to double in 2022.
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22nd Jan 12:46 AM AEDT
Siberian government supports green protestors, revokes Rio’s (ASX:RIO) Jadar Project
Source: © Rafaelhenriquepress | Megapixl.com
The Siberian government revoked mining behemoth Rio Tinto’s (ASX:RIO) lithium exploration licence, favouring the protestors who opposed the development on environmental grounds.
- The significant decision came after the Siberian Prime Minister Ana Brnabic stated that the government’s decision came after various green groups protested to halt the US$2.4 billion Jadar lithium project.
- Earlier in the week, the miner shifted the timeline for initial production from the project by one year to 2027 due to a delay in approvals.
- Rio made commitments to the project in the last year amid high demand for lithium in the green energy transition.
- Thousands of people united last year to oppose the development of the Jadar project and demanded Rio to leave the country.
- The Prime Minister also accused Rio of not providing sufficient information to communities about the project.
- Earlier in the month, Brnabic stated that the project would be on hold until after the elections.