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Australia signed a statement committing to end funding of overseas fossil fuel expansion, joining 39 countries that have now pledged to halt international investment in polluting projects. 

The clean energy transition partnership, also known as the Glasgow Statement, was signed on the sidelines of the UN climate summit COP28 in Dubai. Other signatories include the US, the UK, Germany and Pacific neighbours such as Fiji. Norway also signed the agreement at the summit, meaning that most OECD countries have now committed to stopping international fossil fuel funding. 

The move has been generally applauded by environmental advocates, although focus now falls on Australia’s investments in fossil fuel projects at home. According to public policy think tank the Australia Institute, the country’s federal and state governments spent more than A$11bn ($7.22bn) on subsidising its domestic fossil fuel industry, a figure 14 times greater than Australia’s Disaster Ready Fund, set up to respond to climate-related crises. 

Australia remains the highest coal power polluter in the G20 per capita, producing more than triple the global average emissions emitted from the production and consumption of coal. Approximately 47%, or 130.9 terawatt-hours, of the country’s electricity still comes from coal power. 

Mining company Rio Tinto has approved a A$110m ($77m) investment to advance the Rhodes Ridge iron ore project in the East Pilbara region of Western Australia (WA). This investment will be used for the project’s PFS. 

For the project, an ‘order of magnitude’ study has already been completed that considered the development of an operation with an initial capacity of up to 40mtpa, pending approvals. 

The PFS is slated for completion by the end of 2025. It will be followed by a feasibility study. 

Located 40km north-west of Newman, the Rhodes Ridge project is owned by a 50-50 joint venture between Rio Tinto and Wright Prospecting. 

This project is estimated to hold 6.8 billion tonnes of mineral resources at an average grade of 61.6% iron. This makes the project one of the largest undeveloped iron ore deposits globally. Rio Tinto expects to produce first ore from the project’s initial development by the end of 2030.

The mining and energy divisions of Australia’s Construction Forestry Maritime Mining and Energy Union (CFMMEU) officially became an independent union, as the country’s energy and mining sectors end a year that has been fraught with industrial action and friction with Indigenous communities. 

The Mining and Energy Union is now a registered organisation under the Fair Work Act 2009, which sets out the rights and responsibilities of employees. The CFMMEU’s name has changed to the Construction, Forestry and Maritime Employees Union. 

MEU general president Tony Maher called the union’s independence a “historic day”, adding that it delivers on members’ wish to become independent. 

“Today, we are a brand-new union, as well as being one of the oldest unions in Australia,” he said. “We have been representing coal miners since the 1850s, in various forms. Today’s Mining and Energy Union builds on our proud tradition and track record, with a clear focus on meeting the current and future challenges facing workers in mines, ports and power stations.”

BHP Group has carried out a major executive leadership team reshuffle, with four key appointments announced by CEO Mike Henry.  

Vandita Pant moves from her role as chief commercial officer (CCO) to chief financial officer (CFO). She succeeds current CFO David Lamont who will remain with BHP until February 2025 as a senior executive officer in an advisory and projects capacity, reporting directly to the CEO. 

The CCO role vacated by Pant will be taken on by Rag Udd, who is moving from his role as president, Americas. That position will be taken on in turn by Brandon Craig who moves from his role as asset president at Western Australia Iron Ore. 

Johan van Jaarsveld, currently BHP’s chief development officer (CDO), has been appointed chief technical officer (CTO). 

The new appointments come into effect on 1 March 2024. A new CDO will be announced separately, a BHP spokesperson said in a statement.

Develop Global has secured a contract worth A$46m ($30.4m) for the underground development of the Mt Marion lithium mine in Western Australia (WA). 

Under the contract, Develop Global will establish and develop an exploration decline at the mine. 

The company will be responsible for the completion of surface facilities to support underground mining activities, installation of underground mine infrastructure, portal establishment, and excavation underground capital development and exploration drill platforms. 

It will also obtain important geological and operational data for future mining activities. 

Located 40km south-west of Kalgoorlie, the Mt Marion project is a joint venture between Mineral Resources and Ganfeng Lithium. 

The 18-month contract is expected to commence in early 2024.