Interesting article about the duty of care by directors regarding climate change.
https://www.copyright link/policy/energy-and-climate/hayne-rebukes-directors-on-climate-risk-failure-20191206-p53hnd
Former High Court judge and royal commissioner Kenneth Hayne has warned directors they have a legal duty to act on climate change risk, include it in corporate strategies and report on it to shareholders, raising the real prospect that boards failing to act could end up in court.
....
Mr Hayne said in the remarks released exclusively to The Australian Financial Review, that international expert consensus was now clear that climate change risk was a matter of fact and boards could not hide behind excuses for inaction.
So they can't just ignore their risk management obligations, they also cannot shrug away their emissions profile.
Grants mine site is 28 metres above sea level. On the harbour side it is ~6kms to Darwin harbour. On the Bynoe side its ~12kms. The Grants pit site is 7-8 metres above the surrounding floodplains
Cyclone Monica hits the NT
Severe Tropical Cyclone Monica was the most intense tropical cyclone, in terms of maximum sustained winds, on record to impact Australia.
On 24 April 2006, the mid-level ridge south of Cyclone Monica weakened, causing the storm to turn towards the southwest.[11]Following this, the storm made landfall in the Northern Territory, roughly 35 km (22 mi) west of Maningrida, as a Category 5 cyclone with winds of 250 km/h.
This resulted in the storm's maximum winds decreasing by 155 km/h (100 mph) in a 12-hour span.[3] After this rapid weakening, the storm turned sharply west moving over the town of Jabiru as a Category 2 cyclone.
https://en.wikipedia.org/wiki/Cyclone_Monica
If you have ever driven to Maningrida you drive through a hundred KM (more) of forest that was completely flattened. Monica caused significant damage to Jabiru, which is over 160KM from Monica's landfall.
Biblical amounts of rain fell right across the top end.
We went to an area well south of Adelaide River for Monica. It was still epic AF.
Cyclone Marcus
Cyclone Marcus reached Category 2 status in the hours before it crossed the Northern Territory coastline, on 17 March.
Marcus hammered the Cox Peninsula. I know because I was there.
So to put this into a CXO context, you are investing in a company that has no plan at all to reduce it CO2 output, quite the opposite.
The word "cyclone' is only mentioned once in the Draft EIS in regards to a part of the DMS circuit.
The word "climate" is only mentioned once in regards to some lame excuse to not backfill the pit despite the recommendation of the NT EPA that this be required. It is not used in reference to "climate change".
In the Supplement to the EIS the terms "cyclone", and "climate change" were only ever used by CXO to respond to public submissions about these very same issues.
Maybe these terms got more mentions in the appendixes.
I am kind of assuming that CXO have the same magical technology they will be using to ensure pollution (CO2, NOX, Pm2.5 etc) will not travel past the project boundary, to also prevent cyclones or climate change from affecting the viability and security of your investments.
(20min delay)