BCB (ASX) Ann: Change in substantial holding

Originally posted by RVR: ↑

AFR today (extracts):
Whitehaven, New Hope and Bowen dig deep to revive coal lobbying
Hannah Wootton AFR Feb 13 2025

It’s been eight years since Scott Morrison rocked up to parliamentary question time holding a lump of coal. It was supplied by the Minerals Council – the fact the then-treasurer took part in the stunt was a testament to the power the coal industry had in Canberra.

Fast-forward to the 2025 election, and it has become more roundabout in its lobbying efforts. But make no mistake: coal is back, baby. At least if Whitehaven, New Hope and Bowen have anything to do with it. The trio is behind Coal Australia, an industry group launched in 2023 to help “promote the significant and positive contribution” of coal to Australia.

……. But behind the scenes, it’s also funding the right-wing campaign groups Australians for Prosperity and the Australian Institute for Progress. It pumped $725,000 and $613,500 into them each, respectively, in last year’s Queensland election. The groups have yet to disclose their federal election funding.

It’s an interesting strategy – these groups operate far from the mining companies’ heartlands, targeting teal inner-city seats and issues more relevant to macchiato- swilling elites such as the $3 million super tax changes. These are Temu versions of the Institute of Public Affairs, which enjoys far more significant mining revenue thanks to Gina Rinehart’s generous contributions.

….. New Hope chief executive Rob Bishop, Bowen executive chairman Nick Jorss and Whitehaven corporate affairs boss Michael van Maanen are on its board. Three busy men who are used to balancing political and financial interests.

(According to Coal Australia’s CEO Stuart Bocking, its “only ask of government” is for policies to enable its members to “continue to drive prosperity, pay taxes, and employ thousands of Australians in well-paid jobs”.)

Of course, this latest innovation in campaigning – funding other voices despite being an advocacy group yourself – is just one of the many ways coal is reclaiming its place in voters’ (and politicians’) hearts. Whitehaven, New Hope, Bowen and Coal Australia also all individually contract their own lobbyists in Canberra. That’s on top of their internal corporate and government affairs teams.

With this sort of effort, what are the chances Angus Taylor gets a lump of coal delivered to the ministerial wing if the Coalition wins the federal election?

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From today's BHP had yearly report: "BHP report seabourne supply region Queensland not being conducive to long -life capital investment as a result of the current royalty regime. The scarcity of higher value steel making coals also increases overt time"
and "Given the negative impactors, investment economics resulting from the change in royalty rates and the increase in sovereign risks due to the decision to raise royalty without any consultation, we will not be investing in any further growth in BMA (the Bowen Basin operation, authors note) however we will sustain our existing operations."

Doing some research, BHP is investing in coal, still, but in Indonesia, not Queensland, with a mining joint venture in East Kalimantan (Borneo) Indonesia's principal coal region, with the required local involvement. Locals 30% BHP 70%. These are big mines in this area and the coal is quite shallow or near the surface in general,suiting opencut mining. Indonesia has overtaken Australia as a coal producer by tonnage in the last couple of years, producing mainly the lower grades but with likely relatively low labour and other costs and somewhat closer to main markets in Asia. This is quietly not mentioned in the half yearly reports.