Ann: Notice of Annual General Meeting/Proxy Form , page-2

re: Ann: Notice of Annual General Meeting/Pro... An agm on a saturday??

Well it is a odd company - up 1.5c on 10000 volume after announcement of AGM?


http://www.illawarramercury.com.au/news/local/news/general/gujarat-worst-hit-by-carbon-tax/2616418.aspx?storypage=0
Gujarat 'worst hit by carbon tax'
CHRIS PAVER
07 Jul, 2012 04:00 AM
Illawarra coalminer Gujarat NRE would be a big loser under the carbon tax, according to an analyst's report.
Research by Patersons stockbrokers into heavy polluters paying for their emissions showed the carbon tax would eat up a greater proportion of Gujarat's revenue than any other ASX-listed firm.

But the coalminer has disputed figures quoted in the research.


•MORE: Every dollar counts for Illawarra industry

•MORE: Carbon tax a bitter pill for business
"The company is also receiving Federal Government grants offered to the mining industry as part of the introduction of the carbon tax," head of corporate relations Dr Chris Harvey said.

Gujarat NRE Coking Coal would receive more than $10.5 million under the coal sector jobs program.

The Patersons research measured the impact the $23-a-tonne carbon price would have had on the 2010-2011 revenues of companies whose annual greenhouse emissions topped 25,000 tonnes, the threshold for the tax.

Gujarat's estimated 760,000 tonnes of emissions in 2010-11 would have created a liability of $17.5 million, taking up about 7 per cent of its total revenue that year.

The research was based on emissions reported to the Clean Energy Regulator.

It did not take into account any government assistance available to big polluters.

BlueScope Steel appeared on the list in fourth place, but the real short-term impact of the tax on the company is likely to be minimal as it will be offset through credits and steel industry assistance.

Government help for the coal sector includes a $1.3 billion jobs package, providing transitional assistance to gassy coalmines, and a $70 million program to help develop new ways to reduce fugitive emissions.

Gujarat last year said it would be eligible for the assistance, reducing the impact of the tax.

It estimated the impact to be about $2.70 per tonne of coal produced and said it would not affect growth.

It was also developing an emissions management strategy.

Patersons research analyst Matthew Trivett said the company's high exposure was because its mines were in a gassy area and its emissions were not "diluted" by other operations.

"NSW coal seams appear to have more in-situ gases than Queensland, so companies that have more of their operations in NSW are likely to have a higher carbon liability," he said.

Coalmines are not eligible for the 94.5 per cent carbon credits available to some industries.

A spokesman for Climate Change Minister Greg Combet said the impact of the carbon price was expected to be "minimal" on most coalmines because they were not emissions intensive. About half-a-dozen Illawarra mines were eligible for grants under the coal sector jobs package, he said.


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http://www.illawarramercury.com.au/news/local/news/general/every-dollar-counts-for-illawarra-industry/2608550.aspx?storypage=0
Every dollar counts for Illawarra industry
CHRIS PAVER
30 Jun, 2012 04:00 AM
The carbon tax has polarised voters and angered industry, but the real test of the tax begins today.
Illawarra Coke Company is one of a few heavy polluters in the region that will directly pay the tax, which starts at $23 a tonne.

Alone, the impost would not be enough to kill the business, managing director Rex Wright said.

But against the backdrop of a high Australian dollar, high coal prices and a competitive export market, it was another burden that increased pressure on the 100-year-old coke-maker.

Illawarra Coke produces about 170,000 tonnes of carbon emissions annually and is likely to face a carbon tax bill of about $200,000 to $250,000 a year.

As a so-called ‘‘emissions-intensive, trade-exposed’’ company, it expects to receive free carbon permits to cover 94.5per cent of its emissions, effectively reducing its carbon bill to about $1.30 per tonne.

Mr Wright said the business already battled for every dollar.

‘‘Where it affects people like us is that 70per cent of our business is exported and all the people we compete against in the export market do not have a carbon tax,’’ he said.

‘‘So straight away we are at a price disadvantage to any other competitor.’’

Stiff competition overseas and narrow margins meant the company would struggle to pass on the cost.

Rising electricity costs and possible increases in coal prices could also take a toll.

Just under 300 companies and entities, including Shellharbour and Wollongong city councils, are listed to pay the tax in the first year.

The fixed price will increase by 2.5per cent per year in real terms until a capped market-based system begins in 2015.

Assistance to industries such as coke-making would be cut by 1.3per cent per year until then, which means Illawarra Coke’s bill would increase each year until 2015 if its emissions remained steady.

The tax is designed to create an economic incentive for big polluters to cut pollution.

But Mr Wright said Illawarra Coke’s emissions were a natural part of its production process, which involves heating coal in ovens to produce coke for use in steelworks and foundries.

‘‘From the point of view of mitigating, the only way we would mitigate is reduce production,’’ he said.

The company has facilities at Corrimal and Coalcliff and employs 52 people.

Mr Wright questioned the carbon tax when Australia’s pollution levels made up about 1.5per cent of global greenhouse gas emissions. He was also critical of the price, which he compared to lower carbon prices in Europe.

The Coalition has vowed to repeal the tax if elected.

To compensate for the flow-on effect of the tax, the Government is providing increased payments and tax cuts to households.


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Carbon tax a bitter pill for business
NICK ALLAN
30 Jun, 2012 04:00 AM
Russell Forbes knows his view on the carbon tax may not be popular, but the owner of Pack & Send Wollongong is pragmatic, likening the new impost to the implementation of the goods and services tax in 2000.
‘‘I think we need to start somewhere,’’ he said. ‘‘If we don’t take some medicine now our kids and grandkids will have to deal with it. Change is part of being a business.’’

However, other business owners are less optimistic.

When the Mercury visited several small businesses around Wollongong this week, almost all the operators said they thought the carbon tax would be bad for them.

Gwynneville Chicken Roast owner Chris Agno said he didn’t support the new price on carbon.

‘‘It will put an extra burden on small businesses,’’ he said. ‘‘The consumer is the one that will get hit as costs increase. Garbage disposal is already up 30 per cent.’’

That sentiment was echoed by other owners. Although they won’t be taxed directly, many were concerned there would be a flow-on effect with higher prices passed directly to consumers.

Crick Quality Meats owner Bryson Crick said the move would be an extra cost and he was reluctant to put up prices.

John Inan of Crown Diamond Jewellers also didn’t support the tax.

‘‘The price of everything will go up. Times are tough for small businesses,’’ Mr Inan said. ‘‘[But] we’ve got no choice. We knew it was coming. We’ve got to ... roll with it.’’

Minister for Climate Change Greg Combet said households should not expect major financial impacts from the new system.

‘‘We have always said the price impacts on households would be modest, less than a cent in the dollar,’’ he said.

‘‘The Government’s household assistance package includes tax cuts [and] increases in family payments to help offset these modest costs.

‘‘Nine out of 10 households will receive this assistance. Four million households will be better off.’’

But many business owners are bracing for hard times ahead. Wollongong Video Ezy owner Dan Noonan said the only positive from the tax was that Australia would be leading the way in tackling carbon emissions. ‘‘It would be better if they were spending money on infrastructure - things that affect the local economy,’’ he said.

Green Cross Veterinary Hospital Wollongong veterinary director Brett Beehag said that general costs would go up as a result of the tax.

This included the running of medical equipment such as X-ray and blood machines.

Sugar Latte owner Sam Liberti described the tax as a rip-off and said there wasn’t enough information available for small business.

The Government has said it is introducing other measures to help small businesses, including increasing the instant asset write-off from $1000 to $6500, establishing an energy efficiency grants program, setting aside $5million to provide clean technology advice, and providing income tax cuts for owners of unincorporated small businesses.



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