It gives us great pleasure to bring you a concise overview of The Australian ECM Review 2023, covering significant developments in the market, tailored specifically for our energy and resources clients. Here are our top 5 highlights: IPO dynamics – Critical minerals at the fore Despite subdued overall IPO activity, the ASX remained a hotspot for resources companies, hosting 75% of all IPOs. Critical minerals emerged as a focal point, with numerous IPOs targeting opportunities in lithium, rare earths, and gold. Whilst 2023 saw fewer listings, those companies that did list had a higher market ca ..read more

Authors: Frank Main, Jay Leary In response to Russia’s invasion of Ukraine, in March 2022, the Australian Government imposed sanctions against Russia and certain Russian business-people pursuant to the Autonomous Sanctions Regulations 2011 (Cth) made under the Autonomous Sanctions Act 2011 (Cth). The sanctions directly impacted Queensland Alumina Ltd, which is jointly owned by Rio Tinto, and Rusal, a Russian-owned company. In this case note, we explore the events that followed in Alumina and Bauxite Company Ltd v Queensland Alumina Ltd [2024] FCA 43. Background On 24 February 2022, Russia inva ..read more

Authors: Angela Morris, Jay Leary and Alistair Murray The US Department of Energy recently released its proposed guidelines on the interpretation of a “foreign entity of concern” (FEOC). In this article, we provide a high-level summary of these guidelines, and the consequences of conducting business with a FEOC in the context of the electric vehicle tax credits and battery grants available in the US, as part of the Infrastructure Investment and Jobs Act1 (also known as the Bipartisan Infrastructure Law). Executive summary On 1 December 2023, the US Department of Energy (DOE) released pro ..read more

Authors: Jay Leary and Jerry Ventouras For the first time since January 2009, the New South Wales Government has announced changes to the coal royalty scheme. This follows a short consultation process with industry. The current regime The Mining Act 1992 (NSW) requires the holder of a mining lease to pay a royalty to the crown on minerals which are both privately and publicly owned. As prescribed by the Act, regulation 74 of the Mining Regulations 2016 contains the relevant rates payable. New South Wales utilises a three-tiered royalty framework, in which the appropriate rate payable is depend ..read more

Authors: Geoff Kerrigan, Senior Associate; Louis Mitchell, Solicitor Recent media reporting indicates that the long-awaited update to the JORC Code may be ‘imminent’, with the JORC working towards a target date for releasing a final draft of the amendments to the JORC Code in ‘late 2023’. Key areas under review include: greater prominence for ESG risk in reserve and resource estimation (with a proposed new clause of the code and a Table 1 criterion to specifically address ESG issues being considered); the practical application of the ‘reasonable prospect of eventual economic extraction’ test ..read more

Just a week after the new Australian Critical Minerals Strategy was announced (see our analysis here), Queensland launched its own Critical Minerals Strategy – and where the Federal Strategy received criticism for its lack of policy levers, Queensland’s iteration has delivered in droves. On 28 June 2023, at the World Mining Congress in Brisbane, Premier Annastacia Palaszczuk took the stage to announce the strategy, which is designed to “unlock the next resources boom in critical minerals”. The strategy builds on the Queensland Resources Industry Development Plan (QRIDP), which provides a 30-ye ..read more

Australia’s new Critical Minerals Strategy is finally here – so how does it stack up against expectations, and what will it mean for our resources sector? In this article, we break down the key components of the strategy, who stands to benefit, and what we think is next on the cards. On 20 June 2023, the Department of Industry, Science and Resources (DISR) released its highly anticipated Critical Minerals Strategy for 2023-2030 (the Strategy), which can be found in full here. In our recent 2023-24 Federal Budget and beyond breakdown, we were looking out for simplified approvals processes (more ..read more

The recent 2023-24 Federal Budget announcement has attracted mixed reactions from across the mining sector, with new funding initiatives for critical minerals and decarbonisation largely welcomed, but some questioning whether the measures go far enough, particularly in light of challenging policy settings. In this article we break down the key budget measures affecting the mining industry, the implications for sector players, and what we’ll be looking for in the coming months. Setting the stage Critical minerals are the key to net zero Mining supports decarbonisation, electrification and the u ..read more

Authors: Rebecca Major, Partner; Paul Morton, Of Counsel; Marie Badr, Solicitor; and Tanesha Singh, Trainee Solicitor On 16 March 2023, the European Commission (EU Commission) published its Critical Raw Materials Act Proposal (the Proposal). This is proposed legislation aimed at securing access for the European Union (EU) to a sustainable supply of critical minerals. The EU is looking to meet its target of net-zero greenhouse gas emissions by 2050, and reduce its dependence on non-EU countries for the sourcing and refining of critical minerals. Summary The Proposal recognises the indispensabl ..read more

On 2 December 2022, the landmark Fair Work Legislation Amendment (Secure Jobs, Better Pay) Bill 2022 (Bill) passed both houses of Parliament. On 6 December 2022, the Bill received royal assent and became the Fair Work Legislation Amendment (Secure Jobs, Better Pay) Act 2022 (Act). The passage of the Act marks the most extensive industrial relations reform seen since the introduction of the Fair Work Act some 13 years ago, and the impact of this legislation is significant. While further industrial relations reform (such as on ‘same job, same pay’, among other topics) is expected to follow next ..read more