The Investment Whisperer
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Investment Whisperer

Investing

Groundwater Issues Derail Glencore’s Queensland Carbon Capture Project

by admin May 28, 2024
May 28, 2024
Groundwater Issues Derail Glencore’s Queensland Carbon Capture Project

The Australian government has rejected Glencore’s (LSE:GLEN,OTC Pink:GLCNF) proposal to develop a carbon capture and storage (CCS) project in Queensland due to potential risks to groundwater resources.

The decision halts the global commodities miner’s plan to inject CO2 into underground aquifers to reduce emissions from a coal-fired power plant. The CO2 would have been stored 2.3 kilometers underground in the Surat Basin.

Glencore’s pilot project, managed by its subsidiary, Carbon Transport and Storage Company, aimed to capture 330,000 metric tons of liquefied CO2 annually from the Millmerran power plant in Southern Queensland.

The initiative was part of Glencore’s strategy to develop large-scale CCS capabilities, with the goal of capturing up to 90 percent of the plant’s emissions. Japanese companies Marubeni (TSE:8002) and Electric Power Development (TSE:9513), which operates under the brand name J-POWER, each committed AU$10 million to the project in 2022.

The Queensland Department of Environment and Science announced on May 24 that the project would not proceed due to concerns about its impact on groundwater. The proposed site is not a contained aquifer, and the CO2 “could migrate, likely causing irreversible or long-term change to groundwater quality and environmental values.’

Potential contaminants identified included chloride, sulfate, lead and arsenic, which could harm the Great Artesian Basin, a key water source for agriculture and communities in Eastern Australia.

The rejection comes as CCS is gaining traction as a technology for achieving global net-zero emissions goals. According to the Global CCS Institute, Australia has one active CCS project, with two more under construction and 14 in development.

Glencore expressed disappointment with the decision, attributing it to a ‘misinformation campaign and political opportunism.’ It also argued that its plan is scientifically sound and targets an area with low-quality groundwater.

‘The Queensland government has now effectively banned carbon capture and storage projects in Queensland. It’s now up to the Queensland government to explain how it’s going to meet its emissions reductions targets,’ Glencore said.

‘It’s a missed opportunity for Queensland and sends mixed messages on emissions reduction to industry who are looking to invest in low emission technologies, including CCS,” ABC News also quotes the company as saying.

Farmers and environmental groups praised the news, highlighting the risks to one of Australia’s key water resources.

‘We applaud the government’s decision but call for further federal scrutiny to ensure the protection of the Great Artesian Basin,’ said a spokesperson for AgForce, a Queensland farm group.

Glencore is currently reviewing its options, including a potential appeal.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

0
FacebookTwitterGoogle +Pinterest
previous post
Top 5 Manganese Reserves by Country (Updated 2024)
next post
Aurum Hits 163 g/t Gold within 12m @ 14.56 g/t Gold at Boundiali BD Target 1

Related Posts

Blue Sky Uranium Announces a Positive New Preliminary...

February 23, 2024

RAD Granted US FDA Fast Track for RAD101...

June 11, 2025

xU3O8 (uranium.io): Pioneering Physical Uranium Ownership Powered by...

May 2, 2025

Jindalee Lithium

December 7, 2023

Tech 5: CoreWeave Plans US$4 Billion IPO, Trump...

March 9, 2025

6 US Biofuel Stocks in 2025

March 7, 2025

Brunswick Exploration Announces Brokered Private Placement for Gross...

May 9, 2025

PRINCIPAL TECHNOLOGIES ANNOUNCES FUNDAMENTAL ACQUISITION OF VIVOSTAT A/S

February 8, 2024

OTCQB Venture Virtual Investor Conference Presentations Now Available...

August 3, 2024

Canada Nickel Confirms Discovery at Mann Central, Successfully...

February 23, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (1,432)
    • Investing (3,523)
    • Politics (4,756)
    • World (4,659)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheInvestmentWhisperer.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 TheInvestmentWhisperer.com | All Rights Reserved