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Miners contribute to WA infrastructure fund

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Photo by Bloomberg

22nd November 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – The Western Australian government is partnering with the resources sector in a A$750-million Resources Community Investment Initiative (RCII), which will facilitate investment in iconic state infrastructure projects and community and social initiatives across Western Australia.

Established with founding partners Rio Tinto, BHP, Hancock Prospecting, Roy Hill, Atlas Iron, Woodside Energy, Chevron Australia and Mineral Resources, the initiative provides a state government-backed platform for direct contribution to iconic infrastructure and social projects in the Western Australian community that will make the state an even better place to live for generations.  

Both Rio Tinto and BHP have committed A$250-million each to the cause, with Hancock Prospecting, Roy Hill and Atlas Iron committing A$100-million each, whlie Woodside Energy, Chevron Australia and Mineral Resources have committed A$50-million each. 

Government will work with the Chamber of Minerals and Energy of Western Australia (CME) and other companies to encourage additional investment from across the state's vibrant resources sector, the government said on Tuesday.

An initial pipeline of projects has already been identified, including the Aboriginal Cultural Centre, the Perth Zoo Master Plan, the Remote Aboriginal Communities Fund, the Perth Concert Hall redevelopment and additional contributions to Telethon. 

It will also extend to include transformational projects across Western Australia, to enable companies to collectively contribute to achieving long-term social and economic outcomes in the regions they operate in, in areas such as education and training, health, Aboriginal wellbeing and energy decarbonisation projects.

Each company will decide the projects they wish to nominate funding to and individual project agreements will be established with agreed project milestones.

An advisory committee, comprising of an independent chair as well as government and industry representatives, will be convened to oversee the initiative and ensure the highest standards of governance.  

“The strength of Western Australia's economy places us in the best position to set up our state for the long term,” said Premier Mark McGowan on Tuesday.

“We are proud that the partnership between our government and the resources sector enables us to continue to help make our State an even better place to live. 

“I commend the efforts of Rio Tinto, BHP, Hancock Prospecting, Roy Hill, Atlas Iron, Woodside Energy, Chevron Australia and Mineral Resources as foundation partners of the initiative and acknowledge their leadership in contributing to our State in this capacity, which will have lasting benefits for generations. 

“I am confident that other resources companies across Western Australia will join this worthwhile initiative and look forward to seeing some iconic state projects delivered. This last financial year alone, the resources sector delivered record sales of A$231-billion, and as we've seen at the recent Federal Budget, Western Australia continues to be recognised as the economic powerhouse of the nation.”

BHP asset president for Western Australian iron-ore Brandon Craig said the company had a long and proud history in the state, and welcomed a collaborative approach to strengthen the company’s contribution to the state.

“Over the past 10 years, BHP has contributed more than A$4.3-billion in social, community and training programmes in Perth, the Pilbara, Port Hedland and the Goldfields, on top of tens of billions of dollars in investment, jobs, royalties and taxes.

“We look forward to furthering our support for long-term social and economic outcomes in the regions where we operate, and for all West Australians.”

Rio Tinto iron-ore CEO Simon Trott said this initiative was a great example of government and industry working together to support critical projects that will enable the community to prosper for generations to come.

“We want to leave a lasting, positive legacy wherever we operate, and this initiative will build on our more than 50 years of work helping to create thriving and resilient communities across Western Australia,” he added.

Woodside CEO Meg O’Neill said Woodside was pleased to join with the Western Australian government and other industry participants to establish the RCII, which will facilitate investment in infrastructure projects and community and social initiatives across Western Australia.

“For more than three decades we have built strong relationships in Western Australia, underpinned by significant social investment and economic contribution aimed at creating a positive legacy for the communities where we live and work. Woodside’s founding commitment of A$50-million to the RCII provides an exciting new opportunity for us to continue this positive contribution to the people of Western Australia.

“While Woodside’s global footprint has grown significantly following our merger with BHP Petroleum, we remain a proudly Western Australian-headquartered company. Woodside’s significant contribution to the RCII demonstrates our ongoing commitment to continue supporting local communities for years to come,” she said.

Chevron Australia MD Mark Hatfield said Chevron’s support of the RCII reflected the company’s long-term commitment to the state.

“Over the past seven decades, we’ve been proud to partner with local communities in the Pilbara region and across Western Australia on projects and activities that support their wellbeing and prosperity,”  Hatfield said.

“In Onslow, the Wheatstone joint venture participants, led by Chevron as operator, invested more than A$250-million in social and critical infrastructure, and contributed more than A$11-million to local initiatives which have helped the town and region thrive.

“Our contribution to the RCII complements our ongoing social investment programme in Western Australia and enables us to support a greater number of worthwhile community and social initiatives that seek to make a positive difference for the people of Western Australia.”

Meanwhile, CME CEO Rebecca Tomkinson welcomed the establishment of the fund, saying the initiative was expected to attract investment from across the breadth of the industry body’s membership.

“The Western Australian mining and resources sector has a proud history of supporting the state’s economy and investing in local communities.

“Our members already help to fund health, education and other essential services around the state with the significant royalties they pay each year. These totalled more than A$25-billion over the past two State Budgets.

“In addition, our sector is committed to enrichening the lives of West Australians, from the 157 000 jobs we provide, to supporting local businesses and community groups across the regions in which we operate and now this targeted investment.

“This initiative provides yet another avenue for CME member companies to give back to the community by investing in iconic State infrastructure projects and community and social initiatives around Western Australia,” said Tomkinson.

“Several of the projects being funded initially will be instantly recognisable, including the Perth Zoo Master Plan, the Perth Concert Hall redevelopment and contributions to Telethon. Others may be less recognisable but equally exciting, including the Remote Aboriginal Communities Fund and the new Aboriginal Cultural Centre to be built on the banks of the Derbarl Yerrigan.

“CME looks forward to seeing the Resources Community Investment Initiative help build a better future for Western Australia.”
 

 

Edited by Creamer Media Reporter

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