Editor’s Letter

Updates on recent developments in the energy production, manufacturing, science, and finance industries drew our attention this quarter. We start with Beach Energy who recently announced the first two wells of its offshore Otway Basin campaign - Geographe 4 and 5 - were connected to the Otway Gas Plant and are now delivering gas into the East Coast market following the completion of the commissioning phase. The new wells effectively double the Otway Gas Plant production capacity which now has the well capacity to deliver 180 TJ/d.

Beach Energy Acting CEO, Morné Engelbrecht said the connection of the Geographe wells is an important step towards delivering on Beach’s growth targets at a time when the East Coast Gas market is potentially facing shortfalls as early as 2023. “Achieving first gas from these Geographe wells is an important milestone for Beach as it represents the first gas from our first ever offshore drilling campaign,” Mr Engelbrecht said. “This represents one of the first key building blocks towards our production growth target of 28MMboe in FY24.

Austin Engineering Limited has been selected by the Western Australian (WA) Government for a grant of up to $5 million to boost its advanced manufacturing program at its Perth-based operations in Kewdale. The grant funding has been allocated under the Government’s Investment Attraction Fund (IAF), which was announced in March 2022. The grant will support greater automation and production efficiency in Austin’s manufacturing facilities in Perth as part of the continued rollout of Austin’s global advanced manufacturing plan.

The Company launched the program in 2021 under the Austin 2.0 strategy to transform the business through increased efficiency and capability across its major mining equipment production facilities. The program has involved upgrades to its manufacturing equipment and processes in Perth using the latest technology and innovation to streamline and increase production and improve quality.

Climate change, clean energy and sustainability, building low emissions technologies and developing ethical artificial intelligence are some of the challenges being tackled by CSIRO, Australia’s national science agency, and the United States National Science Foundation (NSF) under a multi-million-dollar partnership. The recently established partnership between the two leading science organisations is aiming to accelerate joint research and initiatives in areas of mutual priority between Australia and the United States.

CSIRO Chief Executive Larry Marshall said the two leading science organisations have already enabled a number of opportunities across the two countries in only a year, launching this month an AUD$100 million Global Centers initiative, partnering in the areas of responsible and ethical Artificial Intelligence (AI) and developing sustainable materials for global challenges. “As national science agencies, CSIRO and the NSF are working together to build international bridges for national benefit, strengthening our science and innovation to improve lives around the world,” Dr Marshall said.

China’s gold reserves continued to rise January 2023. China imported 157t of gold in December 2022, a m-o-m rebound of 18t. With COVID-related border controls softening, international flights saw a notable bounce compared to previous months, making importing activities more convenient. Meanwhile, the still-elevated local gold price premium, albeit sliding from previous peaks, might be another contributor. This brings the annual total to 1,343t, a 64% y-o-y rise and the highest since 2018. 2022 has been a tale of two halves. On- and- off lockdowns in major cities during the first half suppressed local gold demand and imports. As COVID-controlling measures eased and the local gold price premium rose to a multi-year high, imports during the second half jumped.

Best regards

Len Fretwell

Len Fretwell Publisher/Managing Editor

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