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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden) -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (1578)	4/4/2000 11:47:00 AM
From: Tomas	Read Replies (1) \| Respond to of 2742

PNG gas project: Smelter project makes Gladstone gladder CourierMail, April 4 MINING giant Comalco expects to begin construction of its massive $1.4 billion alumina refinery at Gladstone as early as October, delivering an 1150-job boon to the state economy. Comalco confirmed yesterday it had chosen Gladstone over a competing site in Malaysia for a project tipped to start an industrial boom along the Queensland coast. The refinery would add $500 million a year to the Queensland economy, boosting the state's gross product by 0.5 percent and providing 700 construction jobs and eventually 450 full-time jobs. It also will enhance the viability of plans by United States energy giant Chevron to build a $2 billion pipeline from the rich gas fields in Papua New Guinea down the Queensland coast. Comalco chief executive Terry Palmer said the Comalco board would be asked to give its final approval to Gladstone about September following completion of further studies. Construction could begin almost immediately after the board decision. While the Commonwealth Government and State Opposition welcomed the news, the powerful Australian Manufacturing Workers Union said Comalco would order many of the components for the refinery overseas, denying Queenslanders an extra 12,000 jobs. Under the agreement with Comalco, taxpayers will provide $250 million in incentives ? $150 million from the state and $100 million from the Commonwealth. Premier Peter Beattie said the incentives related mainly to provision of infrastructure like roads and other services. "It's a massive $1.4 billion vote of confidence in Queensland by one of the world's largest companies," Mr Beattie said. "Queensland is the growth state of Australia. It's where things are happening in this country. "It will be a major catalyst for industrial development all the way along the Queensland coastline." Jubilant state and local government officials said the refinery would provide many business opportunities and expand existing local industries. thecouriermail.com.au