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By Simon Hartley

The share price for Steel & Tube yesterday hit a new low after the company released a downgrading of its financial guidance.

Includes following attachments:
- STEEL & TUBE REVISED GUIDANCE FOR FY18 (263.9 kilobytes)

A senior executive of Genesis Energy will soon be leaving the company to take up another position.

An important step has been taken for new free trade negotiations between the European Union and both New Zealand and Australia.

New Zealand had some pain during the global financial crisis but did better than several other companies. The RBNZ has looked at some of the monetary mechanisms used by other central banks.

Includes following attachments:
- RBNZ Bulletin Vol.81, No.4 May 2018 (683.4 kilobytes)

The cost of running the new Pike River Recovery Agency is mounting and it a recommendation proposed by consultants is taken up then the allocated budget could be exceeded, but it could reduce the re-entry risk.

The NZAS-listed wind turbine company Windflow Technology, which has been on thin ice on its finances in recent times, has been censured by the New Zealand Stock Exchange.

A meeting in Invercargill was told that lines company Transpower sees Southland as being pivotal in the future supply of renewable energy.

Melbana Energy has short term promise from the Puka gas project in the Taranaki, but adding to its Cuba project now has a more positive position in a big gas and oil play in offshore Western Australia.

Includes following attachments:
- Melbana Beehive 3D Seismic Survey (575.1 kilobytes)

Air New Zealand has begun court action against two of its fuel suppliers as a result of the pipeline rupture near Marsden Point late last year that caused major disruption to air travel from Auckland.

Recent News

Gold News

Though New Zealand’s gold output may be seen as a mere pimple compared to that of Australia, A March quarter gold report showed the Waihi operations on the North Island figured well.

Expanding gold producer OceanaGold last night gave notice of changes to performance rights plan at next month’s annual meeting.

While the number of listed companies exploring for gold in New Zealand is small, the booming scene in Australia is seeing many of the producers operating with healthy hedge books.

OceanaGold accepted its responsibility for an underground accident in mid-2016 which claimed the life of an operator at one of its mines in Waihi.

A big Australian investment conference was told by OceanaGold last week that a strong investment in exploration would provide the pillars for ongoing success.

Oil & Gas News

With the political hullaballoo created on domestic petroleum exploration, a Government department has detailed the country’s established gas reserves.

The Government’s decision to allow regional taxes on petrol may provide fuel for a political backlash, particularly if the bowser price hits $3 a litre.

An international oil and gas website has detailed the action of the New Zealand Government in banning future offshore oil permits, pointing out the small size of the industry in global terms, but its importance for local jobs.

The Taranaki region which was unimpressed with the ban on future offshore exploration permits by the Government is also claiming the Budget has overlooked the proposal of providing a royalty from oil and gas production.

Planned exploration work and the improving oil price is seen as lifting the exploration tempo next year.

Coal, Lignite & CSG/CBM News

The Pike River Mine Recovery agency has detailed some of the issues at it prepares for a team to ender the damaged coal mine to attempt the recovery of remains of some of the miners who perished.

Bathurst and its joint venture partner have been rectifying some production and manning issues on two coal mines that were acquired on the North Island.

Experts held their first meeting this week to map out a blueprint for re-entry into the Pike River coal mine.

The March quarter produced positive performances for Bathurst Resources and its BT Mining joint venture mines.

The mining lobby Straterra has spoken up on the important and potential future use of New Zealand coal, particularly coking coal for export.

Other Metals & Minerals News

The departing New Zealand Associated Smelters chief, who is moving to the North Island to run NZ Steel, has had some sound comments about the country’s need to provide sustainable power for heavy industry.

There will be a strong focus on the New Zealand bourse today with the anticipated resumption of trading by Steel & Tube Holdings which is expected to provide a new profit guidance for FY2018.

A change has been made to the funding mandate agreement between Nautilus Minerals and its financial advisor.

The key factor behind BlueScope Steel increasing its half year guidance was not operations in Australia or New Zealand but in Ohio in the United States.

Imported Chinese steel is the subject of an legal appeal by the country’s sole steel maker New Zealand Steel.

Renewable Energy News

One market watcher believes Trustpower with its series of small hydro power stations was one of the effective operators in the NZ energy market.

The Carterton area of the Wairarapa is set to become what is being touted as New Zealand’s first solar farm cooperative.

The acquisition of a large block of shares in Tilt Renewables by Mercury NZ has not only seen a new cross pollination of equity in Kiwi energy companies but also resolved a potential headache for Tilt’s original parent Trustpower.

Downer EDI has won a new contract in the renewables sector area, this time building a solar farm in New South Wales.

Shareholders in one of the larger wind farm operators in Australia and New Zealand are seeing what happens to cash flow when the wind stops.

Environment News

The Government’s increased spending now takes in a stronger war on predator pests.

Recent heavy rain has opened up more areas in what is known as Earthquake Flat near Rotorua which has activated the interest of volcanologists.

The Environmental Protection Agency says it is enquiring into the costs of dealing with hazardous materials which may prove to be a lever for increasing handling charges.

The last thing residents of Kaikoura would have wanted to feel was another earthquake. They felt a nasty jolt in the early hours of Tuesday.

A major mouse-eradication problem on Antipodes Island will allow help bird life to thrive again on this remote New Zealand dependency.

Education, Science & Technology News

Kiwis of a reasonable age would remember the Inangahua quake on the West Coast and what we have learned 50 years on is how dramatic the improvement has been in seismic reporting and knowledge.

Two moderate earthquakes were felt on the north eastern side of the South Island at the weekend, hitting towns that had suffered badly from more severe jolts in the past.

One of the largest submarine volcanoes in New Zealand waters will be drilled and probed by a scientific expedition with a strong home country contingent.

An American science study on super volcanoes may have been prophetic given the attention now being given to a volcanic eruption in Hawaii.

A prominent figure in Canadian geoscience will be speaker at an AusIMM function in Christchurch next week.

Economics, Politics & Government News

Research and development funding was almost an aside in Budget 2018, though its importance to the future economic growth of New Zealand is undeniable. Columnist Dene Mackenzie reports on the reaction to the changes.

The oil and gas industry is fuming over the political measures taken by the Government. Now the farming sector is getting angry over the Government approach.

The first Budget of the Ardern Coalition Government did spread the promised largesse but our political commentator believes it could have done more.

An employer group on the South Island has taken issue with comments made by the WorkPlace Relations Minister on television.

Thursday, today, is the first Budget day for the new coalition Government and Dene Mackenzie says it has been tagged with “Great Expectations” but it may not reach the heights many are seeking.

Other News

Latest data shows there has been a higher number of migrants returning to their old countries, with a prime factor being seen as the completion of studies.

Government ministers, business people and farmers will be anticipating a positive announcement on a free trade agreement by this morning between the European Union and New Zealand and Australia.

Downer and its controlled associate company Spotless Holdings have restructured their debt.

A prominent bank economist sees New Zealand’s business scene captive to major trade war issues as well as the Government needing to monitor issues.

Fletcher Building has dug itself out of a big financial hole from a series of major construction jobs undertaken at fixed prices in New Zealand.