In today’s talking points: Energy stocks the backbone of growth in Asian Exchanges; Bill Gates and China work on world-first nuclear technology; Bill Gates and China work on world-first nuclear technology; BHP looking for more copper; AUD 700 million solar, battery and pumped hydro project will power Whyalla steelworks
Energy stocks the backbone of growth in Asian Exchanges
Shares climbed in Asia-Pacific on the back of strong growth in energy and material stocks. Australian, Japanese and Hong Kong stock exchanges were all up by at least one percent. The ASX was especially impacted by the continued rally in commodity prices due to strong Chinese demand, iron ore prices rose 2.5 per cent after gaining 3.6 per cent on Monday. The energy segment gained 2.6 per cent while materials stocks were up 2.1 per cent.
Read more at: Financial Times
Bill Gates and China work on world-first nuclear technology
TerraPower, invested primarily by Bill Gates, and China’s National Nuclear Corporation have signed an agreement to develop a world-first nuclear reactor which uses the waste of other nuclear reactors. TerraPower chairman Bill Gates and Chinese premier Li Keqiang signed a joint venture agreement to create the Global Innovation Nuclear Energy Technology company, which will build a Travelling Wave Reactor and commercialise the technology. This joint venture aims to design and construct multiple nuclear power plants generating around 1150 megawatts over the next two decades which utilise this fourth generation nuclear technology, expanding on a joint technology agreement between the two businesses signed in 2015.
Read more at: The Sydney Morning Herald
BHP looking for more copper
With expectations that there will be an increase in demand for copper in the upcoming years, BHP wants to acquire more copper resources to add its global portfolio. The major mining corporation is confident about the future of copper due to the rising popularity of electric vehicles and renewable energy, which may have the possibility to significantly drive demand for copper. BHP currently owns a widespread of copper resources, including the Olympic Dam mine in South Australia and Escondida in Chile. The company hopes to build on this already established portfolio by increasing its exploration for copper in the near future.
Read more at: Australian Mining
AUD 700 million solar, battery and pumped hydro project will power Whyalla steelworks
Zen energy, a renewable energy company has agreed on a $700m solar, battery and pumped hydro project to power the OneSteel steelworks at South Australian town of Whyalla. This innovative energy project will be the largest solar and power storage investment in Australia. The project is proposed to deliver major industries on the Eyre Peninsula, including OneSteel Steelworks, one gigawatt of additional dispatchable renewable energy. The project will establish the first steps in South Australia’s ability to improve reliability and greatly reduce costs of electricity, providing competitive sources of power for other industrial and commercial users.
Read more at: The Guardian