Construction of Australia’s first large-scale waste-to-energy facility will start this month in Kwinana after investment groups Macquarie Capital and DIF bought the Phoenix Energy project. Once completed at a cost of $668 million, the Kwinana facility will transform waste treatment in Perth.
Wall Street's major indexes have edged lower in a choppy session after the US Federal Reserve showed broad agreement on the need to raise borrowing costs further, cementing investor concerns that had cause a major sell-off the week before.
Oil prices have fallen with US futures settling below $US70 a barrel for the first time in a month, after US crude stockpiles rose 6.5 million barrels, almost triple what analysts had forecast, while exports dropped.
The Australian share market has plugged into Wall Street's overnight surge to lift at the open, gaining nearly one per cent with help from banking, energy and healthcare stocks, however the resources sector has lost some of its lustre.
Oil prices have edged up in cautious trade as expectations of higher US shale output and inventories vied with worries that crude supply from the Middle East could be disrupted by looming US sanctions on Iran and growing tensions with top exporter Saudi Arabia.
Stocks across the world have bounced back, supported by strong earnings results and expectations, while oil prices rose as evidence of higher US production was overshadowed by concerns about supply from Iran and Saudi Arabia.
Alinta has received regulatory approval to build a transmission line linking the Roy Hill mine to Fortescue’s Cloudbreak and Christmas Creek mines, a move that would enable the iron ore miner to continue its shift away from diesel power.