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2013
QUEENSLAND
RESOURCES INSIGHTS Beyond the boom
2014
CONTENTS
Section Page
WELCOME 3
1 MINING AND MINING SERVICES: a transitional phase 4
2 KEY CONSIDERATIONS FOR STAKEHOLDERS 5
3 COAL SECTOR OVERVIEW 6
4 GAS SECTOR OVERVIEW 10
5 HOW FERRIER HODGSON CAN HELP 14
6 OUR TEAM 15
2
WELCOME
March 2014 Queensland Resources Insights 2014 Welcome to Ferrier Hodgson’s Queensland Resources Insights 2014 (QR Insights). QR Insights aims to assist your understanding of the mining and mining services industry in Queensland, particularly the coal and gas sectors, which have a broader national context. We discuss industry nuances and the identification of risks and opportunities for you and your clients in the year ahead. Queensland is endowed with an abundant supply of high-quality natural resources, and its recent economic history has unsurprisingly been dominated by the mining boom. For a long time this has been sustained by global demand for coal and other resources-fuelled growth in Queensland’s heavily export-oriented mining industry. However, tough market conditions, rising inventory levels and slower growth in product demand for commodities, reflected in softer prices, have led to a structural shift in the mining and mining services industry in both Queensland and Australia. The coal sector has in recent times undergone a major transitional phase from investment to production, and the gas industry is set to follow suit when major Queensland LNG export projects come online in the next 12 to 24 months. As a result, operators must navigate through various challenges that require careful planning and consideration. However, identifying opportunities and assessing the risks can be a difficult proposition without the right analysis, tools and experience. QR Insights seeks to take a snapshot of the current state of, and outlook for, the Queensland coal and gas industries; to outline key considerations for stakeholders during the transitional period and beyond; and, most importantly, to identify the pertinent opportunities to take advantage of, and the risks to be minimised or avoided. Ferrier Hodgson advises many companies in the mining and mining services industry on business strategy and financial performance. As an industry leader in financial advisory and turnaround services, we undertake regular analysis of both large and small operators within the market. In May, Darren Weaver, who heads up our resources team in Perth, will be publishing our next report on Western Australian Resources Insights. We hope you find this publication useful. Will Colwell Queensland Practice Head 3
MINING AND MINING SERVICES: A transitional phase
INSERT
TRANSITION TO PRODUCTION
As projects have completed, and with a limited number of new projects to replace them in the investment pipeline, the spotlight has turned to Queensland’s output of coal, mineral and energy/gas commodities.
This represents a significant structural change for Queensland’s economy. The benefits arising from the investment phase were substantial, but realised over a relatively short period of time. In contrast, BREE notes the annual economic benefits flowing from the production phase may not be as large, but are expected to last much longer.
This in turn has shifted the focus of miners; cost-control, productivity improvements and efficiencies are now front of mind.
These considerations to some extent fell by the wayside over the past decade, in an environment of strong resources prices, mining “super profits” and a seemingly endless supply of capital inflows. There is clearly scope for productivity improvement, as demonstrated below.
INVESTMENT SLOWDOWN
It is clear that Queensland’s resources industry, in particular the coal and gas sectors, is in a period of transition from development and investment phase to production.
Increasing supply and inventories, lower commodity prices and rising production costs have created a more challenging investment environment. This in turn contributed to a decline in the number of projects moving through the investment pipeline.
The Bureau of Resources and Energy Economics (BREE) reports a decrease in the number and value of projects at the publicly announced, feasibility and committed stages of the investment pipeline in Queensland between April and October 2013. Furthermore, 80% of the $77b of committed stage projects comprises the three LNG projects on Curtis Island, near Gladstone.
BREE forecasts that the stock of committed projects will decline even more rapidly once these LNG projects reach the completed stage. This is anticipated to occur in the next 12 to 24 months.
BREE noted in its October 2013 update that 71 projects nationally had been delayed by a year or more in the previous six months.
Queensland investment pipeline snapshot: April to October 2013
Source: Bureau of Resources and Energy Economics
How do we get more for less?
Miners who are able to address this will best position themselves for future prosperity.
Innovation and technological progress will be major drivers of any improvement, which will have a flow-on effect for service providers.
0
50
100
150
200
250
Ind
ex
Growth in labour productivity, capital productivity and multifactor productivity in the Australian mining sector
MFP
Labour
Capital
Source: Bureau of Resources and Energy Economics
Decline in
projects from
29 to 24
Total project
value now
between $19b
and $26b, a
drop of between
$9b and $21b
Decline in
projects from
68 to 63
Total project
value now
$99b, a drop of
circa $8b
Decline in
projects from
21 to 19
Total project
value now
$77b, a drop of
almost $2b
Publicly announced
Feasibility Committed Completed
4
TWO STEPS FORWARD, ONE STEP BACK?
KEY CONSIDERATIONS FOR STAKEHOLDERS
Queensland’s rich endowment of high-quality coal reserves and significant gas resources has presented the state with strong prospects of one day becoming a key player in production and the export market.
However, this opportunity will not be without its challenges.
All stakeholders should ask themselves the following questions:
Organisation structure and labour force
Does the business have the right people and correct employee structure?
How flexible is the business’ employee structure during periods of lower rate of growth in demand?
For those businesses providing services to the miners, what labour force planning is being undertaken as miners move from development to production? The labour force required to maintain production is generally significantly less than that required for construction.
For example, Bechtel recently announced that it expects to cut approximately 2,000 of their 11,000-strong Curtis Island workforce in the second half of 2014 as a result of this transition.
Business processes and finances
In order to respond to increasing supply, rising inventories and falling prices, is management using innovative practices to increase operational efficiencies and productivity growth?
Does management fully understand the risks and potential impact on the business’ operating performance of the following:
‘Take or pay’ clauses
‘Termination for convenience’ clauses
Customer concentration
Market trends and foreign competition
Given the pattern of increasing development costs (particularly CSG and LNG projects) and falling commodity prices, does management have sufficient insight into cash flows and cost requirements?
Does the organisation have the structures in place to be able to readily respond to changes in the market? For example, North American shale oil and gas exports, or a shift in demand as a result of the slowdown in China’s economy.
Is management attuned to the increasing pressures on countries such as China to address environmental problems and the potential resultant implications on the Australian mining industry, in particular, coal? This will be an ongoing issue for all emerging economies in South East Asia.
Policy
Is more policy required in the push for cleaner energy?
Do rising domestic gas prices require policy intervention?
While the Government has no plans for a gas reservation policy, is one required, even if just for the transitional period from domestic to global supplier?
With the Federal Government’s ‘Energy White Paper’ due to be released in September this year, stakeholders should watch this space.
5
COAL While some miners have adapted their costs to the new paradigm, for a number of others, cash costs remain higher than revenue.
INSERT
In 2012-13, Queensland’s top four export destinations were Japan, China, India and Republic of Korea respectively.
This sector is currently transitioning from a high capital investment/development phase to production as newly developed projects come online and start production.
The production phase uses larger mining-specific equipment, as opposed to the smaller equipment used in civil construction.
CURRENT MARKET AND OUTLOOK
Market vulnerability
Coking and thermal coal prices have come back from a peak in 2011-12.
At the time of this publication, coking coal was trading at circa AUD$145 per tonne, and thermal coal at circa AUD$85 (spot rate) per tonne.
Although the rate of growth in demand for coking coal is slowing , it is still expected to be more robust than for thermal coal, as there are few viable substitutes for its role in steel production.
Thermal coal has uranium, gas and renewables as alternative energy sources.
Historically, Australia was a low-cost producer of coal, but this is not the case today, with a number of miners operating at a loss due to high costs of production.
Queensland has substantial high-quality coal reserves.
The Queensland and national economies have benefited from the growth of the resources sector following the GFC, in particular the significant investment phase of the mining cycle.
SECTOR PROFILE Since 2002 Queensland coal has accounted for over 50 per cent of saleable black coal produced in Australia.
Type 2009-10
($/tonne)
2010-11
($/tonne)
2011-12
($/tonne)
2012-13
($/tonne)
Coking $174 $230 $237 $158
Thermal $88 $97 $108 $89
Source: Bureau of Resources and Energy Economics
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
Saleable black coal production in Australia by state: 2001 - 2013
NSW QLD SA WA Tas
Source: Australian Bureau of Statistics, ‘Mining Operations, Australia, 2011-12’
Quantity (‘000t)
68.7 44.2
12.6
Inferred
Measured and indicated
Reserve
Queensland coal endowment tonnes (reserves and resources as at 30 June 2013)
Source: IntierraLive
6
COAL As investment in the sector continues to stall, limited work volumes are contributing to difficult trading conditions for allied service providers.
INSERT
Production
New mine capacity developed over recent years has been (and continues to be) commissioned at a time when demand growth has slowed, resulting in the world coal market becoming oversupplied.
Rather than reducing output in response to declining prices, many high cost producers have increased production in order to reduce their unit costs, and to alleviate cash burn resulting from take or pay contracts with downstream infrastructure providers. For example, production in the Bowen Basin is now exceeding pre-2011 floods tonnages.
Despite policy changes regarding coal use in response to environmental concerns and a push for cleaner energy, the relatively low cost and reliability of coal will mean its continued use, particularly in emerging economies.
Notwithstanding that the global trade of thermal and metallurgical coal is forecast to grow, the existing supply overhang is expected to limit the prospect of higher prices in the short- and mid-term.
Operations
Understanding the customer and supply chain is critical.
Larger operators are focusing on further cost-cutting and, interestingly, the delegations of authority have tightened further up the management hierarchy, with decisions now being made ‘off-site’ in a number of cases, or not even in the same country.
This tends to distort the old ‘relationship’ model to a ‘justification on merits’ model. Some would argue this is how it should always have been.
Investment
Ultimately, the investment pipeline is expected to remain subdued for the mid-term.
Below is a snapshot of notable changes in the coal sector between April and October 2013, illustrating the impact to the investment pipeline.
It is expected that projects in the publicly announced and feasibility stages will continue to be delayed or cancelled, and BREE data indicates an additional 16 projects (21 nationally) in the planning stages of the investment pipeline were delayed by a year or more in the above period.
The level of capital expenditure within the mining industry directly impacts the demand for mining services.
Accordingly, allied service providers will continue to face difficult trading conditions as they compete for limited work volumes.
15 projects in total
Three projects
totalling $8.5b
were dropped
39 projects in total
One project totalling
$180m was dropped
Start-up dates for 16
projects - totalling
$34b – were deferred
one year or more
Nine projects in
total
Four projects
totalling $46b
were completed
Queensland coal sector: Investment pipeline snapshot April to October 2013
Publicly announced Feasibility Committed
Source: Bureau of Resources and Energy Economics
Aurizon reported a 13% increase in coal
haulage volumes for the first half of FY14.
BHP recently reported no further investment in coal in the foreseeable future.
7
COAL Miners with diversified mining portfolios and service providers with an international focus will be better-equipped to take advantage of opportunities within the sector.
INSERT
Green and red tape
The Queensland Government has streamlined the approvals process, cut red tape, opened up new land and cleared a backlog of exploration permit applications.
It has also commenced a program that aims to harmonise and simplify current resources legislation.
Despite these measures, sentiment in the Queensland Exploration Council’s Queensland Exploration Scorecard remains that mining business involvement in Queensland rates more negatively.
In addition to state regulation, the Federal Government now has control over mining projects, where there is a project impact on water resources.
OPPORTUNITIES It is the miners with a diversified mining portfolio who will better manage increasing inventory levels, slower rate of growth in demand and declining prices, and subsequent cost-cutting.
Contractors must navigate region by region, and sector by sector, to identify opportunities opening up in operations, maintenance and facilities management, in order to offset an aggregate decline in construction and development work.
Service providers are also moving into vertical service streams; for example, equipment renters are moving to providing labour to operate the equipment.
Those service providers that are defying the downward trend are those that are more internationally-focused, attempting to buy time until the Australian sector picks up again.
As mining shifts into the production phase, the demand for mining equipment – requiring a minimum of one to two operators – is naturally decreasing.
However, it is estimated that between 1,600 and 2,000 pieces of “yellow gear” are currently sitting idle, with no immediate prospect of returning to use. As little as 18 months ago, this equipment surplus was non-existent, demonstrating the scale of the mining downturn’s impact.
Original equipment manufacturers are now offering financial incentives directly to resources companies to take new models, which is in turn placing pressure on the second hand (rental/disposal) market.
Mining services
Miners cutting budgets in order to protect and conserve cash resources can result in the hard pruning of operating expenditure budgets.
The decline in volume of operating expenditure is flowing through to have a direct impact on the demand for mining services, particularly in relation to:
Preventative maintenance - Resource companies shifting or relocating equipment from closed/shut down locations or shifting to breakdown maintenance only.
Equipment and machine hire - With companies seeking to sell unutilised equipment, or ‘parking up’ same until activity recovers.
High-cost/high-service contractors to the mining sector are currently bearing the brunt of the adjustment.
Additionally, there are adverse implications for the value of equipment which has been parked up, where cost-conscious miners and contractors divert maintenance budgets and use unutilised assets, deferring maintenance and further CAPEX.
8
COAL Miners and mining service providers will continue to face a number of challenges throughout 2014; a strain which is expected to flow through to all levels.
INSERT
RISKS The message is loud and clear that mine owners are seeking to improve their returns on capital.
In our view, this means that 2014 will be a continuation from last year for the mining and mining services sector.
Take or pay contracts will keep certain mines open, meaning that a number are, and will continue to be, operating at a loss.
Notwithstanding increasing production volumes, falling commodity prices will force miners to reduce costs without delay in order to maintain returns. Losses will be sustained without the flexibility to reduce costs quickly.
If China’s commitment to address its worsening pollution situation – a stance reinforced as recently as January 2014 – rings true, this will impact steel production and see increasing stockpiles, with a resultant further drop in coking coal pricing.
The reduction in mining investment will flow through to the construction, transport, accommodation, property, retail and manufacturing industries.
Recent examples of this ripple effect can be seen in the FY14 interim profit reports of Super Retail Group, whose BCF (Boating, Camping and Fishing) business has been buffeted as previously cashed-up mine workers feel the pinch, as well as Ansell, which supplies protective gloves to the mining industry.
Commercial property values in major metropolitan centres, particularly Brisbane and Perth, are also being affected, as the cost-cutting focus of miners turns to their head offices.
Machine and equipment hire businesses will be forced to rationalise operations as a result of mining companies suspending capital or expansion projects, or bringing more of their operations in-house. This will directly impact the demand for equipment/machine hire, and has already to a large extent.
This rationalisation increases the supply of equipment available on the second hand market. Consequently, the market for second hand heavy equipment is subdued, with the vendor having to accept a lower than expected sale price or wait a significant time period to realise the asset.
For lenders, there is a significant risk that their security position will be eroded where maintenance budgets are diverted away from equipment, and “parked up” equipment is cannibalised.
Strong competition and margin pressures will result in an increased risk that a number of mining service businesses will fail. This will be felt most keenly by the smaller operators with weaker balance sheets and greater customer concentration, however the larger companies are not immune; see, for example, the recent appointment of external administrators to Forge.
9
GAS The completion of three major LNG projects in the Eastern market over the next two years will propel the gas sector’s transition from development into production.
INSERT
Recent years have revealed unprecedented levels of investment in the development of LNG projects at Curtis Island.
The next 12 to 24 months will see a transition from the development to production phase of the lifecycle.
Notably, possible, probable and proven CSG reserves are now around four to seven times larger than conventional gas reserves.
In spite of these abundant reserves and high investments, no new LNG projects began construction during 2013.
Furthermore, new developments of CSG reserves in the Eastern gas market are not expected in the short-term due to:
A growing number of environmental and social tensions, particularly in relation to the CSG production process and associated risks.
High development costs
International oversupply concerns
Project Online date
Queensland Curtis LNG 2014-15
Gladstone LNG 2015-16
Australia Pacific LNG 2015-16
Source: Bureau of Resources and Energy Economics
In Queensland, the combination of long-term projections of rising international energy prices, together with rapidly expanding reserves of CSG, spurred the development of the three LNG projects at Curtis Island, near Gladstone.
Construction of three projects, including transmission pipelines to transport gas to the LNG processing and export facilities, will be completed over the next 12 to 24 months.
Nationally, gas is the largest energy resource after coal and uranium, and its production is projected to more than double between 2010 and 2020.
Although gas has traditionally been consumed in or near its country of production, international trade has grown due to large diameter transcontinental pipeline delivery and, more importantly for Australia, LNG, which allows for seaborne transport.
SECTOR PROFILE Australia has three gas markets in the east, west and north. Economic factors and vast geographical distances have kept these markets largely segregated, and this is not expected to change in the near future.
Queensland is part of the Eastern gas market, which extends to southern Northern Territory, northern South Australia, New South Wales and Victoria.
While the Eastern market has, for the last decade, consumed around 60% of Australia’s total domestic gas consumption, it has only accounted for 30 per cent of production.
Expect these numbers to change with the Gladstone LNG projects coming online over the next 12 to 24 months.
While the CSG debate has advanced to some
extent in Queensland, it remains a contentious issue in New South Wales.
10
GAS The domestic market will continue to experience volatility and price fluctuations, stemming from long-term contract cessation and international market pressure.
INSERT
Australia’s high construction costs
In Australia, LNG construction costs are among the world’s highest. Recent reports estimate that the breakeven cost of developing gas for CSG-based projects in Queensland has risen by up to $3 per gigajoule in the last five years, now sitting between $5 and $6 per gigajoule.
This has ultimately led to project investment being delayed or even cancelled.
CURRENT MARKET AND OUTLOOK
Domestic challenges
Over the past two and a half years alone, Eastern market gas prices have changed considerably. Long-term domestic supply contracts are coming to an end, which has placed pressure on price stability.
This volatility and higher pricing is expected to continue.
As the LNG projects come online, the once solely domestic market will transition into an international (export) market, leading to an unprecedented level of demand for gas.
The result is upward pressure on domestic gas prices, as the export prices on offer in the Asian market are likely to be more compelling to producers.
*Brisbane, Adelaide and Sydney figures reflect short-term trading price. Victorian figures reflect wholesale price February to December 2013 only. Source: Australian Energy Market Operator
0
10
20
30
40
50
60
(A$b) LNG project cost increases
Publicly announced stage Committed/completed stage
Source: Bureau of Resources and Energy Economics, Annual Research Workshop 2013
154%
301%
121%
250%
130%
39%
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
($/gigajoule)
Average monthly gas prices in the Eastern market, 2012-13
Brisbane Adelaide Sydney Victoria
Construction, commissioning, production:
LNG’s transition through these phases is likely to have
a similar impact on the gas sector as the coal mining
downturn.
11
GAS Capitalising on the market’s ample resources will be subject to controlling rising construction costs, and managing global supply and global prices.
INSERT
Export demand
Subject to the risks noted on the following page, China is now viewed as one of, if not the largest, growth markets for LNG, particularly given the move within China to address pollution issues.
From modest gas usage levels of around 50 billion cubic metres in 2005, China’s usage is predicted to skyrocket to up to 400 billion cubic metres by 2020.
Domestic supply and demand
The domestic gas market’s increasing exposure to international market prices, together with rising production costs, is likely to drive up domestic pricing and slow demand over the coming years.
The general forecast by analysts is a sizeable price shock for domestic gas when LNG exports commence in late 2014.
Investment
High development costs and foreign competition are placing further strain on decisions to invest in LNG projects.
Recent examples include:
BG Group, which stalled on a decision to add capacity to its $US20b Curtis LNG venture.
The LNG Ltd and Fisherman’s Landing LNG project, which is no longer proceeding.
The Arrow LNG project, the fourth at Curtis Island, which was delayed in late 2013.
Production capacity
Over the medium-term, gas production capacity is forecast to increase, driven by export demand.
As at October 2013, BREE projected a dramatic increase in Australia’s LNG production capacity from mid-2014. However, with a number of projects already subject to delays, this projection is likely to change substantially.
Increase in Asian demand Rising production costs
Domestic wholesale gas prices
Domestic demand
0
100
200
300
400
500
2005 (Actual) 2011 (Actual) 2015(Projected)
2020(Projected)
(bcm) Projected gas use in China to 2020
Source: Bureau of Resources and Energy Economics Gas Market Report, October 2013
0
20
40
60
80
100
120
140
2014 2015 2016 2017 2017+ 2018+
(Mtpa)
Outlook for Australia's LNG production capacity as at October 2013
Proposed
Feasibility stage
Underconstruction
Existing projects
Source: Bureau of Resources and Energy Resources and Energy Major Projects, Canberra, October 2013
3 projects
8 projects
4 projects
5 projects
12
GAS Without strategic risk management, gas suppliers and producers could find themselves in a similar position to coal miners and service providers: operating at a loss.
INSERT
RISKS Significant further exploration and development is required in order to ensure sufficient gas production to meet demands after 2023.
High construction costs are threatening prospects for further investment in the LNG industry, amid competition from rival suppliers; for example, North American shale oil.
During the 2014-15 transition period of moving from a domestic to international market, it is possible that price could overshoot export parity until there is sufficient supply to correct.
Higher domestic prices could potentially change both large and small consumers’ preferences for gas.
Gas-fired electricity generation plants may be deferred or cancelled, and large manufacturing and industrial operations as well as residential consumers may seek cheaper energy sources.
It appears this is already becoming a reality. In February 2014, Queensland government-owned Stanwell announced that it would mothball its gas-fired Swanbank E power station in October 2014 – for up to three years – in favour of reopening one of its units at the coal-fired Tarong power station.
Separately, a risk to increasing export demands is the Asian market – in particular, China – seeking to exploit local opportunities and mirror the US shale oil benefits.
The Chinese Government is prioritising its approvals and offering incentives to boost growth in this area.
BREE also predicts a price increase in the short- to medium-term for the Eastern gas market, particularly in Queensland, reflecting a tightening market associated with competition for gas resources, as well as uncertainty among market participants.
Analysts expect prices to return towards production costs once all Queensland LNG projects are operating and fully producing from their own reserves, but this is not anticipated to occur until 2019-20.
OPPORTUNITIES Australia has ample gas resources to meet both domestic and export needs – the challenge is overcoming regulatory, community and environmental issues, and rising development costs.
Provided this can be achieved, expanding capacity via the Eastern gas market’s substantial reserves could help to reposition Australia as the world’s leading LNG exporter – a status the nation is already on track to achieve within the next four years.
Furthermore, with shale gas exploration poised to drive a new surge of development, Australia’s number six ranking in global recoverable shale gas resources is all the more advantageous.
While Australia’s shale gas plans are generally in their infancy and face significant challenges, some miners have made headway, with Santos already producing gas from its CSG Moomba-194 well.
Aside from North America, Australia is placed well ahead of the top five countries in global recoverable shale gas resources (China, Argentina, Mexico and South Africa) in terms of progress towards extraction of these reserves.
13
HOW FERRIER HODGSON CAN HELP
As a leading independent financial advisory and restructuring provider, we solve complex problems with commercial solutions. Our knowledge of, and access to, the mining and mining services industry is unparalleled.
Services
Experience
Strengths
Specialisation
Value chain analysis
Due diligence
Financial modelling
Strategic and operational
analysis
Contingency planning
Performance improvement
Business cash flow reviews
Contract compliance and
payments verification
reviews
Fraud and misconduct
investigations
Forensic IT investigations and
reviews
Loss quantification for
dispute resolution or
insurance purposes
Financial advisory and
restructuring
Turnaround and interim
management
Investigating accountant
reviews
Deep understanding of the
interaction of operations,
cost structure, tax and
stakeholder issues to
maximise returns for
stakeholders
Track record in quickly
identifying and responding to
operational issues, including:
Mining methods
Project evaluation
Productivity analysis
Contract analysis
Mine profitability
Forecast cash flow
modelling and sensitivity
analysis
Advised secured lenders on
numerous mine and mining
service provider assignments
Experience in dealing with
senior lenders of financially
distressed miners and mining
service providers, including
being the effective conduit
between lenders and
directors
Situational expertise with
outstanding experience and
credentials in stressed,
distressed an insolvency
situations
Independent, objective and
trusted
Deep knowledge of the Asian
market
Senior professionals with
extensive relevant
experience
Dedicated team committed
to each assignment
Extensive working
knowledge of mining and
mining services sectors
Deep experience in the
resources industry
Strong operational and
commercial experience
Ability to provide immediate
interim management roles,
including senior leadership
role and finance role
Dedicated national resources
team
Forensic methodologies
tailored to industry risks and
issues
14
OUR TEAM
Will Colwell
Partner
+61 7 3834 9205
+61 417 789 205
www.ferrierhodgson.com
Our Mining and Mining Services team combines the corporate restructuring skills and sector knowledge to meet your specific requirements. The team has the relevant experience to assist you in understanding the available options, agree solutions and successfully manage any implementation in a timely manner.
QUEENSLAND
NATIONAL
Robert Malt
Director
+61 7 3834 9243
+61 416 264 317
Andrew Rodgers
Mining and Mining
Services Specialist
+61 7 3831 4833
+61 412 429 856
Martin Jones
Partner, Perth
+61 8 9214 1444
+61 418 919 403
Peter McCluskey
Partner, Melbourne
+61 3 9600 4922
+61 419 303 302
Darren Weaver
Partner, Perth
+61 8 9214 1444
+61 418 919 444
Stewart Howe
Mining and Energy Specialist,
Melbourne
+61 3 9600 4922
+61 410 479 005
Tim Michael
Partner
+61 7 3834 9228
+61 412 090 170
15
Morgan Kelly
Partner, Sydney
+61 3 9286 9874
+61 416 007 175
