While some of the nation’s richest are investing in minerals crucial to renewables technologies, others are still obsessed with fossil fuels.
In Perth, the city’s three leading billionaires — Gina Rinehart, Kerry Stokes and Andrew Forrest — are indulging in a bit of financial oneupmanship that says a lot about Australia’s energy transition, as well as the negative or positive role the super-rich are playing in it.
Media reports at the weekend suggest iron-ore billionaire Forrest likes the look of Chalice Mining’s world-class Julimar nickel, copper, platinum, palladium, gold and cobalt prospect northeast of Perth, and is trying to get his hands on a sizeable chunk held by former chair Tim Goyder. Goyder stepped down as Chalice’s chair 14 months ago and mid-year sold $30 million in company shares after buying a house in exclusive Peppermint Grove for $17 million.
Chalice’s Julimar prospect has massive potential in a world of accelerating renewable investment. A massive strike at Gonneville has revealed the biggest sulphide nickel find in the world this century and the biggest discovery of palladium, platinum and gold (called a 3E combination) in Australian history.