Already a subscriber?The chief executive of explosives giant Orica, Sanjeev Gandhi, is getting a little tired of hearing about the Albanese government’s much-hypedIf we don’t, building tomorrow’s manufacturing sector that the government is so fixated on will be very difficult, he says.Oscar ColmanLabor’s pledge to keep gas as part of Australia’s energy mix till 2050 and beyond
The $12 a gigajoule cap on gas introduced by the government in 2022 is no longer working, Gandhi says, in part because gas retailers were not part of the arrangement, and also because the government has allowed so many exceptions.Gandhi says he can buy gas for $4 a gigajoule in America. The discrepancy is already shaping Orica’s future capital allocation decisions.
So while he’s keen to see more detail on the government’s proposals. Gandhi says action is needed now to bring prices down. That will allow him to keep producing what he describes as “precious” products for Australian industry, and keep funding the investment in the decarbonisation of his operations.The strength of Orica’s results across its operations – every geography in its core blasting business increased earnings, as did its burgeoning digital solutions business – will be welcomed by investors, who’ve pushed the stock up almost 27 per cent since the global equity rally started last November.
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