Latrobe Valley Express Wednesday 1 June 2022

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WEDNESDAY, 1 JUNE, 2022

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SHOWERS

New owner takes over ULAB plant

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MOSTLY SUNNY

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Loy Yang A operator AGL has not ruled out bringing forward closure dates for its coal-fired power stations aft fter t proposed company demerger plans were quashed on Monday morning.

By MICHELLE SLATER

TRARALGON EXPORT’S BIG JOURNEY PAGE 2

DEMERGER SCUTTLED

By MICHELLE SLATER

LOY Yang A operator AGL has not ruled out bringing forward closure dates for its coal-fired power stations after its proposed company demerger plans were quashed earlier this week. AGL Energy issued an ASX statement on Monday morning saying it had withdrawn the proposed company split as the plan would not receive enough shareholder support needed to go ahead. It comes after 11 per cent shareholder

Mike Cannon-Brookes - through his company Grok Ventures - had been pressuring shareholders to vote against the upcoming demerger, planned for June 15. Four members of the AGL leadership team handed in their resignation, including board chair Peter Botten and company chief executive officer/managing director Graeme Hunt. The board stated it continued to believe the demerger offered the “best

CAR VERSUS BUILDING IN MOE PAGE 8

way forward” for the company and shareholders, but was in the “best interests” to withdraw the proposal. “AGL Energy believes the demerger proposal would have been supported by a majority of shareholders, both retail and institutional, many of whom are long term holders of AGL Energy shares,” the statement said. Continued on page 8

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AUSTRALIAN owned hazardous waste processing company Pure Environmental has taken over the Hazelwood North used lead battery recycling plant after it acquired shares in Chunxing Corporation. Pure had entered into a share sale agreement with Chinese plant vendors Chunxing, which will continue to commission the plant on Fourth Road. Chunxing will be providing equipment, technology and installation expertise to the project. Chunxing chief executive officer Dr Lakshman Jayaweera will remain in his role, and project managers Robin Krause and Florence Chen will also continue to support the project. “Pure have a successful track record, spanning decades in ULAB recycling and the broader resource recovery industry in Australia, through senior roles with Veolia, Pasminco, ARA, Toxfree and JJ Richards,” Dr Jayaweera said in a statement. “The additions to the board including senior representation from Pure as well as Pure’s Australian management team support will add a new depth of capability to the Hazelwood North project.” Pure was formed in 2021 and owns resource recovery operations in Western Australia and Queensland, including WestRex Services hazardous waste management. According to its website, Pure was “founded with the sole purpose of transforming Australia’s hazardous waste industry”. Pure founder Peter Goodwin has more than 25 years of experience in Australian resource recovery, including senior roles in Veolia, Toxfree Solutions, and 15 years with the BHP group. When built, the Hazelwood North plant will transform 50,000 tonnes of used car batteries into 28,000 tonnes of refined lead per year.

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www.latrobevalleyexpress.ccom.au


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