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Formal NAIF publication of Investment Decision

Onslow Marine Support Base, Western Australia

On 29 September 2017 the NAIF Board made an Investment Decision to offer a Financing Mechanism in relation to  the Onslow Marine Support Base in  Western Australia. It will provide supply and support services for onshore and offshore businesses such as logistics, fuel suppliers, waste management, and construction and maintenance companies in the Carnarvon Basin.

For the purpose of Section 17(2) of the Investment Mandate details of that decision are:

Name of project proponent: Onslow Marine Support Base Pty Ltd

Goods/services involved: Development of a marine supply facility including wharf and harbour expansion

Location: Beadon Creek Onslow, Western Australia

Type of Financing Mechanism: loan

Amount of Financing Mechanism: up to $16.8m

All conditions precedents were met on 7 June 2018 with initial drawdown of funds being made 7 days later on 14 June 2018.

Humpty Doo Barramundi Pty Ltd, Northern Territory

On 3 May 2018 the NAIF Board made an Investment Decision to offer a Financing Mechanism in relation to the Humpty Doo Barramundi Pty Ltd stage one expansion of its barramundi farm in the Northern Territory. The first stage of the expansion being financed by NAIF includes a solar farm, medium fish nursery and processing equipment.

For the purpose of Section 17(2) of the Investment Mandate details of that decision are:

Name of project proponent: Humpty Doo Barramundi Pty Ltd

Goods/services involved:  Development of a solar farm,  a medium fish nursery, processing equipment and adult fish feeding systems.

Location: Humpty Doo, Northern Territory

Type of Financing Mechanism: loan

Amount of Financing Mechanism: up to $7.18m

Financial assistance to the project is subject to a number of conditions.

James Cook University, Queensland

On 15 June 2018 the NAIF Board made an Investment Decision to offer a Financing Mechanism in relation to James Cook University for the purposes of funding of the Technology Innovation Complex, as part of a larger Enterprise Bundle which has a total project value of $174 million.

For the purpose of Section 17(2) of the Investment Mandate details of that decision are:

Name of project proponent: James Cook University

Goods/services involved:  Building of a Technology Innovation Complex, a 10,000m2 centre for students, industry partners and researchers.

Location: James Cook University Townsville Campus, Townsville, Queensland

Type of Financing Mechanism: loan

Amount of Financing Mechanism:  up to $98.0m

Financial assistance to the project is subject to a number of conditions.

Pippingarra Road Upgrade, Western Australia

On 2 August 2018 the NAIF Board made an Investment Decision to offer a Financing Mechanism in relation to Pilbara Minerals Limited for the purposes of upgrading the Pippingarra Road, a public road located south of Port Hedland, Western Australia, which would be heavily used by Pilbara Minerals Limited, resource businesses and nearby pastoral stations whilst remaining available for public use.

For the purpose of Section 17(2) of the Investment Mandate details of that decision are:

Name of project proponent: Pilbara Minerals Limited

Goods/services involved:  Upgrading the public Pippingarra Road

Location: Pippingarra Road, running south from an intersection with the Great Northern Highway to the east of Port Hedland, Western Australia

Type of Financing Mechanism: loan

Amount of Financing Mechanism:  up to $19.5m

Financial assistance to the project is subject to a number of conditions including the finalisation of the Western Australian Government’s consideration and agreement for the approved funds to be advanced.

Process for publication of NAIF Investment Decision Information

Under the Northern Australia Infrastructure Facility Investment Mandate Direction 2018 (the Investment Mandate) an:

  • Investment Decision means a decision by the NAIF Board to offer, or not to offer, a Financing Mechanism for a project.
  • Financing Mechanism means a loan or any grant of financial assistance as determined by the responsible Minister in accordance with section 11 of the Investment Mandate.

Section 17(2) of the Investment Mandate provides that within 30 business days of making an Investment Decision, NAIF must publish information regarding the transaction on its website, subject to commercial confidentiality including:

  • the name of the project proponent
  • the goods/services involved
  • the location
  • the type of Financing Mechanism
  • the amount of the Financing Mechanism

Responsible Minister’s Consideration Period

Under Section 11(2) of the Northern Australia Infrastructure Facility Act 2016 (the NAIF Act) if NAIF proposes to provide financial assistance, NAIF must give to the responsible Minister written notice of the proposal (proposal notice).

Section 11(3) of the NAIF Act provides that the Minister’s consideration period is:

(a)  unless paragraph (b) applies – the period that ends 21 days after the proposal notice is given; or

(b) if, within that period of 21 days, or that period as extended, the Minister requires by written notice given to the Facility an extension of that period – that extended period, which must end not later than 60 days after the proposal notice is given.

Section 11(4) provides that at any time during the Minister’s consideration period, the Minister may notify the Facility in writing (the rejection notice) that the financial assistance should not be provided.

Section 11(5) provides that the responsible Minister may give the rejection notice only if the Minister is satisfied that providing the financial assistance would:

  • be inconsistent with the objectives and policies of the Commonwealth Government;
  • have adverse implications for Australia’s national or domestic security; or
  • have an adverse impact on Australia’s international reputation or foreign relations.

Section 12 provides that if the Minister decides that financial assistance should not be provided:

  1. A rejection notice must be accompanied by the Minister’s written reasons for the notice.
  2. Within 20 sitting days after the rejection notice is given, the Minister must table the notice in each House of the Parliament.

(note: the rejection notice must also be included in the NAIF’s annual report)       

Relevant Jurisdiction Consultation

Under Section 13(4) of the Investment Mandate NAIF must not make an Investment Decision if at any time the relevant jurisdiction provides written notification that financial assistance should not be provided to the project.

Under Section 13(2) of the Investment Mandate the relevant jurisdiction is defined as:

(a) the State or Territory the infrastructure project is located in for single jurisdiction Investment Proposals; and

(b) for Investment Proposals that cross jurisdictions, it is all jurisdictions where the project takes place.