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25 August, 2020

Boost for local Cassowary Coast business

During tough economic times one Cassowary Coast business has received a much needed boost with the reduction in their monthly electricity running costs.

NIBF operations manager Joe Vecchio and Member for Hill Shane Knuth at the foundry in Innisfail.

Cassowary Coast based business Northern Iron & Brass Foundry Pty Ltd (NIBF) has had a second win this year after they were approved to move to a new lower cost electricity tariff saving them thousands.

The increased cost of electricity was a huge concern for NIBF and the viability of their future.

Earlier this year, NIBF was granted a 70 per cent exemption from the Waste Levy but they were still concerned about the rising cost of electricity.

After raising the matter in parliament twice and holding a number of meetings, Member for Hill Shane Knuth said he was excited by the announcement to help the Cassowary Coast’s second biggest employer.

“This is great news for the Innisfail region and the employees of NIBF,” Mr Knuth said.,

“It is very important to retain these jobs with the flow back to the community and the local economy essential.

“It is companies like NIBF that provides local jobs and sponsors community groups.”

Depending on electricity usage, NIBF will save between $25,000 + GST to $30,000 + GST per month which is between $300,000 + GST to $360,000 + GST per year.

NIBF operations manager Joe Vecchio said this had been seven years in the making.

“Our electricity bill is normally hundreds of thousands of dollars. This will drop our cost by about $300,000 a year or $25,000 a month,” Mr Vecchio said.

“The government has finally listened and given us a good outcome.”

He said the boost of morel within the foundry was proof enough that this was what everyone needed.

“I have seen our July bill and it confirms that it is correct.

“It has given everyone a moral boost at a time when everyone is doing it tough due to COVID and the economy downturn.

“It is good to have positive news in this pandemic.”

Mr Vecchio said in the future if they can keep their costs down it would means they could be more competitive with their overseas imports and it would see them come out the other side of the current economic crises stronger.

“Thank you to Shane and his staff because they have persistently lobbied for us,” he said. 

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