Queensland business briefs: Your daily Sunshine State update
The latest business news on Genex, Collins Foods, Sayona, Terracom, Red River, ALS, Medcan, Tritium, Leaf, QPM, Revolver, IntelliHR, EQ Resources, Coronado, Revolver, Domino’s, QSuper, Thiess, Genex, ReNu and Sims,
All the latest news on Queensland companies. (Photo: Unsplash)
Genex gets plugged in
Dec 23: Genex has struck an agreement with Powerlink giving it an access agreement for the Bouldercombe battery project near Rockhampton which will allow it to be connected to the national electricity market.
The deal means the battery was a committed generator.
Once connected Bouldercombe would provide frequency control ancillary services which would also allow for the further deployment of renewable energy projects in Queensland.
Collins snaps up “turnaround” director
Dec 23: Collins Foods has appointed former McDonalds and Guzman y Gomez executive Mark Hawthorne to the board as an independent, non-executive director.
Collins said Hawthorne has a history of boosting profits and led GyG from being a start-up to a point where it had doubled its outlets, employees and revenue.
Sayona aims for expanded resource
Dec 21: Lithium company Sayona Mining has completed a staggering 2021 with a plan to expand the resource at its Quebec projects.
So far this year, the Brisbane-based Sayona’s share price has increased more than 1000 per cent.
Today the company said it would start a new drilling program at the Moblan lithium project in northern Quebec that would include 55 drill holes totalling 9000 metres.
Managing director Brett Lynch said the company had just wrapped up its 60 per cent investment in Moblan and was moving quickly to expand the resource.
Noble moves onto board
Dec 20: Fiji Kava has moved chief executive Anthony Noble into the role of managing director.
The company said in Noble’s first quarter as CEO, the company achieved record revenue.
It is now expecting increased demand and supply chain volatility so it is investing in building a strong inventory.
Armour picks up a CFO
Dec 20: Craig Gouws has been appointed chief financial officer at Armour Energy.
Most recently he was CFO of Warrah Society, in Sydney, but also held roles at InfraStrata and Carbon Energy.
Blair Athol sold out until May
Dec 20: Terracom’s Blair Athol coal mine has sold sold all its cargoes from the mine until May next year.
Terracom said it had recently finalised the sale of four cargoes of 320,000 tonnes in total to Japan.
Thalanga’s $20m sting
Dec 20: Red River has revealed to has paid $19.94 million to settle a royalty dispute with Thalanga Copper Mines, following the dismissal of an appeal last month.
Red River inherited the royalties liability through to acquisition of the Thalanga project in 2014. The payment means there in no ongoing royalty obligation.
ALS buys western business
Medcan to pay divs
Dec 17: Medcan Australia, a Brisbane-based medicinal cannabis company will pay its shareholders a dividend 19 per cent of the net operating profit after tax.
Medcan Australia chief executive Craig Cochran attributes the company’s ability to produce a dividend to its business model and patient-first philosophy.
Revenue increased by 493 per cent in the 2020-21 fiscal year, exceeding forecasts by 26 per cent.
At the end of that fiscal year Medcan Australia achieved a 31 per cent EBITDA and a net profit after tax of 17 per cent.
“We are pleased shareholders will see a return, with some more than tripling their investment in just 12 months,” Cochran said.
Tritium sells 110 chargers to UK
Dec 17: Brisbane based Tritium, a global developer and manufacturer of direct current fast chargers for electric vehicles , will supply 110 rapid chargers to Osprey Charging Network, one of the fastest growing UK-wide networks of rapid EV charging points.
Aimed at increasing access to rapid and reliable charging infrastructure in car parks, retail locations and along major transit routes, the 110 chargers are expected to be added to 40 new charging destinations, increasing Osprey’s network by 25 per cent.
Leaf Resources counts the costs
Dec 16: Leaf Resources said the recent explosion at its Apple Tree Creek site, near Bundaberg, has damaged up to 15 per cent of the infrastructure.
It said a visual inspection had confirmed the extractor and control rooms were damaged beyond repair and would need a full reconstruction.
The site was still without power and a full determination of the damage would only be completed when it was reconnected.
QPM gets funds
Dec 15: QPM’s plans for a major nickel refinery project in Townsville have been boosted by a $30 million capital raising and a conditional agreement for $250 million in debt funding.
The debt support comes from the Export Finance Facility and the company said it was still negotiating with the Northern Australia Infrastructure Facility for further debt.
QPM said it had also received eligibility letters and expressions of interest from nine Australian and international banks and three offshore export credit agencies.
The next step for the EFA funding was due diligence.
It followed a successful placement 187 million shares to raise $30 million at 16 cents a share, which included strong support from international investors with an ESG focus.
The funding would be used to complete the definitive feasibility for the Townsville refinery, known as the TECH project.
The project would import nickel ore from New Caledonia and process it into nickel-cobalt mixed hydroxide precipitate (MHP”) which will then be processed into battery-grade chemicals nickel sulfate and cobalt sulfate for sale to the lithium-ion battery sector. It will also produce aluminium hydroxide, high purity hematite and magnesium oxide. The aluminium hydroxide will be refined to produce high purity alumina.
QBiotics launches oncology drug
Dec 15: QBiotics Group has started the commercial sale of its lead veterinary oncology drug, STELFONTA in Australia.
QBiotics has taken STELFONTA from discovery through clinical development, manufacturing, registration and into the market.
Managing director Victoria Gordon said it had taken many years of research and development and the company was delighted to see the commercial launch of STELFONTA in Australia. The product was already available in other leading global markets.
Revolver shares rocket
Dec 15: Revolver Resources shares jumped 16 per cent this morning after it said exploration at the Dianne project had revealed a high priority anomaly had been identified, potentially representing the covered strike extension of the massive sulphide body, which had been prioritised for drill testing this month.
IHR hits milestone
Dec 14: IntelliHR said it reached 50,000 contracted subscribers and its strongest every quarterly sales growth with $1.1 million.
Total contracted annual recurring revenue has also risen to $5.5 million.
Big returns tipped at Mt Carbine
Dec 13: The bankable feasibility study for the Mt Carbine tungsten mine, near Cairns, has showed a viable 12-year mining life with a net present value of $131 million and an internal rate of return of 154 per cent.
EQ Resources said the feasibility only utilised 15.5 per cent of the Mt Carbine in-situ mineral resources and related only to restarting the open pit operations. It said there was significant potential in underground mining.
Work resumes at Curragh
Dec 10: Coronado said Queensland Government inspectors had lifted a work suspension order at the Curragh mine following the death of employee Clark Peadon on November 21.
It said safety and training sessions would take place before the dragline shifts restarted.
There were now no ongoing directives or restrictions on the mine.
Revolver’s big find
Dec 10: Revolver Resources’ diamond drilling at the Dianne project in north Queensland has found significant intersections it said demonstrated the spectacular potential of the project.
The results included 6.95 metres with a visual estimate of up to 90 per cent of combined sulphides.
Managing director Pat Williams said the company believed it showed the hallmarks of “an exceptional mineral deposit”.
Revolver’s shares jumped 24 per cent this morning.
Domino’s blankets Japan
Dec 9: Domino’s was now operating in all of Japan’s 47 prefectures with the opening of the 862nd store in the Shimane region.
It aims to have 2000 stores in Japan by 2033.
Chief executive Don Meij said there had been a strategic shift for the company in Japan by expanding from 550 stores in 10 prefectures three years ago.
ACCC ticks off airport deal
Dec 9: The ACCC will not oppose Sydney Aviation Alliance’s proposed acquisition of Sydney Airport (ASX: SYD).
Sydney Aviation Alliance, which includes QSuper, is a consortium of investment funds which each have investments in a range of infrastructure assets, including shareholdings in other Australian airports.
“Throughout our investigation, we heard that there is very little, if any, competition between Australian airports,” ACCC chair Rod Sims said.
“This is no surprise, as we’ve been saying for a long time that Australian airports such as Sydney Airport are natural monopolies, with significant market power and no price regulation.”
“The proposed acquisition is therefore unlikely to substantially lessen competition in a market that already has such little competition.”
The ACCC accepts that there is some minimal potential for competition between airports in relation to some aeronautical services, for example when an international airline seeks to enter the Australian market or when airports are located close to one another.
Qld adds $200m for Thiess
Dec 7: Cimic’s 50-per cent owned mining services company, Thiess, said it would earn about $200 million in revenue from two contract deals at Queensland mines.
It had earned a three-year contract for mining services at Austral Resources’ Anthill copper project near Mt Isa as well as a 12 month extension to an existing contract with BHP’s Caval Ridge coal mine, near Moranbah.
ReNu buys into battery company
Dec 7: ReNu Energy has bought a 5 per cent stake in Allegro Energy, a company which has developed a water-based electrolyte which can be used in super-capacitors and redox flow batteries at a significantly lower cost.
ReNu paid $450,000 for the stake and it is its fourth investment it has made in the renewable/clean energy sector.
Genex battery gets approval
December 7: The Australian Energy Market Operator has given approval to Genex’s Bouldercombe battery project, near Rockhampton.
AEMO, through ithe transmission network provider Powerlink, has determined the project can operate within standards and would provide benefits such as grid stability.
Genex said Bouldercombe would be one of the first standalone, large-scale batteries to be connected to the Queensland grid and would provide much needed load shifting and ancillary services.
Sims snaps up Brisbane recycler
Dec 7: Sims Ltd has bought Brisbane based recycling company, Recyclers Australia for $18 million.
The company has three facilities in Yatala, Brendale and Melbourne and processes about 50,000 tonnes of metal each year.
Sims said the deal was consistent with its strategy to grow in large coastal markets.