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Queensland business briefs: Your daily Sunshine State update


Bank of Queensland will raise $200 million through the issuing of capital notes.

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The bank said Capital Notes 2 would be fully paid, unsecured, non-cumulative, perpetual, subordinated convertible notes.

The notes will have an issue price of $100. Distributions will be fully franked.

Stanmore gets feasibility study on coal project

The Isaac Downs coal project in central Queensland would have a net present value of $215 million for Stanmore Coal, according to a bankable feasibility study.

The project is a satellite for its existing Isaac Plains Complex. The study also indicated an internal rate of return of 139 per cent after capital costs of $85.2 million and a payback in 18 months.

The project would provide a new source of coal and the continuation of operations at Isaac Plains.

“The recommended outcome if the BFS study, led by Polaris Australia, is to proceed to the development stage for the Isaac Downs project utilising the existing Isaac Plains infrastructure and the long term port and rail logistic agreements already in place with Stanmore,” the company said.

It said the free-on-board costs were predicted to be $108 a saleable tonne for the first five years after which costs would climb to $129 a tonne.

Marketable coal reserves at Isaac Downs total 17.9 million tonnes and a mining lease is expected in the first half of 2021.

Senex sells gas to Alinta

Senex Energy has signed a deal with Alinta Energy for the supply of 4 petajoules of gas.

Under the two-year sales agreement, Senex will supply the gas at the Wallumbilla gas hub at a fixed price in line with contract market levels.

Senex chief executive Ian Davies said the deal added to a growing portfolio of domestic commercial and industrial customers.’

Smiles finally gets a bank deal

Troubled Gold Coast dental group Smiles Inclusive has done a deal with NAB to revise the terms of its release deed.

Under the agreement, NAB has agreed to release and discharge the company from liability under its various banking facilities after it has received $12 million, plus amounts owing from on the company credit card and expenses.

The total debt held by NAB is $19 million.

The company has also agreed it would not dispose of any assets before November 4 and that it will close all transaction accounts and end the use of merchant facilities and replace bank guarantees.

Solar farm seals offtake

CS Energy has signed a Power Purchase Agreement with global renewable energy company BayWA r.e. for a portion of the electricity and Large Generation Certificates (LGCs) from its Hughenden Solar Farm.
The 20 megawatt Hughenden Solar Farm north west Queensland and has been operational since 2018.
CS Energy CEO Andrew Bills said CS Energy would supply the renewable energy to its large commercial and industrial customers in Queensland.
CS Energy’s renewable offtakes portfolio now totals more than 200 megawatts.

Alliance gets Olympic Dam extension

Alliance Aviation has signed a contract extension with BHP Olympic Dam for a period of three years with two, 12 month options.

The extension will see Alliance continue to operate charter services from the mine site as well as scheduled services for the local Roxby Downs community.

It will also mean the introduction of Fokker 100 jets  to coincide with airport upgrades.

Central Petroleum signs gas deal with Macquarie

Central Petroleum has signed an agreement for 3.5 petajoules of gas and a 12 month extension to its existing finance facility with Macquarie.

The gas sale is pre-paid in full in December but the gas will be delivered over 2022 and 2023.

The funds will be used to for four existing wells and the drilling of two crestal production wells at the Mereenie Field in 2021.

The program is expected to return the field’s gas production to 45 terajoules a day delivering a total of 40 petajoules.

The term of the $68.9 million financing facility has been extended 12 months.

Slattery gets a stronger hold on Superloop

Tech guru Bevan Slattery has increased his stake in Superloop.

Filings with the ASX show Slattery got hold of another 308,000 Superloop shares at 89 cents. A portion are in the name of his wife.

The increase comes as Greg Bayton has resigned as a director of Superloop.

Baynton, who is also a director of battery company Novonixnad IntelliHR,  will finish at the company’s AGM in November.

Baynton said the decision was made because of other time pressures.

Superloop chairman Bevan Slattery said Baynton was a valued member of the board.


Megaport dives

Slattery’s cloud connection company Megaport dived more than 6 per cent on the market opening today after releasing its quarterly trading update.

It said its customer numbers were up 7 per cent for the quarter. North America was the big improver.

Total revenue was $17.3 million, up 2 per cent.

Macmahon in race for $250m contract

Macmahon Holdings has been selected as the preferred tenderer to provide equipment hire and maintenance services at the Foxleigh mine in Queensland from March 2021.

The proposed scope of work for Macmahon involves the hire and maintenance of 21 large capacity dump trucks and other ancillary equipment over a five-year term, together with the maintenance of client-owned equipment.

Macmahon estimates this work will generate approximately $250 million in revenue and require capital expenditure of circa $50 million. The majority of this capital expenditure will be to acquire 220 tonne dump trucks which are expected to have a useful life of 10 years.

Fiji Kava founder stands down

Fiji Kava founder and managing director Zane Yoshida has announced his intention to step down.

Yoshida would remain as a non-executive director.

Fiji Kava said it had started a search for a replacement and Nicholas Simms would step in as an interim chief executive.


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