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Queensland business briefs: Your daily Sunshine State update


The latest news on Bowen Coking Coal, Sunstone, BoQ, Metallica, PPK, Anteotech, AMMA, McGrath, New Hope Group,  Minotaur,  QSuper, Pure Minerals, PwC.

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Collection House has stalled its return to trading on the ASX again because it is still unable to file its June 30 accounts and annual report.

The debt collection company suspended its shares earlier this year as it tried to recapitalise.

The company said the resumption in trading of its shares would be premature and could affect its ability to recapitalise.

It said the delay was the result of its inability to get definitive documentation with its preferred counterparty and senior lenders.

It will announce new dates once the documentation was finalised.

Genex gets closer to J-Power

Genex has strengthened its ties with J-Power in a deal that would give the Japanese company the opportunity to earn a 50 per cent stake in the K3 wind project in north Queensland through initial funding of $1.5 million.

The money will be used to expedite the project during the next 12 to 18 months. Genex said the workstreams to be carried out would allow project financing activities to be conducted. Construction is expected in 2022.

Genex chief executive James Harding said the agreement provided his company with access to J-Power’s significant wind expertise.

Bowen returns

Shares in Bowen Coking Coal have returned to trading on the ASX after a suspension last week and a subsequent court case relating to a corporate error in lodging a cleansing notice after the issue of shares.

On November 24, Bowen announced it had sought a trading halt over the matter.

The company sought relief from the courts, which was granted allowing the shares to trade again.

Bonanza at Sunstone

Brisbane based Sunstone Metals has reported bonanza grades at its Bramaderos project in southern Ecuador.

Assay results from the first five diamond drill holes at the Espiritu target contain bonanza grades with multiple silver-gold-zinc-lead breccia intervals.

The company said there was significant scope for a larger system based on surface anomalies.

Managing director Malcolm Norris said the results were very encouraging and demonstrated potentially economic metal and base metal grades.


Metallica gets strong silicon results

Metallica Minerals has revealed its Cape Flattery minerals sands project has an inferred resource of 12.85 million tonnes of silicon dioxide.

The project is next door to Mitsubishi’s on Cape Flattery in north Queensland.

Metallica said that from the eight auger holes used for the resource estimate silicon dioxide percentages ranged from 95.01 per cent to 99.7 per cent.

It said the results showed there was a potential to produce a permium grade silica produce using standard techniques.

BoQ raises funds

Bank of Queensland has raised $260 million through a capital notes offer.

The bank said it had initially sought to raise $250 million but demand had been strong

Distributions are scheduled for February 15, May 15, August 15 and November 15.



PPK in capital raising

PPK will raise $15.4 million through a share placement to institutions and sophisticated investors at $5.50 a share, a 9.8 per cent discount to the last closing price.

The funds will be used to accelerate research, development and commercialisation of its boron nitrate nanotube products as well as facilitate the demerger of the mining business.

Two of the company’s directors have also sold a total of 1.8 million shares at $5.50.

PPK shares fells 6 per cent on the announcement.

PPK will also look for a new name.

Refunds for research

Brisbane junior Anteotech has received a $1.19 million refund from the Federal Government’s research and development tax incentive scheme.

The refund relates to the costs of research and development done by the company in the 2020 financial year.

The funds will be used in part to help the commercialisation of its COVID-19 rapid testing kit.


McGrath boosted by housing boom

Real estate company McGrath said transaction volumes and average selling prices had increased in the eastern states in the first half of its financial year.

The company said it was expecting a profit of up to $6.5 million for the half and that dividends may be possible.

The forecast is a $4.7 million improvement on the same time last year.

AMMA welcomes High Court

Resources and energy employers have welcomed the High Court of Australia today granting special leave for Workpac to appeal the Rossato decision, a landmark test case on whether casual employees can ‘double dip’ on employment entitlements.

“The Rossato decision was one of the most important employment law decisions that the High Court has had to consider,” chief executive of employer group AMMA, Steve Knott said.

“The precedent set by the Federal Court in both the Rossato and Skene decisions overturned decades of common understanding about casual employment and suggested casuals could have two bites of the cherry – higher hourly pay rates and entitlements reserved for permanent employees.

“The High Court doesn’t grant special leave to appeal on a whim. Today’s development shows there are serious and significant concerns with the Federal Court’s judgement that must be examined by the highest court in the land.”


Townsville land deal for Pure

Pure Minerals’ subsidiary Queensland Pacific Metals has signed a binding reservation deed with the Townsville City Council for land in the Lansdown Eco-Industrial estate.

QPM’s TECH project to produce battery chemicals is anticipated to be based at the site.

QPM will pay a $50,000 reservation fee and the land will be reserved for two years, during which the two parties will negotiate a sale agreement.

Miners booming

Australia’s 50 mid-tier mining companies are outperforming the market and showing resilience during the COVID-19 pandemic, setting them up to resource Australia’s recovery according to PwC’s Aussie Mine 2020 Report.

PwC’s analysis indicates the MT50, the 50 ASX-listed “mid-tier” mining companies with market values under $5 billion, have maintained consistent revenues and profits, with revenue up 6 per cent to $29.4 million and market cap up to $61 billion.  The MT50 has outperformed the combined ASX200 and is equivalent to an ASX5 for the first time.

QSuper awarded

QSuper has emerged as Australia’s best value superannuation fund for young people, according to the latest Superannuation Benchmarking report released by Rainmaker Information.

The analysis considered the investment performance to 30 June 2020 that members aged in their 20s would have received after applying their age-based fees.

Young people can pay fees as much as eight times higher than older super fund members, before the 3 per cent fee cap comes into effect, noted Rainmaker.

QSuper was found to have delivered the best value over five-years, achieving returns of 6.5 per cent pa. It also ranked third over three years with 5.6 per cent a year.



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