Get InQueensland in your inbox Subscribe

Queensland business briefs: Your daily Sunshine State update


The latest business news on Alliance, Dealt, Cellnet, Aurizon, Star Group, Hudson, Fiji Kava, Terracom, QMines, Anteotech, ReNu Energy, Metro Mining, Collection House, Audeara, Coronado, Genex,

Print article


Alliance planes get called up

Qantas has exercised an option to call up five additional E190 aircraft from Alliance bringing the total number under the agreement between the two companies to eight.

The deal is for an initial three-year period.

Managing director Scott McMillan said it was an exciting development for Alliance.

Dealt pulls capital raising

Property developer turned lender Dealt has scrapped its capital raising after failing to reach the minimum benchmark.

The company announced a plan in March to raise between $28.4 million and $93.4 million at 50 cents a share to recapitalise and restructure the company.

It was previously known as Velocity Property but was planning to move into becoming a real estate debt platform.

It told the ASX this morning that the minimum subscription level had not been met.

“The board is reviewing several alternatives and will provide a further update in the next several weeks,” it told the ASX.


Cellnet cheers Resident Evil

Brisbane-based Cellnet said it expected a revenue boost from the release on Friday of Capcom’s latest Resident Evil game for Playstation and XBox consols.

It’s the eighth entry in what Cellnet said was a genre-defining horror franchise. Cellnet share’s jumped almost 10 per cent on the announcement.

Cellnet subsidiary Turn Left is an exclusive, long-term Capcom partner and represents all of its gaming titles across Australia and NZ.

QMines lists

QMines made it to the ASX board today and dropped as much as 10 per cent from its 30 cent float price.

The company raised $11.5 million at its IPO to develop its Queensland, including its flagship Mt Chalmers copper-gold resource.

The project, near Rockhampton, has an inferred resource of 3.9 million tonnes at 1.15 per cent of copper, 0.81 grams per tonne of gold and 8.4 grams per tonne of silver.

Star’s gaming improves

Star Entertainment said it was still being impacted by COVID-19 restrictions but there were improving trends.

Betweeen January and May 3 domestic gaming revenue was up 37 per cent compared with the same period last year. However, the comparison period of last year included closures from late March.

It said compared with the same period in 2019, gaming revenue was down 10 per cent and group domestic revenue was down 12 per cent.

It said the Gold Coast casino reported an 18 per cent improvement in domestic gaming revenue and total domestic revenue was up 11 per cent on the 2019 period.

“Brisbane is performing well despite the shutdowns in January and March with both domestic and gaming revenue up 3 per cent on the comparative period in 2019, period,” the company said.


Aurizon helps Orange Sky

Aurizon has announced a new three-year partnership with national charity, Orange Sky Australia.

Orange Sky offers free laundry and shower services via more than thirty mobile vans across Australia for people experiencing homelessness, while providing a safe environment to connect with the community.

Aurizon will provide funding to Orange Sky, together with volunteering opportunities for employees who live and work in local communities where Orange Sky provides services.

Coronado retail offer

Coal producer Coronado wants to raise $US100 million ($A129 million) from retail investors through an accelerated non-renounceable entitlement offer as 45 cents a share.

The offer will mean 293 million Chess depository interests will be issued. The CDIs are a way of Australian investors buying equity in foreign-owned companies.

The retail offer is part of a much bigger debt and equity raising by Coronado. It is also offering $US350 million in senior secured notes and a $100m revolving credit facility.

Approval for Bowen Hills tower

Hudson Group said it had received approval for its priority development application for a 24-story building in Brookes St, Bowen Hills.

The project would be a mixed-use development combining commercial, short-term accommodation, food and drink outlets, childcare and community use.

The site has dual frontage on Brookes and Exhibition streets and is close to transport, the RNA Showgrounds and residential precincts.


Fiji Kava gets Noble

The appropriately named Anthony Noble has been appointed chief executive of Fiji Kava, which markets Noble Kava.

Noble is currently chief executive of Australian Biotherapeutics. His appointment will take place at the end of May allowing Nicholas Simms to return to his board position.

Terracom margin to grow

Blair Athol miner Terracom said its margin from the Queensland coal mine was $15.5 a tonne. Based on current coal pricing the was margin was forecast to grow to between $25 and $30 a tonne for the June quarter.

The average received from Blair Athol production was $77 a tonne which was 30 per cent above the level achieved in the six months to December 2020.

QMines to list

QMines will list on the ASX this Thursday after raising $20 million to advance four Queensland copper and golf mining projects.

Among them is Mt Chalmers, an historic project near Rockhampton, which has already produced 1.2 million tonnes of ore for 2 per cent copper, 3.6 grams per tonnes of gold and 19 grams per tonne of silver.

QMines said when it bought the project it also gained access to a large data base which it said would provide for further growth.

Its three other projects are Silverwood, Herries Range and Warroo, near Stanthorpe and Warwick.


Anteotech fires up again

Shares in Anteotech rose another 6 per cent today to 42.5 cents following a recent capital raising and more publicity about its COVID-19 test kit rollout.

Anteotech chief executive Derek Thomson wrote to shareholders to tell them it was doing what it could for India but it has had to suspend its clinical trial there because of the COVID breakout.

It has already received 50 inquiries from 21 countries. Its aiming to approach labs to trial its platform, known as EuGeni and it will undertake the French clinical validation. It is also finalising approaches in Germany, UK, Italy and Spain.

Metro sees better days

North Queensland bauxite miner Metro Mining said trading conditions across the aluminium supply chain in China were stable and signs were emerging of an improvement in 2021.

“This was likely to have a positive impact on on bauxite demand and pricing during the second half of 2021 and in 2022,” the company said in its quarterly update.

It has also started an assessment of a kaolin resource at Skardon River to determine potential commercial uses, including the production of high purity alumina.

Renu starts new life

Former geothermal hopeful, ReNu Energy has walked away from its Habenero wells in the Cooper Basin after completing a clean up and is now focussed on renewable energy.

It said it was in advanced discussions on projects and it was focussed on unlisted renewable energy technology companies.

Weak Collections

Collection House its first quarter was characterised by subdued trading and that its ability to collect debts had been impacted by the NSW floods.

However, operating cash flow was positive and it was able to reduce debt through the use of residual payments from its asset sales.

The company said it ended the quarter in a sound cash position and referral volumes were slowly improving but were not yet back to pre-COVID levels.

Audeara IPO

Brisbane’s Audeara is heading for an ASX listing on May 14 following a $7 million capital raising.

Audeara was started  six years ago Brisbane-based doctors and engineers, Dr James Fielding, Dr Chris Jeffery and Alex Afflickis.

The float is at 20 cents a share and underwritten by Morgans.

It specialises in hearing health technology and has developed a hearing profile algorithm used to personalise sound output to the needs of the individual.

The first product to be designed, commercialised and produced was the Audeara A–01 headphone with accompanying BT–01 Bluetooth transceiver.

In its prospectus chair David Trimboli said the company was striving to build a unique Australian hearing health technology company and leverage our brand in our core market segments.

“We focus on customers who use our solution to tailor sound to their unique hearing profile. This is primarily achieved by selling through audiology clinics. By doing so, we hope to enhance the experience of sound for millions of people, both in Australia and internationally,” he said.


PPK halts share trade

Commercialisation company PPK has halted trade in its shares ahead of an anticipated announcement regarding its lithium-sulphur battery development.

The company previewed the announcement earlier this year with In Queensland, indicating that it was near an important milestone. Its subsidiary Li-S Energy has since raised $20 million in a pre-IPO fund raising and appointed two senior executives.

PPK shares have also shot up in recent days from $6 to $7.33.


Fibre upgrade for bush towns

QCN Fibre has been awarded Federal Government $3.7 million under the Regional Connectivity Program to deliver a fixed wireless coverage and a minimum 100Mbps broadband to businesses and residents in Bluff, Duaringa, and Dingo in the Central Highlands of Queensland.

QCN Fibre’s chief executive officer Derek Merdith said the program would provide a 10 to 100-fold increase in digital speeds for the hundreds of residents, schools, businesses and government services in these towns.

Genex kicks off construction

Genex has started the construction of its pumped hydro project in north Queensland.

The company issued a notice to proceed under its contract with McConnell Dowell and John Holland.

The scope of the work includes dam construction, underground and waterway civil works and a full powerhouse fitout.

Construction is expected to take 3.75 years.

It is also ramping up works on its accommodation village, airstrip, communications facility and fresh water supply.

More Business stories

Loading next article