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Queensland business briefs: Your daily Sunshine State update


The latest business news on Comet Ridge, Impedimed, Over the Wire, Tritium, Uniquest, Novonix, Rex, and Superior,

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Bowen suspends over Bluff

Shares in Bowen Coking Coal were suspended this morning before the company makes an announcement on its plans to buy the Bluff PCI mine in the Bowen Basin.

Bowen was named as preferred bidder for the mine in July following a sale process by FTI Consulting which was acting as receivers and managers for MACA Ltd.

Terracom sales jump

Oct 25: Blair Athol owner Terracom has forecast revenue for coal from the Queensland thermal coal mine would be based on $224 a tonne for December.

If achieved it would result in a margin of $134 a tonne and an operating EBITDA of $77 million for the December quarter.

Terracom shares jumped 7 per cent following the announcement.

Trading halt

Oct 25: Trading in the shares of Brisbane-based medical device company Impedimed have been halted as the company prepares for a capital raising.

Shares in the company have jumped from 10 cents at the start of the month to 17 cents at the end of trade on Friday.

Comet Ridge boosted by results

Oct 25: Drilling at Comet Ridge’s at Mahalo North CSG project have ended with “very positive” coal thickness and permeability.

The well intercepted 9.03 metres of coal in total leading to “one thick reservoir package of slightly under seven metres”.

Coal recovered at the surface showed “vigorously bubbling gas”.

Managing director Tor McMaul said it was a tremendous result for the company.

Aussie bids for OTW

Oct 22: Aussie Broadband has made a non-binding indicative offer for Over the Wire Holdings valuing the Brisbane company at $5.75 a share, or $342 million, a strong premium on the last trading price of $5.

OTW said the discussions between the two companies were preliminary and incomplete and no agreement had been reached.

The offer would be a mix of cash and scrip.

Aussie Broadband has been given the chance to do due diligence and has “certain exclusivity”. The offer is conditional on the due diligence and the offer being mutually acceptable.

Tritium hits a record

Oct 21: Brisbane-based Tritium has posted a record third quarter.

The company, which is heading for a Nasdaq listing as part of a merger, said for the three months ended September 30 Tritium booked record orders of approximately $55 million. 

Tritium said its backlog continued to grow throughout the quarter ending at a record of approximately $78 million,  18 per cent higher than forecasts and an increase of 333 per cent over the backlog at December 31, 2020.

 UQ spin-off gets seed funding

Oct 21: A University of Queensland start-up company, developing a potential new treatment for obesity-related liver disease, has secured a seed investment of $1.3 million from IP Group, a UK-based intellectual property business.

Jetra Therapeutics Pty Ltd is developing a treatment with the potential to reverse liver damage caused by non-alcoholic fatty liver disease (NAFLD) and non-alcoholic steatohepatitis (NASH).

The company was founded on intellectual property developed by Mater Research in partnership with UQ (MRI-UQ) and licensed by UQ’s commercialisation company, UniQuest.

Board change at Novonix

Oct 21: Phillips 66 executive Zhanna Golodryga has been appointed to the board of Novonix. Phillips 66 is the largest shareholder in the Brisbane based company after taking a $US150 million stake in the company recently.

Rex holds off Qld return

Rex will restart domestic aviation services on November 15 in Sydney, Melbourne and Canberra but will hold off a return to Queensland and South Australia until vaccination rates reach the 80 per cent level.

Regional intrastate flight in NSW and Victoria would also be progressively ramped up from November 15.

Superior gets golden results

Oct 18: Superior Resources has found “an abundance” of high grade gold intersections at the Steam Engine project in north Queensland.

It included a near-surface intersection of one metre averaging 115.2 grams per tonne of gold.

The huge grades are not uncommon. Previous intersections included 184 grams per tonne.

Managing director Peter Hwang said the deeper the company drilled “the better the lodes become”.



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