ASX Resources Quarterly Wrap: These QLD stocks are under the radar but not standing still
Greenvale doubles down on uranium exploration at the Oasis project and QEM tops up its bank with a ~$2m placement
QMines wraps up drilling at Develin Creek while True North Copper kicks off roughly 15,000m of exploration drilling
Queensland's copper sector, with more than 150 years of history, has been drawing attention following the closure of Glencore's Mount Isa Mines' underground copper operation.
The closure will result in the loss of 500 direct jobs and end Glencore's use of the smelter for its own ore, reducing its interest in operating it for third-party miners.
Attention is now shifting to junior copper explorers and near-term producers in the region that could help fill an exacerbating supply gap.
Meanwhile, Australia's top coal-producing state is looking to diversify by increasing its push into other resources, targeting faster project approvals and rapid development.
Here are some ASX players in Queensland chipping away at their respective projects, carrying out exploration programs and getting on with drilling.
Red Metal (ASX:RDM)
Red Metal reckons it has a very uncommon rare earth discovery in North West Queensland on its hands at Sybella, and one which could be a source of the particularly prized elements of neodymium and praseodymium.
Work there through the quarter showed positive bottle roll pH optimisation on the discovery's Kary zone and optimum economic rare earth oxide leach extractions were achieved at a pH range which highlighted key leach parameters for pending tests.
Research also put a spotlight on the scope for iron impurity removal within the heap, and nine large diamond core holes were drilled to prepare for the upcoming testwork.
At its Gulf and Three Ways copper-gold project, $400,000 in collaborative drilling grant applications were awarded by the Queensland government for drill tests.
Drilling is already underway on a conductive magnetic target at Three Ways and is then set to turn towards a standout gravity target identified at Gulf.
And the rig is set to soon rip for RDM on the other side of the country, with Hemi-style gold targets also defined for first drill tests at its Pardoo gold project in Western Australia.
Greenvale Energy (ASX:GRV)
Greenvale Energy remained focused on its exploration efforts across its uranium landholding in the Northern Territory as well as progressing planning and work efforts its maiden drilling campaign at the Oasis uranium asset in Queensland.
Previous exploration has validated high-grade uranium potential at Oasis, setting the stage for drilling of multiple well-defined targets.
During the June quarter, the company mobilised exploration teams to the project site and carried out reconnaissance mapping as well as scintillometer surveys to confirm the presence of biotite-rich schists and altered granitic rocks.
These findings supported the potential to discover additional mineralised zones with rock chip samples dispatched for assay.
QMines (ASX:QML)
QMines completed 27 holes for almost 6000m of drilling over the Develin Creek copper-zinc project through the quarter, with two rigs still digging into the high-grade Sulphide City deposit as QML looks to build up a multi-asset production base in Central Queensland.
High-grade hits came in to the tune of 2.63% copper, 4.2% zinc and 36.9g/t silver from 13 holes, boding well for further upgrades on a Develin Creek resource now standing at a 70%-indicated 4.2Mt at 1.07% Cu, 1.16% Zn, 0.15g/t Au & 6.0g/t Ag.
QML also capped off acquisition of the Mount Mackenzie gold project and promptly upgraded the resource there to now stand at 3.3Mt at 1.4g/t Au and 8.4g/t Ag.
The company meanwhile finished off composite bulk concentrate testwork on integrating the Develin Creek ore with that from its Mount Chalmers project, a high-grade historic mine, which now serves as the centre of QMines' growing resource base in the Sunshine State.
True North Copper (ASX:TNC)
It was all 'drill, baby, drill' for True North this quarter after the company kicked off roughly 15,000m of exploration drilling at its Cloncurry and Mt Oxide projects in Northwest Queensland.
The drill bit certainly didn't disappoint as the explorer uncovered a bounty of success at both projects.
At Cloncurry's Great Australia Mine, drilling illuminated new zones of significant copper, cobalt and gold mineralisation. Drill hits at Great Australia Mine included 14m at 0.81% copper, 0.12 g/t gold and 749ppm cobalt from 68m, and 12m at 0.65% copper, 0.16% gold and 137ppm cobalt from 142m.
Meanwhile at Mt Oxide's Aquila, True North was able to flaunt a new high-grade copper, cobalt and silver discovery. Intersections here included 145m at 0.75% copper, 0.12% cobalt and 2.9 g/t silver from 28m, and 30m at 2.45% copper, 0.02% cobalt and 6.2 g/t silver from 20m.
And there's still more to test at Cloncurry after the company identified multiple high-priority drill targets at the Wallace North and Salebury targets. True North's projects sit southwest of the multi-billion-dollar market capped Evolution Mining's (ASX:EVN) Ernest Henry mine.
Assays from the remaining drill holes at Mt Oxide are still pending at the time of writing.
QEM (ASX:QEM)
QEM saw a change of the guard this quarter with the appointment of Robert Cooper as managing director and chief executive.
Cooper was appointed in early July, a move that was signalled in May earlier this year.
Replacing Gavin Loyden, Cooper brings with him more than 30 years of global mining experience in senior executive leadership and non-executive board roles in the resources and battery materials sectors.
QEM also topped up its bank in this period with a $2.05 million placement to support progress at its Julia Creek vanadium and energy project, the company's flagship play east of Mt Isa.
Julia Creek possesses one of the single largest undeveloped vanadium and oil shale deposits, with a 2,870Mt resource at 0.31% V205. Currently, 461Mt at 0.28% V2O5 of the resource sits in the indicated category.
The project also hosts an in-situ 6.3 million barrels of oil equivalent resource. Interest in vanadium as a battery metal has buoyed over the past decade as an alternative to the widely adopted lithium-ion batteries around the world.
Vanadium redox flow batteries were pioneered by Australian chemical engineer Maria Skyllas-Kazacos in the 1980s at the University of New South Wales.
'We remain committed to developing and to positioning QEM as a long-term supplier of vanadium electrolyte for vanadium flow batteries, to support the global energy transition for many decades to come,' Cooper said at the end of June.
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ABC News
an hour ago
- ABC News
Do class actions really deliver justice?
Sam Hawley: On average, there's a class action launched in Australia every week. But do they really help bring justice to groups of Australians exposed to wrongdoing? Today, Anne Connolly on her Four Corners investigation into the class action traps leaving victims short-changed and lawyers richer. I'm Sam Hawley on Gadigal land in Sydney. This is ABC News Daily. Sam Hawley: Anne, in Australia, class actions have become pretty common, haven't they? It's a really important way to address injustices in this country. Anne Connolly: Well, yes, that's what class actions are designed to do. And I mean, when there were some really major catastrophes, such as the Victorian bushfires, the Queensland floods, class actions were taken to get some money back for those people. News report: Property owners around Horsham in Victoria have banded together to bring the first class action arising from the Black Saturday bushfires. Anne Connolly: Same with the pelvic mesh issue against Johnson & Johnson. News report: The federal court found Johnson & Johnson had been negligent and driven by commercial interest and ordered them to pay compensation. Anne Connolly: There's many, and they're very varied. Sam Hawley: Yeah, and you found during your Four Corners investigation, this is a billion dollar industry, but it's not always in favour of the individual victims. So to explain this further, why don't we look at a recent case, Anne, a legal fight between more than 8,000 Australian taxi drivers and Uber. Anne Connolly: Well, I mean, I think most people remember when Uber entered the market, obviously the taxi industry was absolutely decimated. They just couldn't compete any longer. One of the taxi owners I spoke to is a man called Stephen Lacaze. He said he had a licence in Queensland, which was at the time valued at about half a million dollars. It went to being virtually worthless once Uber came along. Stephen Lacaze, taxi owner: Oh, it was devastating. People virtually went into shock. Anne Connolly: So when Maurice Blackburn, which is one of the biggest class action firms in Australia, came along and proposed a class action, he was very keen to sign up. Stephen Lacaze, taxi owner: We were friendless. And here comes Maurice Blackburn with their Bradman-like batting averages, and their 'we fight for fair' banner, and we're there with bells on. Sam Hawley: OK, so Stephen was keen to fight this. Maurice Blackburn lawyers take it on, and they get a third party, a litigation funder, to pay the costs. Just explain how that works. Anne Connolly: Yeah, so what happens is Maurice Blackburn doesn't want to go this alone. So what they do is they engage somebody called a litigation funder. And litigation funders, they pay the lawyers' fees, they support them, and if they lose, they pay all of the costs, so there is some risk. But in return for taking that risk, they want a percentage of any payout that they win. So in this case, with Maurice Blackburn, they had a partnership with an offshore firm called Harbour Litigation Funding, which is actually registered in the Cayman Islands. It's a tax haven, and there's quite a few litigation funders in tax havens. Under this deal, they said, we want 30% of the proceeds. And Stephen signed up for that, as did most of the taxi drivers. Stephen said he did that because he thought they were going to get a payout worth billions because that's how much they'd lost. Sam Hawley: So in this case, Maurice Blackburn, the law firm, ends up settling this class action. So just tell me what happens then. Are the taxi drivers elated about this? Anne Connolly: Well, the night before the trial was due to start in March last year, Maurice Blackburn brokered a deal with Uber. That would be that Uber would pay $272 million in compensation. Now, once Harbour took its commission, that came out at $81.5 million. Maurice Blackburn took its legal costs, which came to $39 million. It means that the drivers were left with just over half the payout. Now, we don't know what individual taxi drivers will get. Stephen Lacaze believes he'll get about $20,000 once all of these fees and commissions come out of his payment, which he says is nowhere near what he lost. Sam Hawley: What did Maurice Blackburn have to say about that? Anne Connolly: They said the federal court had approved the settlement as fair and reasonable, and Harbour, the funder, said that the case was long-running and there were significant risks. Sam Hawley: Hmm, OK. So, Anne, that's the case of the taxi drivers against Uber, and we're going to talk about another really concerning case in a moment. But before we do, let's just look at the system more deeply. The worry here is that the whole class action system is set up to make profits for the law firms and the funders, but not deliver the justice to the victims, right? Anne Connolly: Well, there's some people who are concerned about that. I mean, the lawyers and the funders will say, without us, people would get nothing. The problem is that what's happening now is most people think a class action begins with a group of victims, but that's not really the case anymore. Now everything has changed because litigation funders have now entered the Australian market. So what happens is, it's the law firms and the litigation funders getting together and seeing, what are these issues that we could launch a class action on so that they can make money and then they can sign up the group members? So the concern is, are they really seeking justice for people or are they actually just finding a business opportunity so that they can make as much profit as they possibly can? Sam Hawley: Anne, let's now look at another case where the victims are left with, in comparison, petty change. Just tell me about Minnie McDonald. Anne Connolly: So Minnie McDonald is a woman in her 90s. She lives in Alice Springs and she was approached by Shine lawyers to become what's called the lead plaintiff in a class action in the Northern Territory for stolen wages of Indigenous workers who worked on cattle stations and missions for little or no money. Minnie McDonald, lead plaintiff: No shoes, get up in the morning, go to work. Come back afternoon, cold. Anne Connolly: So this case relates to the treatment of people like Minnie who, along with a lot of other... ..thousands of other Aboriginal men, women and children worked for little or no pay between the 1930s and the 1970s. Look, I just think, you know, one of the things I want to say about this is if ever there was a class action needed, perhaps it was in this particular case. I mean, there's questions about why the governments didn't just actually pay people what they deserved instead of being forced to court and forced to pay out compensation. But in any case, what Shine says and what the litigation funder says is we were doing our very best to get right a particular historical injustice. Sam Hawley: So the law firm Shine takes on this class action along with the litigation funder, Litigation Lending Services, and Minnie becomes the lead plaintiff. But the thing is, Anne, we know with legal cases, there's a lot of paperwork and Minnie had to sign a lot of that and she can't read or write. Anne Connolly: That's right, she can't read or write. So Minnie had her granddaughter Elizabeth to help her. However, Elizabeth does say, you know, it was complicated. It was difficult to understand at times. So Minnie did sign one document which said that Shine's costs had increased by $10 million and she signed off on that. I asked her about it and I asked her granddaughter if they remembered it. They didn't. I asked Shine, did they check that Minnie had the capacity to understand the complex legal and financial issues around class actions? They said being unable to read or write is no indication of intelligence and that they had an Indigenous barrister who helped to cross these cultural barriers and explain the process to them. Sam Hawley: So tell me what ended up happening with the case. Anne Connolly: So there were two class actions in WA and the NT and they both settled. So they didn't go to court. In Western Australia, there was a settlement for $180 million. In the Northern Territory, it was $200 million. Which sounds, you know, really positive. But what has to come out of that are the legal costs and the commission for the litigation funder. So they're not going to end up with that much. They'll end up with at least $10,000 and some will end up with more than that. Minnie McDonald, lead plaintiff: So somebody might... get a car and just take me for a picnic somewhere, you know, have a feed. But... I didn't get enough. Anne Connolly: You didn't get enough to buy a car? Minnie McDonald, lead plaintiff: Yeah, yeah. Nothing. Not enough. Anne Connolly: On the other hand, what's happened is Shine Lawyers is going to get about $30 million for its work. And the funder, Litigation Lending Services, they will take a commission of about $57 million. Sam Hawley: And you've had a really good look, haven't you, also, at the amount the law firm Shine was actually charging. Anne Connolly: Well, that's very interesting because Shine was roundly criticised in both WA and Northern Territory courts by the judges there. In one instance, Shine was charging for law clerks, charging them out at $375 an hour, even though many of them were unqualified uni students. They hired at least a dozen barristers that cost almost $3.5 million. One of those barristers charges almost $5,000 an hour. So, you know, the legal costs are the things that's really interesting. Sam Hawley: All right. So, Anne, the law firms and the funds are making a lot of money from these class actions in many cases. They do argue, as you mentioned, that they're actually giving people a chance to have these cases heard. What has Shine told you? Anne Connolly: Well, Shine said we were the only ones who were willing to take this on. We have given Aboriginal workers a chance to tell their stories. They've received compensation and they're being acknowledged for the historical injustices that they've suffered. And they said that these cases require experienced and well-resourced lawyers. And Litigation Lending Services, they said that they're proud of their involvement and that their commission was lower than the standard market rates because they wanted to reflect the social justice nature of these claims. Sam Hawley: And you spoke to the head of the Association of Litigation Funders. So this is a group that represents the firms that financially back these class actions, the funds. Its head is John Walker. So what's he had to say? Anne Connolly: Well, he said, look, you know, this is a market. This is a financial market that they operate in. They're trying to get some justice for people, but at the same time they're trying to make a profit and they don't shy away from that. John Walker, Association of Litigation Funders : We underwrite the project. We'll pay everybody if we lose, but in return, if we win, then we get a share of the recovery. We don't see it as gambling. We see it as investing. It's a market, and I don't step away from that. Anne Connolly: He essentially says, look, what we're doing is we're trying to correct the bad behaviour. Even if these class members are not getting enormous sums, it's sending a message to the big end of town that you can't operate in this way any longer. John Walker, Association of Litigation Funders : I'm absolutely proud of what's happened with class actions in Australia. They're absolutely essential to create accountability in respect of the big companies and governments. Sam Hawley: But, Anne, it does sound like a system that's not really working as it should. That is for the everyday people who need it. Anne Connolly: Well, I think what happens is a lot of people look at a class action sum and they believe that the sum that's been publicised is what people are getting. They don't realise that up to half of it can disappear in fees and commissions. The other point being the only class actions that actually get funded and get run are those that turn a profit. So when you're talking about others that might be very worthy, they won't get up if the bottom line doesn't look good. I think the problem arises when you're talking about people who have really suffered, such as these Aboriginal workers in the stolen wages cases who thought that they were going to get some proper compensation and what they're getting is simply a fraction of what they really deserve. And when they do see litigation funders and lawyers walking away with tens of millions of dollars, it makes it difficult for them to understand and sometimes it can feel like they've been exploited all over again. Sam Hawley: Anne Connolly is an investigative reporter with the ABC. You can see her Four Corners report on ABC TV tonight at 8.30pm or you can catch it on iView. This episode was produced by Sydney Pead. Audio production by Sam Dunn. Our supervising producer is David Coady. I'm Sam Hawley. Thanks for listening.
The Australian
5 hours ago
- The Australian
Collapse in private-sector job creation as public sector surges
Private-sector job creation has collapsed as employment funded by federal and state governments soars to five times the normal rate, sparking warnings of unsustainable distortions in the labour market that are at the heart of the nation's productivity slump. Analysis of labour-market data shows that 82 per cent of all jobs created over the past two years were government-funded positions, with the private sector adding only 53,000 jobs in 2024. This marks a dramatic reversal of normal labour market trends, in which the private sector typically contributes about two-thirds of total job creation. While Jim Chalmers has ruled out discussion of industrial relations at this month's economic and productivity summit, employer groups are demanding that dysfunction in the labour market needs urgent attention. Australian Industry Group analysis shows that the historically low unemployment rates maintained since the pandemic are masking a fundamental shift in the composition of job creation, which lies at the heart of the nation's productivity slump. It warns that labour-market resilience, as shown in official unemployment data, was being supported almost entirely through government spending, leading to an excess of job vacancies in the private sector. This was unsustainable, according to the Ai Group, which also pointed to a dramatic fall in mobility rates – the frequency of workers changing jobs or roles – to a record low in 2025 that was directly linked to productivity. The analysis showed that the number of new jobs needed for the economy to maintain an unemployment rate of about 4 per cent was approximately 400,000 a year. 'Since the pandemic, this has been achieved, however, the composition of job creation has changed dramatically,' the Ai Group analysis said. 'Typically, the private-market sector accounts for about two-thirds of job creation in Australia. However, as the economy has slowed since 2023, private-sector job creation rates have collapsed. 'In 2024, the sector only added 53,000 new jobs – about a fifth of its normal level of job creation. In its place, two government-supported sectors took up the slack. 'Employment in these government-supported sectors has boomed since the pandemic, adding an additional 670,000 jobs over the last two years. This is over five times higher than the normal growth rate, and ultimately accounted for 82 per cent of all job creation in Australia. 'It was driven by significant uplift in public-sector staffing levels, as well as the rapid expansion of the private-sector (but government-funded) care-economy workforce. One of the Albanese government's key election boasts was its maintenance of low unemployment and job creation. But the bulk of those jobs have been in the public sector (where workers are directly employed by government), and the non-market sector (industries such as healthcare and education) which are driven by government funding decisions. 'Job creation has become unsustainably dependent upon government spending,' the Ai Group research said. 'Growing regulatory burden has raised the costs of private sector employment generation. Job mobility rates have rapidly declined, while excess vacancies and skills shortages have disrupted business operations and efficiency.' The public sector was the least productive part of the economy and, with public spending showing signs of easing, unemployment rates have begun to rise. Last month, the jobless rate surprised experts by jumping from 4.1 to 4.3 per cent. This prompted economists to call for the central bank to lean in further on interest-rate cuts, following its surprise decision last month to keep them on hold, to protect the economy. Ai Group chief executive Innes Willox said the historically low headline unemployment rate had created a 'blind spot to labour-market trends that are decreasing our productivity, our wellspring to national wealth'. 'While the labour market has remained resilient, with the jobless rate around 4 per cent for the past three years, in many other respects it is failing to meet the broader needs of our economy or productivity,' Mr Willox said. 'There are four key areas that are a material drag on productivity: job creation has become almost entirely dependent on government spending; a growing regulatory burden has increased private sector costs; there is a persistent overhang of excess job vacancies; and mobility is declining. 'These all make job creation more expensive and difficult, reduce the efficiency of matching jobs to employers, while disrupting productivity and sapping business growth.'' Mr Willox said there was an urgent need for the private sector to resume its role as the primary job creator 'or our labour market resilience will be at risk'. 'Regulation has pushed up employment costs since the pandemic, with growth in superannuation, workers compensation and payroll tax adding $14bn to the annual wage costs,' Mr Willox said. 'The regulatory costs for employment, on top of wages, have grown to 15.6 per cent from 14 per cent in the past three years. 'We have a plague of excess job vacancies, which disrupts business operations, make it harder to allocate resources properly and less likely to pursue new opportunities for growth.' Mr Willox said the intervention by governments to prop up job creation through their budgets had starved the private sector with about 330,000 jobs remaining unfilled at the beginning of 2025. This was 100,000 more than the historical average. 'This persistence of excess vacancies has exacerbated a further challenge for employers: a crippling skills shortage,' Mr Willox said. 'The sectors with the most chronic shortages – healthcare and social – also delivered the worst productivity outcomes, so there is a clear link between the two.' Mr Willox said the issue needed to be a central piece of the productivity debate at the Treasurer's roundtable this month. Nation A massive pro-Palestine protest brought Melbourne to a standstill as activists clashed with riot police, harassed officers, blocked traffic, and targeted fashion brand Zara – defying Premier Jacinta Allan's warning of swift action. Nation The PM's energy infrastructure tsar and a pro-renewables independent are worried concerns about one of Australia's largest proposed solar farms are being ignored.
ABC News
11 hours ago
- ABC News
Algal bloom recreational fishing response includes plans for artificial reef and reservoirs
A new artificial reef will be created off the South Australian coast to help the state's recreational fishing sector battle the ongoing impacts of the algal bloom "disaster", the state government says. The government said it was also looking to open more of the state's reservoirs for freshwater fishing "where consistent with public health advice", and boost fish stocks in reservoirs and lakes to take pressure off the marine environment. The bloom is devastating some of the state's commercial and recreational fisheries, as well as hitting parts of the economy that rely on them, such as regional tourism. The government today unveiled measures to support recreational fishers, with short-term funding of $200,000 for Recfish SA to bolster community participation initiatives, such as fishing lessons and competitions. Recfish SA's executive officer Asher Dezsery said fishing and tackle shops were desperately in need of stimulus. "They've had sales collapse by up to 70 per cent so they really need not handouts but feet through the door, they need boots on the ground, they need customers," Mr Dezsery said. The funding forms part of the state and federal governments' $28 million support package, with $300,000 to be spent on installing an artificial reef somewhere in Gulf St Vincent. "The idea of re-establishing reefs as soon as we see this bloom pass is a really important one," SA Environment Minister Susan Close said. "The faster we can help nature restore, the faster we can accelerate that recovery, the faster we'll all be able to move past the experience of this bloom and also make ourselves more resilient in the event that it returns." SA Premier Peter Malinauskas said recreational fishers were feeling the economic effects of the bloom — which he described as a "natural disaster" — even in regions that had avoided environmental impact. "The algal bloom has impacted around about 27 per cent of our coastline, which means 73 per cent of our coastline remains completely unaffected," Mr Malinauskas said. "There are whole regional communities that are underpinned by recreational fishers who book an Airbnb and go to the pub and go to the cafe and restaurant, buy equipment from the local fishing tackle shop. South Australia has several artificial reefs, and it is understood a precise location for the new one has not yet been decided. Recfish SA has strongly backed the proposal, and the government believes it will boost fish stocks and allow "real-time monitoring" of the environment by researchers and citizen scientists. "We know that artificial reefs, from interstate projects, 100 per cent assist fish stocks in recovering. They also create biodiversity," Mr Dezsery said. According to the Department of Primary Industries and Regions, recreational fishing is already permitted in several of the state's reservoirs. Recfish SA said the government was looking to expand that further, including in regional areas. "Wherever there's water, wherever there's reservoirs, council stormwater catchments — any body of water, we're trying to create freshwater fishing opportunities so people can keep fishing without putting pressure on that marine environment." Speaking before the announcement, SA Opposition Leader Vincent Tarzia said that what had been offered to recreational fishers so far had been "completely inadequate", and he issued his own call for reservoir fishing. "There are a number of things that the government could be doing to help the recreational fishing space — one of them, for example, is the government could be doing things like stocking fish and allowing some of our reservoirs, where it's safe to be done, to be fished in," Mr Tarzia said. "That would add significant value in the recreational space." Mr Tarzia has also suggested tourism vouchers, like those that were made available in the wake of the 2023 River Murray floods, could be handed out to encourage regional travel. "Any sort of stimulus that could be allowed for that sort of area would certainly be welcome."
