Quick fire – industry news briefs

Genex Power has secured a funding package of $44.5 million through agreements with J-POWER to back its Kidston Pumped Storage Hydro and Bulli Creek projects as well as providing general working capital. Genex chief executive officer James Harding said the package demonstrated the deepening of an already strong relationship between Genex and J-POWER. “While the costs of the water ingress event at the Kidston Pumped Storage Hydro Project last year have been fully funded, we consider it prudent that additional funding is secured against any further unforeseen events during the balance of the construction program," he said. Mr Harding said also a joint development agreement entered as part of the package would help fast-track development activities at Bulli Creek, where a multi-stage solar and battery development of up to 2GW is planned. "Given the scale at Bulli Creek, we are pleased to welcome JPOWER as our co-development partner which will not only provide important development funding, but also de-risk the equity financing of each stage of the project through bringing significant power sector capability and balance sheet strength to the partnership." “This funding will be instrumental in fuelling the growth of our renewable energy portfolio in Australia." Critical minerals and base metals explorer Iltani Resources has started trading on the Australian Securities Exchange (ASX) after an oversubscribed public offer which raised $5 million. Funds raised will fuel exploration activities, including at its Herberton project in Far North Queensland, initially focusing on the Orient silver-lead-zinc-indium-antimony project with a Stage 1 drilling program at Orient East and West. Townsville Enterprise has welcomed the State Government's new critical minerals strategy that will see a dedicated office open in Townsville's CBD. An offshoot of the Resources Department, the office will open in Townsville city in just three to four months and have a dozen employees. Townsville Enterprise launched its Critical Minerals Investment Prospectus at a recent mining forum (Download it here.) Experienced energy executive Darren Busine has been appointed the new chief executive officer of CS Energy. Mr Busine was most recently CS Energy’s executive general Mmnager Energy Markets, Technology and Commercial and has more than two decades’ experience in the Queensland energy sector, including previous senior leadership roles at Energex and Ergon Energy. CS Energy chair Adam Aspinall said his appointment came at an important time for CS Energy as it focused on the safe and timely return to service of the joint venture-owned Callide C Power Station in Central Queensland. The Federal Government is advancing almost nearly $1.8 billion in disaster payments to the states to enable councils across Australia to fast-track local repair works following two devastating years of floods, fires and cyclones. Australian Local Government Association president Linda Scott said the advance payments would be welcomed by disaster-impacted councils, especially in regional and remote areas. “This fast-tracked federal funding will play a key role in helping our disaster-impacted communities recover and rebuild,” Cr Scott said. “We have consistently advocated for the need for faster disaster recovery payments, and we are thrilled that the government has heard our call and responded with this once-off advance payment."

Quick fire – industry news briefs

Industry Queensland

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