Luxury developer behind Sirius rebuild overwhelmed by debts
Huynh's JDH Capital is the developer behind the redevelopment of Sirius, built in 1980 beside the Sydney Harbour Bridge for public housing but sold off in 2018 for conversion into luxury apartments.
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Sydney Morning Herald
11 minutes ago
- Sydney Morning Herald
Two-hatted Melbourne Chinese restaurant is bringing its cult eggplant to Sydney
A near carbon copy of chefs' hatted Melbourne restaurant Lee Ho Fook will open in Sydney next month, its arrival coinciding with a mini boom in Chinese restaurants in the Harbour City. The two-hatted Lee Ho Fook will land at Castlereagh Street in the Sydney CBD, hot on the heels of Grandfather's, a late-night Chinese restaurant near Martin Place from the team behind Clam Bar, and Potts Point's Young's Palace, which both open this week. It'll be something of a homecoming for Lee Ho Fook's owner-chef, Victor Liong, who grew up in Sydney before opening the award-winning Lee Ho Fook in 2013. The Homebush-raised chef said he knew he'd found Lee Ho Fook's Sydney home when he walked into the Dixson & Sons restaurant at Porter House. 'We're in an old wool store in Melbourne, the building in Sydney (a heritage listed former tobacco factory) was built around the same time, there's the same exposed brick,' Liong said.
West Australian
14 hours ago
- West Australian
IGO yet to propose new ‘marriage' or ‘divorce' from Kwinana lithium refinery, according to Tianqi Lithium boss
Tianqi has the appetite to absorb IGO's stake in the Kwinana lithium refinery but the Chinese company's boss claims IGO has not put forth a proposal to exit the loss-making chemical plant. The claim from Tianqi chief executive Frank Ha on Wednesday comes amid IGO's outspoken desire for Tianqi to close the Kwinana refinery to preserve cash. Mr Ha likened the joint venture between his Tianqi and IGO as a 'marriage', which is pouring in cash — at Tianqi's discretion — to prop up the refinery. Mr Ha reiterated the lithium hydroxide refinery would not be mothballed anytime soon, despite IGO's wishes, and said he would like to see more State and Federal Government help for the Chinese chemical manufacturing giant. Tianqi, which is set to be one of the biggest beneficiaries of the Federal Government's $7 billion production tax credit package for processors of critical minerals, has a 51 per cent stake in the Tianqi Lithium Energy Australia (TLEA) JV with IGO. The Tianqi-operated TLEA owns the Kwinana refinery outright and holds a 51 per cent interest in the lucrative Greenbushes lithium mine in WA's South West. IGO has written down its stake in Kwinana to zero and wants Tianqi to close the refinery because a big chunk of TLEA's dividends from Greenbushes are being siphoned into the problematic downstream operation. Mr Ha on Wednesday said Kwinana was a 'very important part' of Tianqi's 'international strategy'. He also revealed IGO had not asked Tianqi to restructure TLEA for a reduced capital expenditure exposure to the refinery. 'They (IGO) didn't say to me anything that they want to divorce,' he said. 'If this is the true intention, they've never said this to me . . . I am open to any of their proposals that we can discuss, but until now that we have not had any official proposals from them. 'If IGO does not want to spend money . . . they have to, as long as they are the partner. If they do not want to be the partner, they have to come to me, I'm open.' IGO declined to comment. Mr Ha said the TLEA JV was a 'whole package', meaning IGO would have to reduce its Greenbushes stake to reduce exposure to Kwinana. The Tianqi boss declined to entertain suggestions the company was open to taking on another partner in TLEA to potentially replace IGO. '(A joint venture) is like a marriage and it is immoral, against my rules, that I start to find a new partner before it's finished,' Mr Ha quipped. He likened Kwinana to Tianqi and IGO's 'child' that the two parties both had responsibility for. Mr Ha also said he was appreciative of the State and Federal Government support so far but believes there is room for more. 'If the government can grant us (status) as a pioneer or first mover in this important downstream (lithium) industry in WA, that we can be considered for a fast track of the application (for government incentives or subsidies) I will be more than happy with that.'
West Australian
14 hours ago
- West Australian
Viridis unveils 40-year mine reserve at giant Brazil rare earths play
Viridis Mining & Minerals has unleashed a milestone 200-million-tonne maiden ore reserve for its flagship Colossus project in Brazil, locking in a 40-year mine life at a titillating 740 parts per million (ppm) of the all-important magnetic rare earth oxides (MREO). The broader reserves clock in at 2640ppm total rare earth oxides (TREO). With a lean 0.45:1 strip ratio and a robust 61 per cent resource-to-reserve conversion, the maiden reserve locks in Colossus as a tier-one ionic clay rare earth project ready for mining. The reserves draw from the project's Northern Concessions, Southern Complex and Capão da Onça deposits, which were converted from a measured and indicated resource base of 329Mt grading 2680ppm TREO. The company says it taps into just 12 per cent of Viridis' sprawling 21,000-hectare landholding in Brazil's Poços de Caldas complex, leaving high-grade zones such as its Tamoyo and the Southern Concessions prospects untouched for significant upside and future growth. The reserve feeds into Viridis' recent blockbuster prefeasibility study for Colossus, which pegged the project at a pre-tax net present value of US$1.41 billion (A$2.14 billion), with a lowest-in-class operating cost of just US$6.20 per kilogram TREO. The pre-feasibility study was conducted at a highly conservative rare earths pricing and envisioned a 20-year mine life for the project based on 98.5Mt at 936ppm MREO, which has now been substantially expanded by the latest 200.6Mt at 740ppm reserve. The project now stretches that horizon to some 40 years of mining at the same 5Mtpa production rate. The project is set to churn out a considerable 9448t of TREO, including 3518t of MREO, to add a significant supply stream to the global rare earths landscape. The economics are improving daily as rare earth prices surge. Even in softer commodity markets, with a base-case neodymium-praseodymium price of US$90/kg, the shallow open-pit design keeps costs razor-thin and profitable at the potentially world-class operation. The Colossus project impressively features unrivalled access to a 100 per cent hydro and solar-powered grid and proximal infrastructure in Poços de Caldas. The project's cost advantages and its global strategic importance are near unrivalled in the rare earths space. As geopolitical tensions spotlight the need for non-Chinese rare earths, the project is quickly emerging as a potential cornerstone for Western supply chains. Its focus on magnet rare earths - neodymium, praseodymium, dysprosium and terbium - positions it to meet surging demand for electrification and decarbonisation. The United States Department of Defence's recent deal with California-based MP Materials included an impressive US$110/kg neodymium-praseodymium price floor for its rare earth product. It underscores the strategic urgency of securing a vertically integrated Western supply, with Viridis' low-cost, high-grade profile making it a prime target. Viridis is gearing up for a catalyst-rich financial year ahead, with environmental permitting, a MREC demonstration plant, definitive feasibility study and offtake negotiations all in the wind. Bolstered by a recent $11.5 million placement, the company's unmatched ionic clay economics position it to ride the recent wave of critical minerals demand. The company's share price has already quadrupled in the past three months as the no-longer junior explorer begins to throw its name up with the big boys of the rare earths space. With Brazilian government support secured, Viridis looks comfortably placed with Moreno at the helm to cash in on the surging demand for magnet rare earths. Viridis will now move on to its critical definitive feasibility study and final investment decision phases, where execution becomes paramount. The company says its targeted metallurgical test program to enhance recoveries will underpin the definitive feasibility study, which it will no doubt accelerate to strike while the iron is hot. Is your ASX-listed company doing something interesting? Contact:
