Kingston offloads PNG gold mine to Ok Tedi in $95m transaction
Papua New Guinea's state-owned mining company will pay at least $60 million to ASX-listed Kingston Resources for control of a major gold development and exploration project in the Solomon Sea.
Kingston said it would sell Misima to Ok Tedi Mining under a deal that could eventually be worth up to $95 million to the Australian group, depending on whether future gold production milestones were achieved.
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West Australian
2 hours ago
- West Australian
Anthony Albanese says Labor will fight ‘frustration' in government and deliver on election promises, in National Press Club address
Anthony Albanese will use his first major speech since winning a second term to promise to fight against growing cynicism and 'frustration' in government. The Prime Minister will put forward his second-term agenda in an address to the National Press Club in Canberra on Tuesday, vowing to 'make a real difference to people's lives'. That includes delivering on Labor's policies to boost bulk-billed GP appointments, decrease student debt and other cost-of-living measures. While he will acknowledge the 'significant global uncertainty' and 'economic instability' currently underpinning the world, he says Labor will be a 'practical and positive alternative' and delivers on its 'vision for a stronger, fairer Australia'. 'It is the more corrosive proposition that politics and government and democratic institutions, including a free media, are incapable of meeting the demands of this moment,' he is expected to say. 'Our responsibility is to disprove it. 'To recognise that some of this frustration is drawn from people's real experience with government – be it failures of service delivery, or falling through the cracks of a particular system. 'To counter this, we have to offer the practical and positive alternative.' Mr Albanese's comments on a volatile international environment comes as he is expected to have his first face-to-face meeting with US President Donald Trump when he travels to Canada for the G7 Leader's Summit over the weekend. Labor faces a heavy policy agenda when parliament finally sits on July 22 for the first time since the May 3 election, with Mr Albanese promising to legislate a 20 per cent discount of student debts as its first priority. Mr Albanese will also highlight Labor's election vow to ensure 90 per cent of GP visits are bulk-billed by 2030, progress on reaching net zero emissions by 2050, and its continued target to build 1.2 million new homes through the Housing Accords as other key areas for 'delivery' in Labor's second term. 'Our second term agenda has been shaped by the lives and priorities of the Australian people. And it is built on Australian values,' he will say. 'It is the mission and the measure of a Labor government to give those enduring ideals of fairness, aspiration and opportunity renewed and deeper meaning, for more Australians. 'To deliver reforms that hold no-one back – and drive progress that leaves no-one behind.' The government will also expand its First Home Guarantee scheme to all first home buyers, regardless of income caps, which allow them to purchase an eligible property with a 5 per cent deposit, while also avoiding lender's mortgage insurance. Labor has also committed to investing $10bn to build 100,000 new homes which will be earmarked for firsthome buyers. Since Labor's election landslide on May 3, it has faced attacks on its plan to bring in a 30 per cent tax on superannuation balances over $3m. While the Greens have already flagged it will work with Labor to most likely pass the tax in the Senate, the Coalition have criticised the policy as a 'grab for revenue'. However Jim Chalmers has rebuked changes to the tax, calling the changes 'modest' and 'methodical,' which will make a 'meaningful difference to the budget'.
Perth Now
2 hours ago
- Perth Now
Albo's vow to Aussies after landslide win
Anthony Albanese will use his first major speech since winning a second term to promise to fight against growing cynicism and 'frustration' in government. The Prime Minister will put forward his second-term agenda in an address to the National Press Club in Canberra on Tuesday, vowing to 'make a real difference to people's lives'. That includes delivering on Labor's policies to boost bulk-billed GP appointments, decrease student debt and other cost-of-living measures. While he will acknowledge the 'significant global uncertainty' and 'economic instability' currently underpinning the world, he says Labor will be a 'practical and positive alternative' and delivers on its 'vision for a stronger, fairer Australia'. 'It is the more corrosive proposition that politics and government and democratic institutions, including a free media, are incapable of meeting the demands of this moment,' he is expected to say. 'Our responsibility is to disprove it. 'To recognise that some of this frustration is drawn from people's real experience with government – be it failures of service delivery, or falling through the cracks of a particular system. 'To counter this, we have to offer the practical and positive alternative.' Anthony Albanese will outline his vision for his second-term government at the National Press Club on Tuesday. NewsWire/ Martin Ollman Credit: News Corp Australia Mr Albanese's comments on a volatile international environment comes as he is expected to have his first face-to-face meeting with US President Donald Trump when he travels to Canada for the G7 Leader's Summit over the weekend. Labor faces a heavy policy agenda when parliament finally sits on July 22 for the first time since the May 3 election, with Mr Albanese promising to legislate a 20 per cent discount of student debts as its first priority. Mr Albanese will also highlight Labor's election vow to ensure 90 per cent of GP visits are bulk-billed by 2030, progress on reaching net zero emissions by 2050, and its continued target to build 1.2 million new homes through the Housing Accords as other key areas for 'delivery' in Labor's second term. 'Our second term agenda has been shaped by the lives and priorities of the Australian people. And it is built on Australian values,' he will say. 'It is the mission and the measure of a Labor government to give those enduring ideals of fairness, aspiration and opportunity renewed and deeper meaning, for more Australians. 'To deliver reforms that hold no-one back – and drive progress that leaves no-one behind.' The May 3 federal election delivered a thumbing win to Mr Albanese, with Labor securing a significant majority of 94 seats. Jason Edwards/ NewsWire Credit: News Corp Australia The government will also expand its First Home Guarantee scheme to all first home buyers, regardless of income caps, which allow them to purchase an eligible property with a 5 per cent deposit, while also avoiding lender's mortgage insurance. Labor has also committed to investing $10bn to build 100,000 new homes which will be earmarked for firsthome buyers. Since Labor's election landslide on May 3, it has faced attacks on its plan to bring in a 30 per cent tax on superannuation balances over $3m. While the Greens have already flagged it will work with Labor to most likely pass the tax in the Senate, the Coalition have criticised the policy as a 'grab for revenue'. However Jim Chalmers has rebuked changes to the tax, calling the changes 'modest' and 'methodical,' which will make a 'meaningful difference to the budget'.
News.com.au
2 hours ago
- News.com.au
DXN's Hawaii deal backs the rise of modular data centres
ASX-listed DXN lands Hawaii deal Modular data centre is becoming default option From Pilbara to defence, demand is booming An Aussie company just scored a job in Hawaii, and no, it's not a surfing gig. Last Monday DXN (ASX:DXN), a Sydney-based manufacturer of modular data centres, landed a $4.6 million contract with US satellite communications group, Globalstar. By the end of next year, DXN will ship three prefabricated data centres to Maui. These are high-performance, tailor-made data units designed to handle the unique demands of satellite comms in a remote, high-pressure environment. It's a big moment for DXN. The company beat out international contenders in a competitive bid and came out on top because it could do something not everyone can – build complex, custom-built data infrastructure fast and get it exactly right. The reason that matters is because the world is in a data arms race. And building traditional data centres the old-fashioned way – brick by brick – just isn't going to cut it anymore. This is where modular comes in. Box, ship, plug in Modular data centres are like prefab homes for the digital world. Instead of building from scratch on-site, everything – including the cooling, power, server racks, security systems – is constructed offsite inside a factory, then shipped as a complete unit to wherever it's needed. The result is a fully functional data centre that can be dropped into place and switched on in a fraction of the time it takes to build a traditional facility. Whether it's out in the Pilbara mining belt or at a satellite uplink in Maui, these things are designed to handle rough conditions. In the case of DXN's Hawaii deal, that means building three state-of-the-art modules that can support satellite communications. The fact that Globalstar, a US telco with a fleet of LEO (Low Earth Orbit) satellites, picked DXN says a lot about where this Aussie company is headed. But it also says something bigger about where the industry is going. Right now, demand for data is exploding. Think AI, cloud computing, self-driving cars, remote operations. All of that needs massive processing power, and it needs it close to where the data is being generated. That means no more waiting two years to build a shiny new data centre in a CBD. We're talking weeks, not months. Remote, not centralised. Flexible, not fixed. That's the problem modular data centres solve. They get built fast, cost less, and scale easily. If you need more computing power, just add another unit. They also make financial sense. Traditional data centres cost between $10 and $25 million per megawatt of IT capacity. Modular designs can cut that to around $5 million. That's a big saving, especially when you're trying to scale up quickly in ten different locations at once. Gaining fast traction The Australian Department of Defence recognised these advantages back in 2020 when it awarded a $20 million contract to Canberra-based company Datapod to provide portable, containerised data systems. These systems could be rapidly deployed by sea, air or road, ensuring the department had the agility to respond to evolving threats. In regional Australia, where mining and energy drive the economy, modular centres are quickly becoming the default option. In 2024, the remote town of Newman in WA's Pilbara region received a modular unit, called NE1 Newman, from NEXTDC to support edge computing for nearby mine sites. There's no way a traditional build would've made it there in time or on budget. Big tech firms like Google, Microsoft and Tencent are also investing heavily in modular builds. And private investors, too, are taking notice. Data centres are now seen as some of the best-performing assets in the property market, outpacing even industrial warehouses. ASX stocks in this space DXN can lay claim to being the only pure-play modular data centre stock on the ASX. But other players are also in the game, just playing different versions of it. NextDC (ASX:NXT) runs the big, purpose-built data centres in major cities. Then there's Macquarie Telecom Group (ASX:MAQ), which offers enterprise-grade data centres. Global Data Centre Group (ASX:GDC) is more of an investor; it holds a portfolio of data centre assets around the world. In the big end of town, Megaport (ASX:MP1) is a heavyweight in cloud connectivity, offering networking software that links over 950 data centres worldwide. Dicker Data (ASX:DDR), on the other hand, is Australia's leading IT distributor, supplying cloud solutions from top-tier vendors to over 8200 reseller partners across ANZ. In the REITs space, DigiCo Infrastructure REIT (ASX:DGT) owns and manages digital infrastructure real estate, including towers, fibre, and data centre buildings. Companies like Adisyn (ASX:AI1), meanwhile, are playing in an adjacent but related space – developing graphene-powered tech to help cool the next generation of data-hungry chips. At Stockhead we tell it like it is. While Adisyn is a Stockhead advertiser, it did not sponsor this article.
