Fortescue head of decarbonisation Christiaan Heyning steps down from full-time role
Fortescue head of decarbonisation Christiaan Heyning left the business in May after a three-year tenure, but his departure only came to light on Wednesday.
It is understood Fortescue may retain his services on an ad-hoc basis going forward.
Mr Heyning was implementing a $US6.2 billion ($9.5b) plan unveiled in September 2022 to reduce FMG's carbon emissions to zero by the end of 2030.
'We've now reached an important turning point where decarbonisation is no longer a standalone initiative but is being embedded into the way we run our business,' a Fortescue spokeswoman said.
Fortescue's green energy arm has experienced significant turnover within the past two years culminating in the boss of the whole division — Mark Hutchinson — departing the business in May.
That month
The West Australian revealed
Fortescue had laid off about 90 staff working on its Gladstone electrolyser facility in Queensland and its hydrogen division in Perth.
Gladstone opened in 2024 as one of Fortescue's most advanced energy-related projects and had been expected to advance to producing green hydrogen this year. It has other green hydrogen projects in Australia and overseas in limbo.
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Sky News AU
2 hours ago
- Sky News AU
Labor's 'dead horse' green hydrogen gamble slammed by energy expert Jude Blik as the govt urges Fortescue to repay funds
Labor's 'attempt to appear fiscally prudent' by urging Fortescue to repay handouts for a failed green hydrogen plant has come under fire, as the Albanese government continues to 'bet our future' on the fuel which has been labelled a 'dead horse'. Industry and Innovation Minister Tim Ayres has urged the energy and mining giant to reimburse the government for the millions of dollars it gave Fortescue for the defunct Gladstone plant. The Queensland operation received about $60m in federal and state government support and was canned about 12 months after it opened. The recent shift is a blow to Labor's net-zero plans, which include a Hydrogen Production Tax Incentive as part of its Future Made in Australia Act. More than $6.5 billion will go toward the scheme, which provides $2 per kilogram of renewable hydrogen produced between 2027-28 and 2039-40. Centre for Independent Studies energy analyst Jude Blik said the latest failure was 'no surprise given green hydrogen was never feasible'. 'Green hydrogen is the panacea that Australia's Net Zero hopes and dreams have been pinned on,' Mr Bilk told 'Yet it has never been economic – even for the most basic use cases in chemical manufacturing, let alone for hare-brained green energy export schemes. 'Labor's attempt to appear fiscally prudent in recovering funds is odd given they are still throwing good money after bad with billions still committed to green hydrogen projects. 'Green hydrogen is a dead horse - yet the government continues to bet our future on it.' He said that Fortescue, in principle, should return the taxpayer funds as the funds 'should be used to deliver public benefit'. However, Mr Blik acknowledged that it was not clear whether Fortescue should repay the funds without knowing the terms of the grant. A Fortescue spokeswoman said the company has been 'upfront with the government and will return funds where required under the grant agreement". Creating green hydrogen has proved extremely difficult for local industry despite massive government subsidies. Mr Blik said analysis from the CIS showed a 'realistic price' of green hydrogen was $10/kg – well above the $2/kg price for hydrogen from natural gas. 'This means that for any project to be successful it will either need to find a buyer at $10/kg, or achieve subsidies of $8/kg – both of which are completely unrealistic,' he said. 'The notion that there is a 'technology curve' that we need to be ahead of is naively optimistic, which would be forgivable if we weren't betting our nation's future on it.' The failure of the Gladstone project, alongside another US plant in Arizona, will blow a US$150m ($227m) hole in Fortescue's financial results. On the US project's failure, Fortescue chief executive of growth and energy Gus Pichot told analysts the shift away from green energy under US President Donald Trump hurt the project's viability. 'A shift in policy priorities away from green energy has changed the situation in the US,' Mr Pichot said. 'The lack of certainty and a step back in green ambition has stopped the emerging green energy markets, making it hard for previously feasible projects to proceed. 'As a result, we cannot proceed with our investments as they stand, and will explore future opportunities for our site in Arizona.'
News.com.au
3 days ago
- News.com.au
Gold Digger: Riches rain for gold miners, but value is in the eye of the beholder
Gold miners have been out and about for reporting season Market reactions are heavily dependent on investor expectations, even with the sector printing serious cash Newmont ran hard on Friday after a stellar June quarter Market reactions during reporting period are often a gauge of feelings as much as facts and figures. What's important is not necessarily the number that's reported, but how it correlates to the mood and expectations of the investors punting on a stock. Fortescue's (ASX:FMG) quarterly this week, for instance, was well received because of its record iron ore output and falling costs. But a decision to halt two green energy projects and reduce spending on the troubled division was as much a signal for investors worried about cash burn and dividends to buy in as any of the hard numbers. For the gold scene, the cash generation has been predictably strong. Northern Star Resources (ASX:NST), for instance, reported record underlying free cash flow of $536 million for FY25 on Thursday, after selling 1.634Moz at an all in sustaining cost of $2163/oz. It has a whopping $1.914bn cash on the balance sheet with net cash of $1.013bn after its deal to acquire De Grey Mining, which brought a cash pile with it alongside its world-class Hemi gold project. Cash earnings are expected to clock in at $2.8-2.95bn, with Northern Star also winding down hedging commitments to reflect its balance sheet strength. Yet, NST shares have shed close to 5% over the past week and over 18% in the last month. Despite gold prices climbing 28% YTD, NST shares have barely budged. Dilution from the DEG deal is one thing, but there are also concerns that future earnings will be chewed up by increased capex, especially around its critical Kalgoorlie hub and Super Pit gold mine. Citi downgraded its price target this week from $18 to $21 and reduced EBITDA estimates going forward between 3-7%. Analysts are also questioning the timeliness of numbers on a project to expand the KCGM business and processing plant. MD Stuart Tonkin admitted on an earnings call the operating cost of $1425/oz could be old given the run up in gold prices since the decision was taken. But he maintains it will still be one of the top cash spinners globally. "That $1425 (an ounce) is perhaps a stale number, albeit this asset will be a top 5 global gold mine, and it will be setting inside the third lowest quartile global cost curve, and that's been the investment case," Tonkin said. "So relative it will generate as much cash flow as anything globally." Some more takeaways Capricorn Metals (ASX:CMM) is yet to give its final numbers for the June quarter. But its shares have been in limbo as investors digest some relatively noteworthy M&A activity from the mid-tier gold miner. CMM announced the $189m scheme deal to acquire Warriedar Resources (ASX:WA8). There'll be some dilution – the 1 for 62 share offer will see WA8 shareholders own ~4.36% of the company, equivalent to 15.5c per WA8 share and a 29% premium over Warriedar's July 23 closing price. It's a potential satellite development for CMM's Mt Gibson project, the next cab off the rank for the miner beyond its operating Karlawinda mine, with Warriedar's Golden Range containing a resource of 1.38Moz of gold and 60,000t of antimony. Capricorn has shed over 3% on Friday and more than 4% in the past five days. Pantoro (ASX:PNR) has been a big winner, declaring ~$196m of EBITDA for FY25 including $80.4m for the fourth quarter alone. With a cash build of ~$43m, the more than 25,000oz delivered by the Norseman gold mine came in at the upper half of guidance. PNR set guidance of 100-110,000oz at AISC of $1950-2250/oz. Its shares crumbled 5% on Friday amid a sector wide gold and mining sell off. But they were still ~22% higher on the week, propelling the miner's valuation to almost $1.5bn. At the very big end of the spectrum, Newmont Corporation (ASX:NEM) broke the mould with a 3.8% lift after nearly doubling net income for the three months to June 30 YoY to US$1.595bn. The world's largest gold producer by volume, NEM announced a US25c cash dividend for the quarter after selling 1.38Moz of gold at an average price of US$3320/oz and gold equivalent cost of US$1203/oz when copper, silver, lead and zinc by-products are taken into account. NEM finished the quarter with some US$6.2bn in consolidated cash, US$10.2bn in total liqudity and net debt of US$1.4bn Canaccord's Carey MacRury said free cash generation of US$1.71bn and all in sustaining cost margins of US$1738/oz clocked in well above the broker's US$1538/oz estimate, representing a lift of 34% QoQ and doubling over the past year. "Overall, the quarter highlights improving operating performance, with three solid quarters in a row and tracking well to achieve its 2025 guidance," MacRury said. "Newmont remains one of our Best Ideas among the senior producers with improving production, strong FCF, capital return program, and attractive valuation." Winners and losers CODE COMPANY PRICE WEEK % MONTH % 6 MONTH % YEAR % YTD % MARKET CAP MRR Minrex Resources Ltd 0.009 13% 6% 13% 0% 29% $ 9,763,807.53 NPM Newpeak Metals 0.024 -11% 26% 41% 71% 118% $ 7,729,721.54 MTC Metalstech Ltd 0.135 0% -4% -7% -40% -4% $ 31,087,694.40 GED Golden Deeps 0.026 13% 30% 13% -24% 4% $ 3,896,765.42 G88 Golden Mile Res Ltd 0.01 11% -23% 0% 0% 11% $ 5,442,478.55 LAT Latitude 66 Limited 0.038 3% 52% -16% -71% 0% $ 5,449,226.79 NMR Native Mineral Res 0.135 -4% -27% 214% 575% 246% $ 156,584,324.64 AQX Alice Queen Ltd 0.004 33% 33% -56% -56% -50% $ 5,538,784.76 SLZ Sultan Resources Ltd 0.005 -17% 0% -17% -17% -17% $ 1,388,819.46 KSN Kingston Resources 0.14 4% 8% 89% 79% 97% $ 125,002,075.95 AMI Aurelia Metals Ltd 0.19 -3% -5% 9% -5% 12% $ 338,514,528.00 GIB Gibb River Diamonds 0.04 14% 43% 5% -2% 0% $ 8,580,377.80 KCN Kingsgate Consolid. 2.4 0% 9% 69% 50% 87% $ 641,801,713.08 TMX Terrain Minerals 0.003 20% 50% -25% 0% 0% $ 6,329,535.68 BNR Bulletin Res Ltd 0.047 -23% -19% 34% -4% 21% $ 13,799,826.18 NXM Nexus Minerals Ltd 0.06 -17% -19% 30% 50% 33% $ 36,829,336.39 SKY SKY Metals Ltd 0.081 17% 62% 50% 153% 50% $ 56,121,870.37 LM8 Lunnonmetalslimited 0.24 7% 12% 17% 55% -4% $ 50,744,480.02 CST Castile Resources 0.055 -2% -14% -10% -31% -31% $ 16,816,171.90 YRL Yandal Resources 0.16 -3% 60% 19% 10% -9% $ 51,023,772.03 FAU First Au Ltd 0.005 67% 43% 233% 150% 150% $ 12,457,747.66 ARL Ardea Resources Ltd 0.41 -5% 6% 21% -14% 24% $ 86,269,295.15 GWR GWR Group Ltd 0.115 10% 26% 28% 47% 44% $ 37,214,765.33 IVR Investigator Res Ltd 0.028 0% 17% 27% -42% 40% $ 46,783,248.60 GTR Gti Energy Ltd 0.004 33% 0% 33% 0% 14% $ 14,890,619.22 IPT Impact Minerals 0.008 14% 33% -23% -39% -15% $ 35,939,969.71 BNZ Benzmining 0.6 7% 36% 58% 422% 74% $ 117,407,727.64 MOH Moho Resources 0.004 -20% 0% -20% -33% -20% $ 2,981,656.11 BCM Brazilian Critical 0.017 6% 70% 89% 6% 89% $ 19,657,998.53 PUA Peak Minerals Ltd 0.067 18% 219% 361% 1627% 764% $ 200,605,169.01 MRZ Mont Royal Resources 0.041 0% 0% 37% -38% -5% $ 3,486,221.51 SMS Starmineralslimited 0.03 15% 36% -9% 11% -17% $ 5,574,199.59 MVL Marvel Gold Limited 0.014 8% 8% 75% 75% 56% $ 19,504,319.84 PRX Prodigy Gold NL 0.002 0% 0% 0% -25% 0% $ 12,700,222.20 AAU Antilles Gold Ltd 0.005 0% 25% 25% 67% 67% $ 14,274,408.10 CWX Carawine Resources 0.097 2% -1% -8% 13% -3% $ 22,904,168.55 RND Rand Mining Ltd 1.85 -2% -6% 17% 26% 22% $ 105,789,287.46 CAZ Cazaly Resources 0.02 5% 11% 82% -13% 43% $ 8,764,756.83 BMR Ballymore Resources 0.205 3% 21% 64% 28% 71% $ 36,229,769.93 DRE Dreadnought Resources Ltd 0.011 0% 10% 0% -50% -8% $ 55,874,500.00 ZNC Zenith Minerals Ltd 0.03 -12% -27% -33% -40% -25% $ 16,942,575.90 REZ Resourc & En Grp Ltd 0.019 0% 6% -39% -14% -17% $ 14,201,979.17 LEX Lefroy Exploration 0.13 4% 24% 83% 86% 86% $ 32,294,617.94 ERM Emmerson Resources 0.165 27% 32% 99% 200% 114% $ 95,342,831.85 AM7 Arcadia Minerals 0.025 19% 47% 25% -34% 32% $ 2,817,202.39 ADT Adriatic Metals 5.84 -1% 8% 40% 78% 50% $ 1,772,610,943.10 AS1 Asara Resources Ltd 0.054 -4% 8% 116% 440% 184% $ 59,463,603.79 CYL Catalyst Metals 4.73 0% -13% 33% 146% 83% $ 1,241,289,396.27 CHN Chalice Mining Ltd 1.81 1% 13% 51% 68% 64% $ 729,425,227.50 KAL Kalgoorliegoldmining 0.043 5% 8% 169% 48% 139% $ 15,653,226.90 MLS Metals Australia 0.022 29% 29% 0% 10% -4% $ 15,303,110.00 ADN Andromeda Metals Ltd 0.011 0% -15% 69% -50% 57% $ 43,876,132.42 MEI Meteoric Resources 0.155 3% 29% 85% 29% 82% $ 385,664,859.03 SRN Surefire Rescs NL 0.002 0% 0% -40% -66% -32% $ 6,457,218.50 WA8 Warriedarresourltd 0.145 32% 21% 202% 107% 230% $ 176,446,309.35 HMX Hammer Metals Ltd 0.028 8% -3% -7% -30% -15% $ 25,745,002.30 WCN White Cliff Min Ltd 0.025 9% 14% 25% 47% 56% $ 60,334,653.65 AVM Advance Metals Ltd 0.047 12% 0% 18% 81% 38% $ 12,868,546.37 ASR Asra Minerals Ltd 0.002 0% 33% -33% -67% -33% $ 8,000,396.02 ARI Arika Resources 0.042 -5% 20% 40% 110% 56% $ 37,005,730.00 CTO Citigold Corp Ltd 0.004 0% 33% 14% -11% 0% $ 12,000,000.00 SMI Santana Minerals Ltd 0.595 2% 9% 23% 51% 23% $ 422,790,424.88 M2R Miramar 0.004 0% 14% 0% -60% 33% $ 3,987,293.14 MHC Manhattan Corp Ltd 0.024 14% 20% 4% -4% 26% $ 5,637,573.55 GRL Godolphin Resources 0.014 22% 56% 0% -7% -3% $ 6,284,226.37 SVG Savannah Goldfields 0.018 -14% 6% 21% -38% -2% $ 20,548,386.70 EMC Everest Metals Corp 0.145 7% 12% 4% 16% 7% $ 30,257,719.43 GUL Gullewa Limited 0.069 0% 0% 23% -1% 23% $ 15,043,529.87 CY5 Cygnus Metals Ltd 0.1 11% 11% -29% 56% 0% $ 105,262,955.62 G50 G50Corp Ltd 0.3 11% 150% 67% 82% 94% $ 48,179,297.70 ADV Ardiden Ltd 0.165 3% 14% 14% 22% 22% $ 10,315,388.49 AAR Astral Resources NL 0.165 3% -6% 10% 109% 22% $ 226,883,100.64 VMC Venus Metals Cor Ltd 0.11 -8% 0% 75% 26% 64% $ 20,593,511.72 NAE New Age Exploration 0.004 33% 14% 33% 14% 14% $ 10,823,645.62 VKA Viking Mines Ltd 0.006 0% 0% -40% -25% -25% $ 9,407,641.24 LCL LCL Resources Ltd 0.006 0% 0% -33% -25% -40% $ 7,195,542.91 MTH Mithril Silver Gold 0.51 3% 2% 34% 240% 28% $ 77,446,791.66 ADG Adelong Gold Limited 0.005 -17% 25% 0% 25% 11% $ 11,243,383.37 RMX Red Mount Min Ltd 0.008 -6% -11% 0% -20% -11% $ 4,658,367.41 PRS Prospech Limited 0.024 0% 41% 0% -35% -17% $ 8,334,169.51 TTM Titan Minerals 0.325 2% 0% -21% -28% -14% $ 83,425,825.92 AKA Aureka Limited 0.105 6% -9% -36% -99% -22% $ 12,605,028.10 AAM Aumegametals 0.034 0% 17% -19% -35% -19% $ 21,817,825.09 KZR Kalamazoo Resources 0.11 13% 22% 49% 49% 49% $ 24,133,286.87 BCN Beacon Minerals 1.305 13% 17% 25% 31% 48% $ 137,359,543.10 MAU Magnetic Resources 1.535 6% -1% 24% 27% 39% $ 398,488,284.32 BC8 Black Cat Syndicate 0.83 2% 3% 18% 144% 47% $ 605,005,588.98 EM2 Eagle Mountain 0.007 17% 17% -22% -85% -22% $ 7,945,261.02 EMR Emerald Res NL 3.69 1% -19% -2% -9% 14% $ 2,477,332,862.48 BYH Bryah Resources Ltd 0.007 -13% -42% 75% 40% 133% $ 6,171,195.19 HCH Hot Chili Ltd 0.63 2% 14% -7% -33% -10% $ 97,033,901.44 WAF West African Res Ltd 2.38 7% 8% 46% 60% 66% $ 2,724,515,917.41 MEU Marmota Limited 0.038 -3% -3% -38% -12% -3% $ 45,953,925.81 NVA Nova Minerals Ltd 0.25 -4% -22% -35% 32% -32% $ 108,405,382.59 SVL Silver Mines Limited 0.15 0% 36% 105% 0% 92% $ 276,692,308.80 PGD Peregrine Gold 0.34 79% 119% 127% 81% 143% $ 27,151,277.12 ICL Iceni Gold 0.066 -1% 16% -8% 0% -7% $ 22,657,891.54 FG1 Flynngold 0.029 -3% -9% 16% 12% 16% $ 11,348,177.63 WWI West Wits Mining Ltd 0.022 13% 10% 38% 47% 57% $ 75,834,374.93 RML Resolution Minerals 0.081 29% 62% 575% 238% 575% $ 54,759,584.50 AAJ Aruma Resources Ltd 0.008 0% -11% -20% -27% -33% $ 2,623,524.20 HWK Hawk Resources. 0.019 -5% 6% -14% -47% -14% $ 5,147,659.53 GMN Gold Mountain Ltd 0.09 -22% 80% -10% -55% -40% $ 12,211,260.60 MEG Megado Minerals Ltd 0.04 3% 167% 208% 282% 135% $ 29,701,430.05 HMG Hamelingoldlimited 0.063 -7% -11% 0% -37% -2% $ 12,988,883.90 BM8 Battery Age Minerals 0.06 -5% 9% -39% -54% -43% $ 9,108,109.38 TBR Tribune Res Ltd 4.71 -1% -1% 10% 20% 10% $ 244,501,238.82 FML Focus Minerals Ltd 0.39 -1% 4% 77% 189% 129% $ 110,325,078.33 VRC Volt Resources Ltd 0.005 43% 25% 67% 25% 67% $ 23,424,247.06 ARV Artemis Resources 0.005 0% 0% -44% -44% -38% $ 13,946,196.91 HRN Horizon Gold Ltd 0.485 -6% -14% -6% 74% 2% $ 86,903,953.80 CLA Celsius Resource Ltd 0.006 -14% -14% -40% -54% -45% $ 20,380,674.94 QML Qmines Limited 0.058 23% 45% 4% 14% 7% $ 25,347,707.19 RDN Raiden Resources Ltd 0.0045 13% -10% -36% -82% -59% $ 15,529,011.49 TCG Turaco Gold Limited 0.465 1% -1% 45% 107% 82% $ 478,009,016.49 KCC Kincora Copper 0.061 11% 69% 110% 22% 126% $ 13,404,980.02 GBZ GBM Rsources Ltd 0.02 -9% 43% 150% 150% 150% $ 29,733,083.31 DTM Dart Mining NL 0.003 0% 0% -71% -84% -67% $ 3,594,166.73 MKR Manuka Resources. 0.046 5% 12% 74% 47% 68% $ 38,344,112.77 AUC Ausgold Limited 0.575 0% -24% 31% 60% 37% $ 248,937,808.84 ANX Anax Metals Ltd 0.007 0% 40% -30% -72% -42% $ 6,179,652.97 EMU EMU NL 0.021 -16% 5% -25% -13% -22% $ 4,436,217.83 SFM Santa Fe Minerals 0.27 -10% 671% 694% 744% 771% $ 19,661,073.03 PNR Pantoro Gold Limited 3.72 24% 20% 108% 164% 143% $ 1,539,826,697.36 CMM Capricorn Metals 8.98 -4% -14% 19% 64% 43% $ 3,996,970,576.74 VRL Verity Resources 0.025 0% 9% 35% -36% 28% $ 6,985,586.70 HAW Hawthorn Resources 0.054 0% -4% 29% -24% 32% $ 18,090,843.10 BGD Bartongoldholdings 0.68 -3% -15% 157% 172% 178% $ 161,740,826.64 SVY Stavely Minerals Ltd 0.017 -11% 55% -6% -39% 0% $ 9,248,715.58 AGC AGC Ltd 0.17 10% 10% 31% -41% 10% $ 41,055,555.52 RGL Riversgold 0.004 -20% 0% 33% -27% 0% $ 6,734,850.37 TSO Tesoro Gold Ltd 0.029 0% 23% 26% -3% 45% $ 62,455,210.42 GUE Global Uranium 0.073 7% 20% -5% 6% 22% $ 32,287,581.78 CPM Coopermetalslimited 0.048 -4% 37% 4% -26% 4% $ 3,761,071.20 MM8 Medallion Metals. 0.27 13% 8% 125% 350% 125% $ 165,175,201.35 FFM Firefly Metals Ltd 1.15 2% 13% 28% 37% 24% $ 748,241,200.93 CBY Canterbury Resources 0.025 0% -17% 14% -48% 14% $ 4,563,699.71 SLA Solara Minerals 0.245 23% 40% 0% -22% 172% $ 13,046,585.18 SFR Sandfire Resources 11.06 2% -1% 11% 31% 19% $ 5,159,967,706.40 TAM Tanami Gold NL 0.059 2% 7% 111% 97% 97% $ 69,330,725.71 NWM Norwest Minerals 0.014 -7% 27% 9% -42% 17% $ 14,525,378.43 ALK Alkane Resources Ltd 0.71 9% -5% 33% 35% 39% $ 423,879,324.40 BMO Bastion Minerals 0.001 -33% -50% -75% -79% -68% $ 3,162,696.47 IDA Indiana Resources 0.088 -1% 14% 38% 90% 44% $ 56,560,456.30 GSM Golden State Mining 0.009 13% 29% 13% -25% 13% $ 2,514,335.67 NSM Northstaw 0.036 0% 9% 82% 123% 128% $ 11,328,677.61 GSN Great Southern 0.027 4% 8% 50% 59% 80% $ 25,916,911.54 VAU Vault Minerals Ltd 0.395 0% -1% 8% -5% 20% $ 2,755,001,719.71 THR Thor Energy PLC 0.008 -20% -20% -30% -53% -38% $ 6,397,108.52 CDR Codrus Minerals Ltd 0.03 7% -14% 76% 0% 76% $ 6,202,031.37 MDI Middle Island Res 0.02 0% -9% 54% 18% 67% $ 5,864,679.42 WTM Waratah Minerals Ltd 0.275 -5% 0% 83% -20% 77% $ 66,550,995.81 POL Polymetals Resources 0.78 7% -3% -11% 184% -2% $ 214,250,941.60 RDS Redstone Resources 0.004 0% 33% 33% -11% 60% $ 4,137,069.42 NAG Nagambie Resources 0.016 0% 7% 0% 100% -11% $ 12,852,837.50 BGL Bellevue Gold Ltd 0.855 -7% -3% -24% -53% -24% $ 1,321,311,865.77 GBR Greatbould Resources 0.062 0% 0% 29% 24% 44% $ 57,992,501.10 KAI Kairos Minerals Ltd 0.0255 6% -12% 89% 219% 113% $ 65,772,804.73 KAU Kaiser Reef 0.18 0% 3% 9% 4% 13% $ 109,806,037.75 HRZ Horizon 0.048 0% -2% 4% 30% 20% $ 144,443,308.00 CDT Castle Minerals 0.077 -3% 3% 28% -36% 28% $ 9,280,765.60 RSG Resolute Mining 0.635 -2% 2% 57% -2% 61% $ 1,405,599,368.58 EVN Evolution Mining Ltd 7.3 -2% -5% 31% 78% 52% $ 15,097,934,010.64 CXU Cauldron Energy Ltd 0.01 0% 25% -18% -58% -14% $ 17,911,610.07 DLI Delta Lithium 0.165 10% -3% -3% -25% -3% $ 121,812,104.64 ALY Alchemy Resource Ltd 0.005 -9% -9% -29% -38% -29% $ 5,890,381.28 NH3 Nh3Cleanenergyltd 0.053 -20% 66% 194% 308% 194% $ 34,366,798.69 OBM Ora Banda Mining Ltd 0.69 8% -21% -9% 60% 6% $ 1,318,672,891.90 AVW Avira Resources Ltd 0.007 0% 0% -65% -65% -65% $ 1,610,000.00 LCY Legacy Iron Ore 0.009 0% 0% 0% -48% -10% $ 87,858,383.26 PDI Predictive Disc Ltd 0.45 2% 18% 67% 137% 96% $ 1,179,899,633.70 MAT Matsa Resources 0.078 8% 20% 95% 212% 123% $ 56,950,659.51 ZAG Zuleika Gold Ltd 0.02 25% 33% 67% 18% 54% $ 13,353,838.69 GML Gateway Mining 0.027 2% 0% 23% 13% 29% $ 10,220,507.38 SBM St Barbara Limited 0.3 7% 3% 20% 33% 33% $ 330,268,134.01 SBR Sabre Resources 0.01 11% 25% 25% -29% 0% $ 3,550,157.40 STK Strickland Metals 0.16 10% 7% 105% 65% 88% $ 384,601,165.49 CEL Challenger Gold Ltd 0.09 10% 8% 80% 80% 91% $ 188,075,086.20 GG8 Gorilla Gold Mines 0.395 10% -8% 72% 301% 52% $ 245,565,912.68 NST Northern Star 15.81 -3% -20% -8% 10% 2% $ 23,242,485,705.73 OZM Ozaurum Resources 0.07 -15% 13% 133% 37% 133% $ 16,037,131.11 TG1 Techgen Metals Ltd 0.022 0% -4% -35% -29% -37% $ 3,649,311.33 XAM Xanadu Mines Ltd 0.08 1% 1% 70% 36% 63% $ 181,005,683.93 AQI Alicanto Min Ltd 0.03 3% 3% -30% 36% -19% $ 25,444,289.28 KTA Krakatoa Resources 0.013 0% 8% 30% 18% 37% $ 10,076,742.33 ARN Aldoro Resources 0.33 -12% 6% 22% 284% -13% $ 64,182,702.15 WGX Westgold Resources. 2.64 -4% -10% 1% -3% -7% $ 2,575,861,363.53 MBK Metal Bank Ltd 0.011 -8% 0% -27% -41% -27% $ 4,974,589.98 A8G Australasian Metals 0.062 -7% -6% -17% -26% -22% $ 3,589,162.95 TAR Taruga Minerals 0.008 0% 0% -20% -11% -20% $ 5,710,032.46 DTR Dateline Resources 0.135 8% 82% 4400% 2150% 3757% $ 442,257,919.04 GOR Gold Road Res Ltd 3.15 -2% -5% 28% 74% 54% $ 3,454,749,010.80 S2R S2 Resources 0.067 -13% -1% -13% -48% 0% $ 33,496,064.49 NES Nelson Resources. 0.004 33% 33% 33% 33% 33% $ 6,515,782.98 TLM Talisman Mining 0.15 9% 15% -27% -45% -27% $ 27,306,450.61 BEZ Besragoldinc 0.048 -4% 2% -35% -8% -47% $ 19,943,854.32 PRU Perseus Mining Ltd 3.56 0% 2% 28% 32% 39% $ 4,942,010,454.55 SPQ Superior Resources 0.005 0% 25% -17% -50% -17% $ 11,854,913.63 PUR Pursuit Minerals 0.068 3% 84% -17% -55% -29% $ 6,732,042.50 RMS Ramelius Resources 2.72 11% 6% 17% 36% 31% $ 3,245,567,236.80 PKO Peako Limited 0.0025 -17% 25% -17% -38% -17% $ 3,719,354.90 RKB Rokeby Resources Ltd 0.014 -13% 100% 115% 180% 180% $ 22,888,055.96 A1G African Gold Ltd. 0.215 5% 30% 172% 760% 291% $ 115,913,153.84 NMG New Murchison Gold 0.017 0% -6% 70% 183% 89% $ 175,464,451.81 GNM Great Northern 0.02 18% 54% 33% 82% 43% $ 3,092,581.54 KRM Kingsrose Mining Ltd 0.039 8% 30% 15% -20% 11% $ 30,141,060.76 BTR Brightstar Resources 0.48 -13% 1% -9% 20% -4% $ 229,200,073.92 RRL Regis Resources 4.21 -5% -9% 40% 120% 65% $ 3,295,303,277.44 M24 Mamba Exploration 0.015 15% 7% -12% 25% 25% $ 4,722,649.76 TRM Truscott Mining Corp 0.052 6% 6% -37% -13% -33% $ 10,175,805.12 TNC True North Copper 0.36 -8% 3% -12% -93% -88% $ 49,042,373.38 MOM Moab Minerals Ltd 0.0015 50% 50% -25% -70% -25% $ 2,811,999.05 KNB Koonenberrygold 0.05 4% 67% 138% 213% 317% $ 54,328,777.15 AWJ Auric Mining 0.175 -3% 3% -44% -20% -49% $ 33,476,598.36 ENR Encounter Resources 0.28 -2% 19% 4% -56% -14% $ 137,167,887.73 SNG Siren Gold 0.053 4% 10% -4% -24% -18% $ 11,824,412.89 STN Saturn Metals 0.415 1% 19% 77% 118% 102% $ 197,653,895.46 USL Unico Silver Limited 0.455 3% 72% 133% 160% 133% $ 194,884,970.98 PNM Pacific Nickel Mines 0.024 0% 0% 0% 0% 0% $ 10,103,834.52 AYM Australia United Min 0.002 0% -33% 0% -33% -50% $ 3,685,154.97 HAV Havilah Resources 0.19 9% 9% -10% -7% -16% $ 64,458,696.24 SPR Spartan Resources 2.13 10% 5% 47% 63% 51% $ 2,847,436,934.76 PNT Panthermetalsltd 0.0095 -14% -37% 6% -62% -14% $ 2,858,593.21 MEK Meeka Metals Limited 0.14 4% -3% 27% 250% 82% $ 437,355,775.50 GMD Genesis Minerals 3.92 -1% -13% 28% 81% 59% $ 4,623,941,553.13 PGO Pacgold 0.064 2% -2% -16% -53% -15% $ 10,496,923.90 FEG Far East Gold 0.165 -11% 3% -6% -8% -8% $ 62,394,667.01 MI6 Minerals260Limited 0.11 -4% -4% -15% -31% -15% $ 227,406,666.63 IGO IGO Limited 5.36 11% 33% 2% -3% 12% $ 4,058,955,477.68 GAL Galileo Mining Ltd 0.165 3% 57% 6% -6% 32% $ 30,631,863.69 RXL Rox Resources 0.315 7% 15% 37% 142% 58% $ 238,911,961.28 PTN Patronus Resources 0.065 -3% -4% 14% 14% 33% $ 111,343,050.67 CLZ Classic Min Ltd 0.001 0% 0% 0% 0% 0% $ 3,017,699.21 TGM Theta Gold Mines Ltd 0.185 3% 32% 16% 42% 3% $ 167,649,324.30 FAL Falconmetalsltd 0.48 -5% 300% 256% 43% 317% $ 83,378,940.00 SPD Southernpalladium 0.645 10% 17% 29% 70% 8% $ 71,656,500.00 ORN Orion Minerals Ltd 0.01 0% 0% -29% -44% -33% $ 72,816,360.69 TMB Tambourahmetals 0.024 14% 4% -4% -46% 14% $ 4,302,377.14 TMS Tennant Minerals Ltd 0.006 -14% 0% -48% -70% -33% $ 7,461,232.91 AZY Antipa Minerals Ltd 0.565 2% -20% 71% 414% 117% $ 375,379,026.44 PXX Polarx Limited 0.01 18% 43% 11% -23% 54% $ 21,379,508.80 TRE Toubani Res Ltd 0.32 -4% 10% 137% 56% 88% $ 84,910,634.49 AUN Aurumin 0.105 6% 5% 64% 169% 59% $ 52,107,315.12 GPR Geopacific Resources 0.028 4% 27% 27% 31% 40% $ 89,109,029.13 FXG Felix Gold Limited 0.175 3% 30% 40% 265% 108% $ 74,610,077.87 ILT Iltani Resources Lim 0.23 21% 5% 5% 10% 12% $ 15,166,384.46 BRX Belararoxlimited 0.08 33% 33% -54% -67% -54% $ 12,959,918.16 TM1 Terra Metals Limited 0.066 10% 40% 128% 12% 136% $ 31,063,302.79 TOR Torque Met 0.23 15% 70% 297% 77% 334% $ 134,277,172.49 ARD Argent Minerals 0.023 5% 10% 28% 35% 35% $ 33,261,231.04 LM1 Leeuwin Metals Ltd 0.14 0% 8% 17% 71% 0% $ 14,112,893.76 SX2 Southgold Consol 5.7 -5% -26% 54% 0% 0% $ 829,044,349.56 UVA Uvrelimited 0.135 4% 57% 59% 35% 52% $ 24,076,000.13 VTX Vertexmin 0.21 -9% -19% -33% 169% 1% $ 44,379,912.94 Peregrine Gold (ASX:PGD) was among the top movers in the junior gold space, though the Mark Creasy-backed owner of the Newman gold project was largely running on the discovery of a high grade channel iron deposit on its ground. The project sits just 2km from BHP's Western Ridge and 13km from its Mt Whaleback deposit. First Au (ASX:FAU) lifted after starting a 3000m diamond drill program following mapping at its Nimba gold project in Liberia.
Sky News AU
3 days ago
- Sky News AU
Labor Minister Tim Ayres calls on Fortescue to repay $60m of taxpayer funds for failed green hydrogen project in Gladstone
Labor is seeking back the tens of millions of dollars of taxpayer funds it injected into Fortescue's failed green hydrogen project after the major company flipped on the beleaguered energy source. The Andrew Forrest-owned energy and mining giant on Thursday revealed it was scrapping green hydrogen projects in Queensland's Gladstone and the United States' Arizona. The Queensland plant has received about $60m in federal and Queensland government support and was opened 12 months before Fortescue canned the operation. While the company blamed the collapse of the Arizona facility on the shift in policy from the Trump administration, the Albanese government has earmarked billions of taxpayer dollars into green hydrogen in Australia. The recent shift is a blow to Labor's net-zero plans, which include a Hydrogen Production Tax Incentive as part of its Future Made in Australia Act. More than $6.5 billion will go toward the scheme, which provides $2 per kilogram of renewable hydrogen produced between 2027-28 and 2039-40. A spokesperson for Industry and Innovation Minister Tim Ayres said the government was hoping Fortescue would return the taxpayer funds it provided to fuel green hydrogen production in Australia. Labor has called on Fortescue to repay the millions of dollars it was given for a now-failed green hydrogen project. Picture: Getty Images A spokesperson for Mr Ayres said Labor would like Fortescue to repay the public funds. Picture: NCA NewsWire / Martin Ollman 'The decision not to proceed the PEM50 Hydrogen plant in Gladstone is a commercial matter for Fortescue,' the spokesperson said. 'However, if Fortescue does not proceed with the delivery of the MMI-funded Gladstone Electrolyser facility project it would be reasonable for the government to seek reimbursement for where the grant agreement hasn't been fulfilled.' Fortescue has not committed to ruling out repaying the taxpayer funds as it continues discussions with both the Queensland and federal governments. 'We are in active discussions with both governments on the future use of the land and the assets that have been invested in. As these are confidential discussions, it would be inappropriate to disclose details,' a spokesman said. The failure of the two projects will blow a US$150m ($227m) hole in the energy and mining giant's financial results. On the US project's failure, Fortescue chief executive of growth and energy Gus Pichot told analysts the shift away from green energy under US President Donald Trump hurt the project's viability. 'A shift in policy priorities away from green energy has changed the situation in the US,' Mr Pichot said. 'The lack of certainty and a step back in green ambition has stopped the emerging green energy markets, making it hard for previously feasible projects to proceed. 'As a result, we cannot proceed with our investments as they stand, and will explore future opportunities for our site in Arizona.'
