Latest news with #KingIsland
ABC News
25-05-2025
- Business
- ABC News
Tasmanian government issues $7.5m loan to struggling tungsten mine after previous loan converted to shares
The Tasmanian government has issued a $7.5 million loan to a struggling King Island tungsten mine, having just become a shareholder in the mine's owner to help prevent it from going under. Australian-owned Group 6 Metals — which owns the Dolphin mine, Australia's largest mined tungsten deposit — disclosed the new loan in its most recent quarterly update to the Australian Stock Exchange. It was not announced by the Tasmanian government. A government spokesperson said the loan was approved because the mine is "critical" for regional employment and economic activity. "The $7.5 million loan was an important element of the business transformation plan that aims to deliver operational improvements to mining and processing activities to achieve profitability and growth, as the demand for tungsten continues to grow," the spokesperson said. The loan comes from Tasmanian Development and Resources' borrowing facility and does not require additional budget funding, the spokesperson said. It's the latest in several financial commitments by the Tasmanian government to both get the mine reopened and keep it operational. In 2021, the government approved a $10 million loan to previous owner King Island Scheelite to restart operations at the mine, which shut in 1990 due to low tungsten prices. At the time, the government said it wanted to see it result in a "clever, job-creating mine". It reopened in May last year, but the mine — now owned by Group 6 Metals — encountered financial difficulties and was suspended from trading on the ASX in October, on the brink of entering administration. The company's board chair was replaced, and its managing director, two non-executive directors and chief financial officer all resigned. New Group 6 leadership embarked on an $80 million recapitalisation plan, with its creditors — including the Tasmanian government from its $10 million loan — asked to convert debts into equity. The government agreed, and now owns 12 per cent of the company's shares — the equivalent of about a $20 stake for each Tasmanian. The shares were issued at 0.04 cents, but the company's latest trading price was 0.025 cents — a more than 30 per cent reduction. The government then approved the new $7.5 million loan at 12 per cent interest over two years. Group 6 Metals recorded negative net cash flow of $12.1 million in the December quarter and negative $7 million in the March quarter, but new executive chairperson, Kevin Pallas, said the company was progressing with production improvements "without delay". China accounts for about half the world's tungsten mining, with very few other countries supplying the critical metal. Its main use is in hardening steel, critical for the mining, construction and weapons manufacturing sectors. China's rapid increase in tungsten mining in the 1990s is considered to be a factor in the collapse in the global price, which was a precursor to the first closure of the King Island mine. David Cooke, from the Centre for Ore Deposit and Earth Sciences at the University of Tasmania, said population growth and technological improvements were causing demand to increase. "It's in the national interest, and global interest, to have viable tungsten mines operating for viable supply chains, so that you can't have your supply shut off for geopolitical reasons. "I'm sure there's also the fact that the King Island economy would be benefiting from having a mine operating again." He said direct government investment in mines was not unheard of, citing Sweden as an example. The tungsten mine has faced a range of challenges, which the company's new leadership has put down to shortcomings during its recommissioning. In January, Mr Pallas said it had struggled to achieve improvements to its process plant performance, there were "continued delays" in decision-making on plant component changes, and "poor supplier relations". The mine continued to face breakdowns, which Mr Pallas said was due to "strategic errors in the original commissioning". It also had a poor safety record, with three lost time incidents for workers in the December quarter, and another two in the March quarter, along with high employee turnover. Mr Pallas told the ASX these matters are being addressed "systematically", and that it will take "time and investments" to improve the plant's performance. Group 6 Metals is aiming to start trading again on the ASX "in the near future", with the debt recapitalisation plan central to this. Greater clarity on the value of the Tasmanian government's shares will be known when trading recommences. Its debt-to-shares conversion resulted in a significant dilution of the shares for smaller shareholders. Sam Baker, from Shadforth Financial, said having a government be a significant shareholder in an ASX-listed company was "a bit unusual", but was also largely unavoidable due to the company likely going under without the changes. "The financial assistance has tended to not be in an ASX-listed company … but there is a fair bit more transparency around it, due to the company being bound by reporting requirements by the Stock Exchange," he said.
Daily Mail
09-05-2025
- Entertainment
- Daily Mail
Georgia Love looks downcast as she returns to her marital home after her ex-husband Lee Elliot goes on a wild weekend away following their split
Georgia Love looked downcast on Friday as she returned to the house she shared with ex-husband Lee Elliot in Melbourne. The couple, who met on the 2016 season of The Bachelorette and were married for four years, broke the news of their separation in February. But as Lee, 43, jetted off on a wild weekend golf trip with his male friends, Georgia, 35, has headed back to their marital home alone. She was spotted filling up her car with petrol not far from the house, garbed in a very bright red blazer which she paired with billowing white slacks. The former reality TV star slipped on a basic white tank under the coat and opted for comfort with a pair of matching sneakers. Flaunting her natural beauty with a minimal makeup look, Georgia finished her ensemble by pulling her blonde tresses back into a half-up hair do. She appeared to be engrossed in her mobile phone as she filled up the tank before driving off. Meanwhile, ex-husband Lee has been mending his broken heart by seeking solace in his buddies as he headed off for a weekend away with over a dozen male friends. The tradie excitedly posted a video of the expedition on his Instagram Stories as the group prepared to jet off to King Island, Tasmania in a light aircraft. The troupe, who are celebrating the 40th birthday of a pal, posed for a group photo in front of the plane at Moorabbin Airport. The trip come after Georgia spoke publicly about the couple's split. She broke her silence about the marriage breakdown with Kate Langbroek on Mamamia's No Filter podcast, saying she felt like she had let down her fans. The emotional reality star admitted it was difficult to announce her split from Lee because of the amount of goodwill from others toward their relationship. 'I don't want to feel like I've let anyone down which is so silly because it's not about anyone else, it's about us,' she said as she broke down into tears. The former reality TV star slipped on a basic white tank under the coat and opted for comfort with a pair of matching sneakers Flaunting her natural beauty with a minimal makeup look , Georgia finished her ensemble by pulling her blonde tresses back into a half-up hair do She appeared to be engrossed in her mobile phone as she filled up the tank before driving off 'People have been so wonderful following our story since the start and so many say they look at our relationship and it gives them hope. 'I've been really sad feeling like I've let people down.' Georgia went on to say the hardest part about her split is 'entering a period of loss and grief again'. 'It was hard at the end of last year with all the speculation about whether we had split. It was hard while I was trying to come to terms with what was happening,' she said. 'Lee and I made the decision together but it doesn't mean it makes me happy. It doesn't. I'm really sad about it.' Georgia and Lee, who were married for four years, broke the news of their split in February. 'After nine wonderful years together, including four as husband and wife, [we] have made the incredibly difficult decision to lovingly part ways,' they wrote. 'Our relationship has been so special and we will always cherish the memories, love, and laughter we've shared. 'There is no drama, no bad blood. Just two people who have grown in different directions while still holding deep respect and care for each other. 'We remain friends and we'd really appreciate our privacy as we navigate this next stage. Thank you.'
Daily Mail
09-05-2025
- Entertainment
- Daily Mail
Finding comfort in his boys! The Bachelorette's Lee Elliott goes on a wild golf trip with 12 men after split with Georgia Love
Lee Elliot is still mending a broken heart following his split with wife Georgia Love. The couple, who met on the 2016 season of The Bachelorette and were married for four years, broke the news of their separation in February. Lee, 43, has been seeking solace in his male friends, and has jetted off on a golf trip with over a dozen boys for a wild weekend away. The tradie excitedly posted a video of the expedition on his Instagram stories as the group prepared to jet off to King Island, Tasmania in a light aircraft. The troupe, who are celebrating a 40th of a pal, posed for a group photo in front of the plane at Moorabbin airport. The trip come after Georgia, 35, spoke publicly about the couple's split. She broke her silence about the marriage breakdown with Kate Langbroek on Mamamia's No Filter podcast, saying she felt like she had let down her followers and fans. The emotional reality star admitted it was difficult to announce her split from Lee because of the amount of goodwill from others toward their relationship. 'I don't want to feel like I've let anyone down which is so silly because it's not about anyone else, it's about us,' she said as she broke down into tears. 'People have been so wonderful following our story since the start and so many say they look at our relationship and it gives them hope. I've been really sad feeling like I've let people down.' Georgia went on to say the hardest part about her split is 'entering a period of loss and grief again'. 'It was very hard at the end of last year with all the speculation about whether we had split. It was hard while I was trying to come to terms with what was happening,' she explained. 'Lee and I made the decision together but it doesn't mean it makes me happy. It doesn't, I'm really sad about it.' Georgia also gushed over Lee's 'amazing support' through their difficult times. 'We have both and each been through big things in our nine years together. Some of those things we have grown through together and some we have grown apart,' she added. 'We have weathered a lot together and have a deep love and respect for each other and I hope we always will. I never expected to be here.' Georgia and Lee, who were married for four years, broke the news of their split in February. 'After nine wonderful years together, including four as husband and wife, [we] have made the incredibly difficult decision to lovingly part ways,' they wrote. 'Our relationship has been so special and we will always cherish the memories, love, and laughter we've shared. 'There is no drama, no bad blood. Just two people who have grown in different directions while still holding deep respect and care for each other. 'We remain friends and we'd really appreciate our privacy as we navigate this next stage. Thank you.' Georgia and Lee had fuelled rumours they had split for some time as it had been months since they were seen together. The pair spent Christmas apart with their respective families before Georgia jetted off to New York City for a holiday without Lee. They were also both spotted without their wedding bands, which led to a wave of speculation online suggesting they had ended their relationship. It seemed the pair were still living under the same roof at their marital home in Melbourne in the lead up to their big announcement. Georgia was spotted making a trip to a nail salon before she headed to the home to prepare for a drinks night. The former reality TV star was not wearing her wedding ring during the outing and had been seen without the diamond sparkler for months. Shortly after, Lee returned home driving a tradesman's ute while wearing a bright yellow uniform.
