Queensland government backs ‘copper whopper’

ASX penny hopeful Renegade Exploration has jumped 50 per cent after announcing it had identified what it called a potential “Big Copper” reserve near Cloncurry.

The Ernest Henry mine and plant, 38km northeast of Cloncurry.

ASX penny hopeful Renegade Exploration jumped 50 per cent last week after announcing it had identified what it called “very large magnetic anomaly” at its Cloncurry project, which could have Big Copper written all over it.

Investors were looking twice after Renegade chair Robert Kirtlan said its “Mongoose Deeps” prospect was a potential lookalike for the nearby Ernest Henry Mine, a major producer of gold and copper.

Renegade plans to drill the bumper target in May thanks to a $300,000 grant from the Queensland Government as part of the state’s Collaborative Exploration Initiative.

Copper is currently experiencing a strong rally with many pundits predicting the metal is headed for a price spurt over the next two years, as demand for the metal increases due to the world’s green energy transition. Mongoose project was first discovered in 2013 with drilling confirming it as an extension to the neighbouring Paddock Lode mine and Taipan deposit.

A lack of new mines has added to fears there won’t be enough copper for the energy transition. South America currently dominates copper production and Chile is the largest mined producer.

The stock that was trading at 0.6c on April 10, closed on Wednesday at 1.1c.

Copper is in short supply.

Death Star

Some little gems coming out of the Bell inquiry into the goings on at troubled casino operator Star Entertainment. Former Star chief financial officer Christina Katsibouba told the inquiry she resigned in March after her position became untenable as she felt unsupported, could not get traction on important issues and was excluded on important assets sales including the Treasury in Brisbane. City Beat readers will recall that Star kicked off a new sales process for its Treasury Casino and Hotel buildings in Brisbane with hopes of reaping $200m as the embattled gaming company attempted to stabilise its operations.

Katsibouba also revealed ousted Star boss Robbie Cooke was reluctant to share the extent of the company’s deteriorating debt position with the rest of the executive leadership team because they might be “scared.”

“Robbie and I didn’t necessarily agree on how much disclosure we have with the leadership team,” Katsibouba told the inquiry. “My view was that we should be fully transparent with them. I can’t recall the extent of the conversation (with Cooke) but perhaps it was there would be too much concern or scare them somehow and this may impact morale.”

Former Star Casino boss Robbie Cooke. Picture David Clark

Lot of gas

Clean energy company Pure Hydrogen is flying high. The Sydney-based firm has signed a lease on a 4,000m2 commercial site at Archerfield Airport for the production and supply of green hydrogen to vehicle and aviation customers.

It’s the company’s first step in developing a number of light micro-hubs around the country that can produce green hydrogen using green electricity sourced from the grid. Pure Hydrogen also plans to supply green hydrogen to commercial drone companies operating at the airport.

Pure Hydrogen managing director Scott Brown says the company is committed to developing a number of low-cost micro-hubs to produce green hydrogen for the commercial transport sector. “As well as securing strategic sites, Pure can readily source proven, turn key hydrogen fuel manufacturing equipment and technology that can be deployed across multiple sites and easily connected to green electricity sources,” he says.