I think when Jules was speaking of potential profits from Primero’s engineering work on battery materials studies (was it at the 2022 AGM? .. . . particularly relation to studies being undertaken in N. America) they were quite high … but it’s too late and I am still too much in holiday mode to track down his exact comments right now.
And maybe that has changed (yes to the squeeze on lithium producers) or maybe not?
Perhaps the half yearly report will provide some updates on battery metals work.
… And to quickly share a few other bits of news …
Sadly, last Thursday the founder of the large privately held and West Australian-based contracting company, Georgiou Group, Spiro - Peter- Georgiou, passed away aged 88.
Georgiou is another of Australia’s large contracting companies where success has been based on integrity and dedication and I’m reminded of similar words being said at the passing of Cyril Golding, founder of Golding Contracting, now a division of NRW.
“His leadership, integrity, and dedication turned a small construction company into a national success, guided by principles of hard work and unwavering loyalty to employees,” Georgiou Group said in a statement.”
Matt MckenzieThe West Australian
Fri, 5 January 2024 2:54PM
Peter (Spiro) Georgiou in 2012 at the Herdsman office of the company he founded several decades ago. Credit: Bill Hatto/WA News
The man who founded one of Perth’s largest local contracting businesses, Spiro Georgiou, has passed away aged 88.
Mr Georgiou built construction company Georgiou Group, which was established in 1977 with support from wife Agnoula and eventually grew to become among the top 10 private businesses in the State.
The company described him as “a man whose life journey encapsulated resilience, family devotion, and entrepreneurial spirit” announcing his passing late on Thursday. “His leadership, integrity, and dedication turned a small construction company into a national success, guided by principles of hard work and unwavering loyalty to employees,” Georgiou Group said in a statement.
Mr Georgiou was born in Greece, where the loss of his mother at a young age was influential in his early life. He moved to Australia at 18.
Matt Mckenzie
His business interests started with company Direct Drainage, which played a role in the expansion of Perth in the late eighties and into the nineties.
“We worked seven days a week and long hours,” Mr Georgiou wrote in the book published to celebrate the group’s 40th anniversary in 2017.
“I came to Australia in 1953 and my first holiday was in 1990 – I had worked hard for it!”
Direct Drainage worked on developments in suburbs including Joondalup, Ocean Reef, Beechborro and Currambine. But it was a 1995 deal for an Ellenbrook subdivision that the company has said was perhaps pivotal for its growth.
Spiro and Agnoula Georgiou had four children — Sophia, John, Maria and Dimitrious.
John joined the business in 1990 and was chief executive from 1988 to 2018. He now serves as executive chairman and has overseen an expansion into the east coast.
Most recently, Georgiou’s projects have included the new Midland Station and Tonkin Highway Gap.
Mr Georgiou continued to work until age 85, and was celebrated for his deep concern for the well-being of others.
“Survived by his loving wife, children, grandchildren, and great-grandchildren, Spiro Georgiou’s legacy echoes through the relationships he built and the values he instilled,” the company said.
“He will be deeply missed, remembered as a remarkable man who touched the lives of many. May he rest in peace.”
The family business is now run by chief executive Gary Georgiou, who is not related to the founder.
Georgiou Group reported revenue of more than $1 billion in the year to June, with profit of $25.5 million.
Another famous local contractor whose founder has passed is Ausdrill, now Perenti (https://www.abc.net.au/news/2022-05...der-and-wa-mining-tycoon-ron-sayers/101050224), and there was news just yesterday that dome WA employees at its’ mining division, Barminco may be out of work with Panoramic’s closure of the Savannah Nickel mine,
Panoramic Resources’ Savannah nickel mine to close with nearly 400 jobs hanging by a thread
Adrian RausoThe West Australian
Mon, 8 January 2024 5:53PM
Panoramic Resources’ Savannah nickel mine in the East Pilbara. Credit: Wayne Riley/supplied
The administrators of Panoramic Resources have pulled the pin on mining operations at the Savannah nickel-copper-cobalt project, with hundreds of WA jobs on the chopping block.
Administrators FTI Consulting told the market late on Monday operations at Savannah, about 104 kilometres north east of Halls Creek in the Kimberley, will be suspended over the coming days due to a deteriorating nickel price environment.
“Whilst operations have continued, including a shipment of approximately 10,000 tonnes of nickel concentrate on 3 January 2024, nickel prices have continued to trend lower,” FTI stated.
As a consequence of the decision to suspend operations at the Savannah Nickel Project, the majority of the circa 140 Panoramic staff on-site at the Savannah Nickel Project will be stood down and unfortunately made redundant, some with immediate effect.”
The West Australian understands contractor Barminco, a subsidiary of listed parent Perenti, has approximately 250 workers on site at Savannah.
Panoramic’s shares had been in a suspension since November, as the miner sought to flog off its flagship project, but after failing to attract suitors was placed into the hands of FTI last month.
The mining halt marks another dour chapter in the tumultuous history of Savannah, which was placed in care and maintenance in 2015 before being dusted off and restarted in 2018, and then mothballed again in April 2020 due to the COVID pandemic and sagging nickel prices.
It was switched on once more in 2021 and touted to have a 12-year mine life as the first shipment of nickel concentrate set sail from the Wyndham Port at the end of that year.
FTI senior managing director Daniel Woodhouse said it was the administrators’ intention to continue to keep Savannah ticking along.
After consultation with major creditors and key suppliers it is apparent that the prospect of achieving a near-term turnaround of operations and finances is low,” he said.
“Given the near-term funding requirement for continued operations, we have made the difficult decision to suspend operations while the sale/recapitalisation process progresses.”
The closure of Savannah marks the first recent major casualty of WA’s once-thriving nickel industry, as the pressure mounts on the state’s biggest players including BHP’s Nickel West business and Andrew Forrest’s Wyloo Metals.
Some may remember that Prinero was contracted to work at Savannah in happier times, but that (last August?) a (timely for us) decision was made that Panoramic would switch to an owner-operated model.
And today, news of another closure - The Alcoa aluminium refinery at Kwinana
“..The move to switch off the State’s oldest alumina plant is a huge blow to local manufacturing, with about 1100 staff and contractors set to lose their jobs or be redeployed…”
I think 2024 looks to be shaping up as a very hard year out there for lithium projects, and for some others as well although there may be a ‘silver lining’ if the squeeze on projects means the worker squeeze is - at last - relaxing?
cheers
NWH Price at posting:
$2.92 Sentiment: Hold Disclosure: Held
(20min delay)