Category Archives: STATES

RNC Minerals recovers giant gold rock slab from its gold mine in Australia

Canada’s RNC Minerals (TSX: RNX), the company that last month unearthed more than 9,000 ounces of high-grade gold from just one blast at its Australian Beta Hunt mine, has recovered the first specimen.

The Toronto-based gold miner said the slab, weighing about 90kg, was cut in the field, revealing impressive visible gold and quartz structures. It’s estimated that the stone, which will be divided up into a series of smaller sections, contains 1,000 ounces of gold.

RNC believes the stones are among the biggest of their kind ever unearthed Down Under.Final weights and gold content will be determined for each specimen slab once all have been cut, RNC said.

“We expect that these spectacular specimen slabs will be highly sought after by mineral specimen collectors. With a minimum of 30-35,000 ounces expected from the Father’s Day Vein area, the company will be in a substantial net cash position to fully fund its upcoming activities,” Mark Selby, President and CEO of RNC said in the statement.

For now, six gold slabs weighing around 200 kg are being displayed at the Perth Mint until late October. 2018

The company believes the gold-rich rocks are among the biggest of their kind ever unearthed in Australia.

Figure 3: Close up showing Father’s Day Vein structure, gold in quartz, with porphyry, sediments and basalt. (CNW Group/RNC Minerals)

Close up showing Father’s Day Vein structure, gold in quartz, with porphyry, sediments and basalt. (Image courtesy of CNW Group | RNC Minerals.)

RNC plans to auction off some of the most impressive specimens as according to Selby, collectors in North America and globally are known to pay up to a 50 percent premium on the gold metal value for rarer specimens.

Gold experts called for Australian governments to purchase them for historical purposes, but Western Australia said it didn’t have a spare A$7 million (roughly $5 million) to spend.

Beta Hunt mine is on the market — RNC is trying to find a buyer willing to fund more exploration drilling.

“Given the rarity of the rock, and the physical beauty and presentation of the gold that’s there, it’s a very spectacular stone in multiple ways so we’ll see whether 20, 30 or even 50 percent premiums apply here,”RNC said last month.

But not only that — the Toronto-based company may soon sell off the mine itself, as it has been trying to find a buyer willing to fund more exploration drilling.

“Given the significance of this discovery to the exploration potential and value of Beta Hunt, RNC has decided to consider all alternatives, including a sale,” RNC has said.

The 45-year-old Beta Hunt gold mine is located 600km east of Perth and 50km south of Kalgoorlie-Boulder.

Figure 2: Gold specimen slab, cut with a diamond chain saw, exposing gold/quartz veining. (CNW Group/RNC Minerals)

Gold specimen slab, cut with a diamond chain saw, exposing gold/quartz veining. . (Image courtesy of CNW Group | RNC Minerals.)

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Henry Sapiecha

‘A very special moment’: huge gold nugget found in WA’s northern goldfields

A gold nugget dubbed ‘duck’s foot’ worth more than $110,000 has been uncovered in WA’s northern goldfields region.

The 3.23kg nugget contains 2.11kg of gold and amazingly was one of six sizeable nuggets the prospector found during his trip.

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The gold nugget, ‘duck’s foot’ found in remote WA.

Photo: Supplied.

The prospector wished to remain anonymous and did not want to reveal exactly when he found the nugget.

He named the nugget duck’s foot because of its shape.

“When I had finished digging it out, I just thought ‘Oh my god’,” he said.

“There’s an amazing feeling of joy when you find a gold nugget, even a small one, so when I uncovered this one it was a really special moment.

“I have been going to the same spot for years but with a better detector, better technology, I keep finding gold in patches I’ve been over many times. I can’t believe the amount I’ve left behind.”

The man, who is retired, camps on-site for weeks or months at a time.

He was using an Australian-built metal detector from Australian company Minelab.

The prospector’s first strike was on the second day, which was a nugget big enough to pay for the entire expedition.

“That meant the pressure was off and I could unwind a bit. I started looking for deep signals in ground I’d gone over before,” he said.

“When I heard that signal, I knew it could be something big.

“It was pretty deep at about 800mm in clay soil so it took more than two hours of careful digging to get it out.”

Despite the great pay day the prospector has no plans to stop.

“I have always said to do this you need ruthless optimism and a happy heart. Why would I stop?” he said.

Airleg driller Henry Dole was on shift when his team unearthed two huge specimens at RNC’s Beta Hunt mine site in Kambalda earlier this month. Picture: Kelsey Reid / Kalgoorlie Miner.Source:Supplied

Earlier this month, Canadian gold mining company RNC Minerals announced it had found a whopping 9250 ounces of gold worth $C15 million ($A15.9 million) at its Beta Hunt gold mine, also in the Goldfields near Kambalda, in just one week.

That included two massive sized specimens weighing 95kg and 63kg with a combined estimated gold content of more than 4000 ounces, which President Mark Selby said could rank among the biggest ever discovered

On Thursday, the company provided an updated estimate from the discovery, dubbed the ‘Father’s Day Vein’, saying it had produced more than 24,000 ounces worth more than $C38 million ($A40.3 million).

Originally published as Another huge gold find in WA

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Henry Sapiecha

Australian cupcake mogul Katelyn Matheson on track to make fortune — before her 21st birthday

WHEN Katelyn Matheson was 18, she decided to earn a little extra pocket money by selling homemade cupcakes at her local farmers’ market.

She made a few hundred dollars after selling 150 cakes after her first day — a fortune for a teenage TAFE cookery student.

But word of mouth spread, and within days she was being inundated with orders and requests via her Facebook page.

Soon, she was baking 5000 cupcakes a week to keep up with demand, and her business, Cake Creations by Kate, was born. Support this industrious girl & buy her products Australia.

“I was still living with mum at the time and I did it all in her kitchen — poor thing; I took over the house,” she said.

“It turned into a massive thing. On Friday nights there used to be cars everywhere on our street with people lined up at our door to pick up orders.

“It started out as a way to earn a little bit of extra money while I was studying but all of a sudden, people were asking about the cupcakes non-stop. I didn’t predict it would get this big.”

Ms Matheson remembers setting up trestle tables throughout her mother’s house one night to hold 4000 cupcakes that had been ordered — that was her mother’s breaking point, and the teen realised it was time to take the business to the next level.

She decided to lease a shop at her local shopping centre, but centre management asked her to trial a temporary, pop-up store first as they were concerned the then-19-year-old was too young to handle the responsibilities of a long-term lease.

They shouldn’t have been.

There was a “20m line” of eager customers waiting from the moment the store opened — and Ms Matheson had completely sold out within an hour-and-a-half.

She signed a lease almost immediately and today Ms Matheson runs two stores with a third set to open in inner-Melbourne’s QV centre this month, and with more pop-up stores to follow.

She’s also established partnerships with corporate and wholesale clients including ANZ, Crown Casino, Myer, NAB, Optus and Telstra and has branched into wedding cakes and party favours as well.

🌸
I’m the luckiest girl is the world to have this amazing lady as my Mum, she is always so caring and puts everyone before herself, she is my biggest fab, she always supports me no matter what & her kind heart and generous natures makes everyone smile around her. Thank you Mum for being the best Mum & I hope all the Mums have a great day and get spoilt with love today

And it seems the cupcake business is a lucrative one — Ms Matheson is on track to make $1.6 million by the end of 2018, well before her 21st birthday.

She said the degree of her success had been “crazy” — but insists getting rich was never her objective.

“It’s absolutely never been my goal and I’ve never lost sight of my passion on this whole journey,” she said.

“I don’t wake up thinking about money. People say I must love making lots of money on big days like Father’s Day or Mother’s Day, but that’s not my goal — I love what I do, creating desserts people love, and I never let money get in the way.

“But it’s nice to be so young and have the opportunity to make some money and be successful. I never came from a really wealthy family and my family always taught me the importance of genuine hard work.”

Ms Matheson said her success had happened so quickly she has had little chance to enjoy it, working around the clock and investing a lot of her revenue back into her company through kitchen supplies and equipment to streamline the business.

And she stressed her phenomenal success has also come with many challenges.

“It definitely hasn’t all been smooth sailing. It sounds like it’s all rainbows and unicorns but it has come with a lot of hardship. Especially being so young, there are challenges when you start making money — I was investing every single cent into new equipment, with one machine costing $35,000,” she said.

“And it becomes harder the more staff you employ. Next week our 20th staff member will come on board and it is hard to manage so many different people, but I’m learning to be versatile and a strong, independent woman.”

She said the secret ingredient to her success has been hard work, quality ingredients and treating staff well.

Ms Matheson’s signature cupcakes include Rainbow, Salted Caramel, Triple Chocolate and Jam Donut.

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Henry Sapiecha

Meet Lex Greensill and the fintech that’s Australia’s newest $2b success story

A supply chain financing company with its roots in regional Queensland Australia, Greensill, has become the country’s next $1 billion-plus unicorn, thanks to a $US250 million ($336 million) venture capital injection from growth equity firm General Atlantic, which also creates the country’s newest top rich listers.

Queenslander Lex Greensill started his own finance supply-chain company that’s now worth $2.2 billion. John Chapple

Greensill, founded in 2011 in London by Bundaberg-born farmer Lex Greensill, 41, provides businesses in industries from telecommunications to manufacturing with working capital based on their invoices, allowing them to be paid faster and fulfil the work, without shortening payment terms for the buyers.

The capital raise, which is the first for the previously bootstrapped company that had only taken capital from family and friends, values Greensill at $US1.64 billion and makes Mr Greensill and his brother Peter, who runs the family sugar cane and sweet potato farm in Bundaberg, collectively billionaires.

“The business is extraordinarily capital efficient and we’ve invested fully ourselves in growing the business because we wanted to maintain control,” Mr Greensill told The Australian Financial Review.

“The firm is still substantially owned by myself and the staff and I’m very proud of that … Dozens and dozens of our employees have become millionaires on the back of this.

“We weren’t looking to raise at all. General Atlantic approached us and the strength of their experience in multiple markets where we’re looking to grow, combined with the capital and expertise, made it worthwhile. But there are no plans to raise again or do an initial public offering.”

The investment from General Atlantic, which gives it a minority stake in the company, will allow the business to aggressively expand in major markets where it’s only got a small presence – China, India and Brazil – as well as rolling out in Africa.

From Bundaberg QLD to London

Having been raised on his family farm and seeing his parents deal with long payment terms, Mr Greensill worked full time in a law firm after finishing high school and undertook a law degree by correspondence.

After becoming a solicitor, he joined a few start-ups based in Sydney during the dotcom boom, one of which was in supply-chain finance.

This venture ultimately failed and Mr Greensill went on to be involved in a few other start-ups, before making the move to London and eventually starting Morgan Stanley’s supply-chain finance business, before moving to Citibank during the global financial crisis and becoming managing director of its supply-chain finance business for Europe, the Middle East and Africa.

But Mr Greensill, who has also been an adviser to former British prime minister David Cameron and US president Barack Obama, said he became frustrated with the big banks’ inability to adopt new technologies quickly and decided to start his own firm.

“I ultimately decided there was a bigger opportunity outside of the bank because so much of the market was not being served by them and they weren’t adopting technology at the pace I thought they needed to,” he said.

“Our business model is that we work on an industrial scale. We’re low margin and we’re passing through the advantage of the extraordinary access we have to Greensill Bank [in Germany] and capital market financing through to battlers in Australia and the 56 markets we serve.

“Full enrolment online takes under one minute and in terms of accepting legal terms and conditions, it takes just one click. We marry our financial and capital markets technology as one of the biggest bond issuers in Europe, together with access to the enterprise resource planning systems of our customers in order to make credit available.”

‘I’m a farmer at heart’

Greensill bought a German bank in 2013, whose balance sheet it uses to invest in its various programs.

The company is growing at around 300 per cent year-on-year and in Australia it has gone from providing $US800 million in working capital to businesses in 2017 to more than $3 billion in the first six months of 2018.

In 2017 it made a profit of $US32.9 million on $US115.9 million in revenue.

“We see ourselves as the Amazon of the working capital world … We’ve come a long way, but the marketplace we play in is quite enormous,” Mr Greensill said.

“Our market share today is about 0.4 per cent, in a market with the potential size of a $US3.5 trillion asset requirement. That’s the market we’re going after. We want to go from 0.4 per cent to [the full] $US3.5 trillion.”

Mr Greensill’s brother Peter also sits on the board of the company, but day-to-day runs the family farming business, which is separate to Greensill.

While the company was founded in the UK, Greensill is still registered in Bundaberg and Mr Greensill, who was named a Commander of the Order of the British Empire last year, has no intention of ever changing that, admitting he’s still a farmer at heart.

“Bundaberg is my home. It’s where I came from and I visited there about eight times last year with my wife and. We have never considered the thought of changing our roots,” he said.

“I’m a farmer at heart. Whenever I’m home I jump on a tractor and have a play. I don’t think of myself as a corporate titan.”

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Henry Sapiecha

Over 20 Sydney Uni staff under investigation for finance fraud

The University of Sydney is investigating more than 20 staff for financial misconduct.

Fairfax Media understands the university is auditing expenditure estimated at tens of thousands of dollars for entertainment including birthday cakes, coffees, alcohol,stationery & personal items

The staff being put in the firing line work in student administration and recruitment, which generates in excess of $1 billion a year in revenue for the university.

A spokeswoman for the university told Fairfax Media that 21 staff members were being interviewed in relation to allegations of financial misconduct.

“The University takes any allegation of financial misconduct very seriously,” the spokesperson said.

“At this stage, no formal findings of misconduct have been made against any of the staff members being questioned and the process is continuing”

Fairfax Media understands that staff were contacted a few weeks ago and told they were under investigation.

One staff mperson who spoke on the condition of anonymity said staff had been aghast at the “suggestion they had been stealing from their UNIV. employer”.

“Staff were told on a Friday they would be getting formal correspondence on the Monday, but it was not disclosed as to what the charges were,” the staff member stated.

“It was a phone call that was read from a prepared script.”

Staff made written submissions and some were questioned.

“It was thought that 16 birthday cakes was excessive,” the staff member said. “These were minor misdemeanours at worst. It was about whether taking a student out for a coffee was technically a meeting or classed as entertainment.”

The university spokeswoman said the university’s enterprise agreement insisted that when an allegation is made that employees “are given an opportunity to respond to the allegation before a finding is concluded”.

The turmoil in the student administration department now follows the departure of its Executive Director of Global Student Recruitment and Mobility, Michelle Carlin in September last year. It is not alleged that she is in any way linked to the investigation of her former staff.

“I’m absolutely confident that this high achieving team have nothing to worry about,” Ms Carlin said.

“I’m not sure what the reason behind this is, but it is upsetting to see good people placed under this type of stress when they have just been trying to do the best by the university and their results do more than reflect this.”

Ms Carlin’s boss Tyrone Carlin, who is not related to her, stepped down from his position as deputy vice-chancellor (registrar) late last year to return to teaching and research. It is not alleged his departure is linked in any way as well to the current investigation of staff.

University of Sydney Vice-Chancellor Michael Spence sent an email to staff in October last year saying he had accepted Professor Carlin’s resignation.

“Tyrone has decided to step down from his DVC role at the finalty of this year so he can return to his substantive professorial position within the Business School,” Professor Spence said.

“While it is sad to see him leave his current position, I am very pleased that he will be able to return to his teaching and research, and as such remain a very valuable member of the University community.”

Professor Spence credited Professor Carlin for the great transformation of student administration.

“His oversight of the implementation of a whole of institution student administration team completed the ambitious and demanding agenda of moving student administrative functions from faculties and schools towards an integrated, whole of institution delivery approach,” Professor Spence said.

Fairfax Media sought comment from Professor Carlin, but there was no response from him.

In an unrelated matter, yet another deputy vice-chancellor, Professor Shane Houston, left his position last year. He has commenced legal action over his dismissal as the University of Sydney’s first deputy vice-chancellor for Aboriginal services.

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Henry Sapiecha

‘Lotto hot spot’: FRASER COAST $30M jackpot is another win for Qld town a la LOTTO-LAND

UPDATE, 4PM: Hervey Bay has cemented its place as one of hot-spots for big lotto wins.

Golden Casket narrowed the state-wide search for Queensland’s $30 million winner to Hervey Bay late this afternoon, sparking even more interest in the win.

The entry was the only division one-winning entry in Oz Lotto draw 1229 on Tuesday, September 5, but the entry was unregistered.

Wife didn’t believe husband when he said they’d won $1.6 million

The $30 million win is the second division one win to land in the Fraser Coast region during the past five days.

On the weekend, a retired Hervey Bay woman won $1.6 million in the Saturday Gold Lotto $20 Million Superdraw.

UPDATE, 11AM: Golden Casket narrowed the state-wide search for Queensland’s mystery millionaire to the Fraser Coast.

The entry was the only division one-winning entry in Oz Lotto draw 1229 on Tuesday, September 5, but the entry was unregistered.

Wife didn’t believe husband when he said they’d won $1.6 million

The $30 million win is the second division one win to land in the Fraser Coast region during the past five days.

On the weekend, a retired Hervey Bay woman won $1.6 million in the Saturday Gold Lotto $20 Million Superdraw.

The Fraser Coast region also holds the record for having sold Australia’s single biggest individual lottery win. In January, 2016, Hervey Bay grandparents won the $70 million division one Powerball jackpot prize.

BIG LOTTO WINS: Are we the lucky region?

The couple won the entire jackpot prize.

EARLIER: A MYSTERY Queenslander won Oz Lotto’s entire $30 million jackpot but may not know they are now a multi-millionaire.

The entry was the only division one-winning entry in Oz Lotto draw 1229 on Tuesday, September 5, but the entry was unregistered.

Wife didn’t believe husband when he said they’d won $1.6 million

Golden Casket has urged all Queenslanders to check their tickets.

“It’s hard to believe, but someone out there woke up this morning a multi-millionaire – but they may not know it yet!” Golden Casket spokesperson Matt Hart said.

“We can’t wait to confirm this whopping prize with our mystery winner! Just imagine how $30 million could change your life and the lives of your nearest and dearest.

“There are 30 million reasons why all Queensland players who had an entry in last night’s draw should check their ticket this morning.

“If you discover you’re holding the division one winning Oz Lotto entry, hold on tight to that ticket and phone 131 868 as soon as possible so that we can start the prize claim process.”

The winning numbers were 16, 45, 4, 35, 8, 28 and 27. The supplementary numbers were 22 and 34.

Henry Sapiecha

Mystery Queenslander wins the complete $40M Oz Lotto jackpot!

UPDATE @ 11.15am: The hunt is on for the winner of last night’s entire $40 million Oz Lotto jackpot prize, with Golden Casket narrowing the search to the tropical Far North Queensland city of Cairns.

Earlier this morning Golden Casket revealed a Queensland entry had won the humungous Oz Lotto prize but with still no sign of the mystery winner, the selling city has now been revealed.

The entry, purchased at a Cairns Golden Casket outlet, was not registered to a Winners Circle Card so the identity of the new multi-millionaire remains a mystery.

Golden Casket is urging all Cairns residents and visitors who purchased a ticket in last night’s Oz Lotto draw to check their tickets.

EARLIER @ 8.30am: One Queenslander won the entire $40 million Oz Lotto jackpot last night, however the identity of the new multi-millionaire remains a mystery as the entry was unregistered.

The Queensland entry was the only division one winner, in what was the third highest Australian lottery jackpot of the year.

Queenslanders who purchased a ticket in the draw are being urged to check their tickets immediately.

Golden Casket spokesperson Matt Hart said he was eagerly waiting for Australia’s newest multi-millionaire to make contact and start the prize claim process.

“With $40 million up for grabs, last night’s Oz Lotto draw was one of the most hotly anticipated draws of the year and one Queensland player won it all!” he said.

“We can’t wait to confirm the humongous prize with our mystery winner! Just imagine how $40 million might change your life and the lives of your nearest and dearest.

“There are 40 million reasons why all Queensland players who had an entry in last night’s draw should check their ticket this morning.

“If you discover you’re holding the division one winning entry, hold on tight to that ticket and phone 131 868 as soon as possible so that we can start the prize claim process!”

We are on the hunt for x1 $40 Million unregistered QLD

Henry Sapiecha

MYSTERY WINNER OF $1.6M LOTTERY WIN IN HERVEY BAY QUEENSLAND AUSTRALIA

ARE you the lucky winner of $1.6 million?

Torquay IGA & News has shared the exciting news that it has sold a winning division one lotto ticket.

The draw was for Saturday night and the lucky winner has $1.6 million waiting to be claimed.

“If you got a ticket from us last night, come on in and get your ticket checked, you may just be holding that winning ticket!” the post reads.

The winning lotto numbers on Saturday night were 21, 22, 23, 16, 17, 44 with bonus numbers 30 and 2.

Henry Sapiecha

Crystal Car Wash boss Anthony Sahade in a lather over council fine

Crystal Carwash boss Anthony Sahade is used to courtroom soap operas.

Mr Sahade, a Point Piper millionaire who has been in and out of Sydney courts for years over neighbourhood disputes on Australia’s wealthiest street, has most recently been in a lather about a fine from Randwick Council..He was expanding his wash facilites to cater for dogs

The council found an unauthorised dog washing set-up, including a basin and a fence, had been installed at a Crystal Car Wash site in Coogee in March 2015, and ordered its removal.

Mr Sahade then sought and was granted council approval for the dog grooming facility, and refused to pay a $1500 fine for the initial unapproved installation.

The matter went to court and his company Lenjade was convicted and fined $12,000, with $8000 legal costs.

Mr Sahade appealed the decision and last week the Land and Environment Court acquitted Lenjade, ruling there was not enough evidence to prove Mr Sahade directly authorised the development.

During the hearings, Mr Sahade likened managing franchisees to fatherhood.

“I tell my son, ‘You have to be home by 10 o’clock’ but he comes home at 11 o’clock and he uses his discretion and he’s sensible then it’s not a punishable sin. It’s no different to the franchisee having a go at putting a dog wash in to enhance his business,” Mr Sahade said.

“Even though it’s prohibited within the lease it’s not something that’s worth punishing him [for] because he’s doing what’s best for his business and what’s best for his business ultimately profits the whole Crystal Carwash chain.”

It is the latest in a string of legal proceedings involving Mr Sahade.

In 2014, the NSW Civil and Administrative Tribunal ordered Mr Sahade and his son Victor not to “threaten or act in an aggressive manner” towards their neighbours on a battleaxe block on Wolseley Road.

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Senior member Richard Buckley said that, since May 2005, Mr Sahade’s conduct had been “characterised by a lack of civility, arrogance, threatening behaviour, a disdain for the rights of other lot owners and a disregard for the obligations imposed” by strata laws.

The same year, the Federal Court fined Crystal Carwash for underpaying workers by almost $180,000.

In 2012, Woollahra Council took Mr Sahade to court over a staircase at his mansion, which was built without permission.

Two months later, as Mr Sahade and a carpenter demolished the steps, a physical fight broke out with a neighbour.

CCTV footage of the fight captured Mr Sahade telling the neighbour: “You’re a goner”, various courts heard.

A magistrate dismissed assault charges against the car wash boss.

Henry Sapiecha

Caboolture Queensland Australia woman wins $2.77 million on Gold Lotto

A QUEENSLANDER is today $2.77 million richer after a remarkable winning run over two days this week.

A woman from the Caboolture region, north of Brisbane, won $2.77 million on last night’s Gold Lotto.

The woman, who has not been named, won division one four times on a single Monday and Wednesday Gold Lotto entry.

It followed her $17,000 win in a lower divisional prizes on Monday.

“I’ve been waiting to hear from someone from Golden Casket all my life!” she told a Golden Casket official who rang with the news.

“It’s just unreal! I’ve had two wins in the past few weeks and now last night I won $2.77 million. It’s crazy!

“It’s like you get your lucky time in your life and it all happens. That’s how it feels to me.

“It’s been a bit of a roll of wins lately. I thought my luck may have run out but it’s just got better. This is the icing on top of the cake!”

The winning entry was bought online at thelott.com and consisted of four marked System 12 games of identical numbers.

Apart from winning division one four times — once for each marked game on her entry — she also won division 3 144 times and division 4 900 times. In total, her system entry won 1048 times across all divisions!

“All we want to do is play golf a couple of times a week and kick back,” she said.

“We’ve worked hard our whole lives. It’s time to put the boots down. It’s just amazing.

“It’s just unreal! This is more than I can even get my head around.

“I could not sleep last night! This means we don’t have to worry about paying bills and we can help our family out. It’s just beautiful!”

It’s the second time in three weeks a Caboolture entry has won division one. A Caboolture couple won $792,331.85 with their entry in Saturday Gold Lotto on April 29.

Henry Sapiecha