THE impact of the global financial crisis on the drilling industry was painted in stark relief this week in a flurry of news from key players in the sector.
THREE directors from global education services provider Navitas have pocketed a combined $18.6 million from the sale of more than 6 million shares following the release last week of another strong profit.
CURRENCY fluctuations during the past 13 months have made tough economic times a nd difficult trading conditions even more so, but experts suggest there are ways to combat the turbulence.
Gold producer, Avoca Resources may have secured a victory in the final hours of its bid for Goldfields miner Dioro Exploration, raising its stake in Dioro to just over 36 per cent after a UK fund manager relinquished its hefty interest in the miner.
Globe Metals & Mining has teamed up with South African engineering outfit, Thuthuka Group to invest $US10.6 million into Globe's Kanyika Niobium Project, in return Thuthuka will receive a 25 per cent stake in the project.
Gold exploration company Tianshan Goldfields has agreed to sell all of its Chinese assets to Hong Kong-based company China Power Sino Renewable Resources for $US22.5M.
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Engineering services provider, LogiCamms has announced a 59 per cent increase in after tax profit, reaching $4.6 million on the back of a strong second half performance.
Three regional Western Australian companies have led the country in collectively receiving the greatest funding allocation from the first round of the federal government's $35 million Regional Food Producers Innovation and Productivity Program (RFPIPP).
Brockman Resources has gained environmental apporval for its Marillana iron ore project in the Pilbara, where the company aims to establish a 17 million tonne per year mining operation.
Shares in iron ore pellet producer Grange Resources fell after it unveiled plans to raise $167 million in new equity in a deeply discounted offer to key stakeholders including a Chinese investor.
Civil and mining contractor Brierty has returned to the black with an annual net profit of $6.7 million, compared with its $1.3 million net loss in the 2008 financial year.
Despite building products group James Hardie Industries NV posting a loss for the first quarter of its fiscal year, due to weakness in the US housing construction market and the general economy, early trading today has pushed the share value up almost 17
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Three partners of KPMG's Perth office, Brett Fullarton, Robert Kelly and Grant Robinson, have agreed to stop practicing as auditors for between nine months and two years following their involvement in the collapsed Westpoint investment group.
Drilling services company Imdex has posted significant profit fall for the year ending June 30, which the company attributed to the impact of the global financial crisis and the downturn in mineral exploration.
Perth-based property fund manager Aspen Group has raised $10 million from investors in its embattled Diversified Property Fund, leaving the company to raise a further $5 million to meet its minimum loan obligations.
Fortescue Metals Group says a proposed $US6 billion funding agreement with Chinese banks will give it optimum flexibility to expand its Pilbara iron ore operations to meet demand from Chinese customers.
Southern Cross Electrical Engineering have posted a record net profit after tax of $15.5 million, an increase of more than 36 per cent, thanks to record revenues of more than $100 million, up by more than 19 per cent on the previous year.
Mining services companies Brandrill and Ausdrill have proposed a friendly scrip merger to create whay they say will be a larger, more diverse company able to better serve existing clients and with greater financial capacity to fund future growth.
Japan, the world's second largest economy and WA's second largest trading partner has joined Europe's two biggest economies, Germany and France in recording positive economic growth in the June quarter.
Perth-based engineering and construction company Clough has acquired Houston-based subsea engineering firm Ocean Flow International LLC, giving Clough a foothold in the oil and gas capital of the world.
Australia's third largest internet service provider, iiNet, has posted a 28.8 per cent jump in full year profit after lifting subscriber numbers and says it is well placed for the current financial year.
Positioning for long-term control of the Farooq Khan-chaired investment company Bentley Capital is under way, with shareholders notified today the board would seek a limited share buy-back.
Leighton Holdings has demanded that a standstill agreement regarding its shareholding in Macmahon Holdings be scrapped should a partnerhship arrangement continue beyond this year's deadline.
Integra Mining has selected GR Engineering Services as its preferred contractor for the refurbishment and commissioning of a processing plant for the $64 million Randalls gold project.
