Pilbara Minerals has undertaken a $91.5 million capital raising, underpinned by China’s largest manufacturer of electric vehicle batteries, as it seeks to strengthen its balance sheet amid a downturn in the lithium sector.
The restart of the Ravensthorpe nickel project has officially commenced amid surging prices of the commodity, as owner First Quantum Minerals launched a recruitment drive to fill at least 350 direct roles at the mine.
Nickel miner Panoramic Resources will have to tap the market for $20 million in equity after its debt was halved by Macquarie Bank, while today also disclosing deferred payment for the sale of its Canadian project.
Total mineral exploration expenditure in Australia increased by 5.2 per cent to $629.6 million for the June quarter, with Western Australia underpinning the growth, according to the latest figures from the Australian Bureau of Statistics.
Investors have welcomed Flinders Mines entering into a non-binding agreement with the Balla Balla Infrastructure Group, which could deliver the infrastructure and funding needed to help get its stranded Pilbara iron ore project (PIOP) into production.
Shares in mining services company Perenti Global were up more than 6 per cent today after investment bank Gresham Partners announced an agreement to sell its $91.2 million stake.
Galaxy Resources has confirmed interest in striking a downstream processing deal with Alita Resources’ offtake partner, just a day after placing the lithium miner into receivership, while Talison is reconsidering the timing of its $516 million stage three expansion project at Greenbushes.
Macmahon Holdings says it is likely to come to an agreement with Newcrest Mining in relation to increased revenue for its mining services contract at the Telfer gold project, while on the same day releasing positive full-year results.
A Chinese company suspected of illegally clearing land at a pastoral station in Western Australia's north has had its appeal against a stop-work order dismissed, but has been encouraged to apply for a permit retrospectively.
Rio Tinto has awarded works to NRW Holdings at its $2.6 billion Koodaideri iron ore project, while BGC Contracting secured a contract extension at Atlas Iron’s Mt Webber project.
Independence Group has reported a 44 per cent leap in full-year net profit on the back of strong production from its Nova nickel mine and Tropicana gold joint venture project.
Shares in Perenti Global, formerly Ausdrill, have surged as much as 17 per cent today, after it announced a full-year underlying net profit of $103.1 million.
Alita Resources has entered administration just two days after its biggest shareholder, Galaxy Resources, struck a deal to buy the company’s $42 million in secured debt.
Nearly 160 of EC&M’s 400 employees will be back at work in September, with administrators progressing deals with major clients since the business hit the wall last week.
Lynas Corporation has posted a 50 per cent jump in full-year profit amid record production of major rare earth elements but the company says most of its growth will be outside China.
Two local engineering services firms have reported contrasting full-year results today, with Valmec announcing record underlying earnings while profit at Lycopodium fell 9.8 per cent.
Australian Potash has slashed the capex for the development of its Lake Wells project from $338 million to $208 million, after it removed the second stage of the project, amid an increasingly competitive sulphate of potash market.
Galaxy Resources has gained effective control of struggling lithium miner Alita Resources by purchasing a $US28.8 million ($A42 million) secured loan facility.
Pilbara Minerals has halted an attempt to offload up to a 49 per cent stake in its Pilgangoora lithium-tantalum project, but has executed a binding joint venture agreement with South Korean offtake partner POSCO.
Northern Star Resources has announced a $193 million takeover offer to acquire Echo Resources, less than an hour after executive chairman Bill Beament said the company was exploring a range of growth options to take advantage of the high gold price.
Wesfarmers has more than quadrupled its full-year profit to a record $5.51 billion, on the back of post-tax gains of $3.17 billion on the demerger of Coles and other divestments during the year.
Western Australia’s resources sector has evolved a long way from the perception, erroneous or otherwise, that its biggest and most profitable players are only interested in removing minerals from the ground and selling them to the highest bidder.
Mining services firms GR Engineering Services and MACA have both recorded weaker profits for the full-year, with GR’s bottom line slumping 45.7 per cent and MACA’s by 12.7 per cent.
Fortescue Metals Group's full-year profit has nearly tripled to $US3.2 billion on the back of a period of soaring iron ore prices in the 2019 financial year.
Shares in Gold Road Resources have closed trade down 17.1 per cent, after its joint venture partner in the Gruyere gold project sold its 9.9 per cent stake in the company.
Mineral Resources managing director Chris Ellison’s base salary will be reduced by $300,000, as the miner’s full-year net profit after tax slumped 39 per cent to $165 million.
