Mining

Eastern Goldfields' executive chairman and largest shareholder Michael Fotios has resigned from the embattled gold miner, while US investor Hawke’s Point Holdings looks set to increase its stake in the company after agreeing to buy some of its debt and support a planned recapitalisation.

Diversified miner Independence Group has reported a big jump in profit for the 2018 financial year, driven by the first 12 months of commercial production at its Nova operation.

Neil Warburton-led Coolgardie Minerals is set to list on the ASX tomorrow, while shares in Black Dragon Gold began trading today following a $6 million initial public offering.

Canada-based Pacton Gold has announced the acquisition of two gold projects in the Pilbara worth about $5.8 million in the past week.

Shares in Sheffield Resources have reached their highest mark in nearly four years after the company won a National Native Title Tribunal ruling, which allows for a mining lease to be granted at its Thunderbird mineral sands project in the Kimberley.

Mining contractor MACA has reported a decline in net profit for the 2018 financial year, impacted by poor weather conditions across its Western Australian operations, but has announced a $1.28 billion order book.

Australian Mines has exercised an option to purchase a cobalt project in New South Wales from Jervois Mining in a deal worth $4 million.

Shares in gold-focused Kingwest Resources began trading on the ASX today, after the company raised $5 million via an initial public offering.

Poseidon Nickel has announced a $74.6 million capital raising, backed by Andrew Forrest’s Squadron Resources, days after US group Black Mountain Metals pulled out of a $66 million takeover proposal.

Macmahon Holdings has posted strong profit growth for the year to June, adding to a string of good results for local mining services companies, including Lycopodium and NRW Holdings.

Diversification helped Murray Engineering boost its revenue during the resources downturn, and the business is now hoping its technology focus will create future growth.

Listed companies South32 and Alumina have announced strong financial performances today predominantly due to alumina operations, in Western Australia.

Kerman Contracting has won a $23.5 million contract with Talison Lithium to build a bulk storage facility at the inner harbour of the Port of Bunbury.

Bill Beament-led Northern Star Resources has reported a record profit for the 2018 financial year, driven by increased production and sales.

Perth-based GR Engineering Services has recorded a slight decline in net profit for the 2018 financial year due to two settlement claims, despite an uptick in the group’s revenue.

Local gold producers Saracen Mineral Holdings and Silver Lake Resources have announced solid growth in profits for the 2018 financial year, while Western Australia-focused St Barbara also registered a positive result.

Michael Fotios-led Eastern Goldfields has suspended its gold processing operations at Davyhurst, as the company completes a strategic review of its business and searches for a recapitalisation deal.

Shares in Western Areas have fallen more than 6 per cent today, after the nickel producer posted an $11.8 million net profit for the year to June but forecast a rise in costs in 2019.

Perth-based Canyon Resources has raised $5 million to fund exploration at the company’s Minim Martap bauxite project in Cameroon.

GR Engineering Services has been awarded a $17.9 million design and construction contract for a backfill plant at gold miner Saracen Mineral Holdings’ Carosue Dam operations near Kalgoorlie.

The market has welcomed a strong annual profit report and positive outlook for Monadelphous, even though the engineering contractor has warned its construction revenue will fall after a big surge in work on the Ichthys LNG project in Darwin last financial year.

Mining giant BHP has posted a 37 per cent drop in full-year year net profit after taking heavy writedowns on its US shale assets, while iron ore production lifted slightly to 275 million tonnes.

US group Black Mountain Metals has threatened to walk away from its proposed $66 million takeover bid for Poseidon Nickel after the local company disclosed it was pursuing a substantial capital raising.

Mining equipment company Imdex has attributed a big jump in revenue for the 2018 financial year to improved market conditions in the resources sector and growing interest in the company’s technology offerings.

Fortescue Metals Group has posted a 58 per cent drop in annual profit for the 2018 financial year compared with the previous period, but has increased its dividend payout ratio to shareholders.

Gold miner Gascoyne Resources has announced a $19 million equity placement, along with a share purchase plan to raise up to $5 million.

Directors of junior miner Kangaroo Resources has given a tick to a bid from Indonesian coal miner PT Bayan which values the company at $515 million.

Privately-held US group Black Mountain Metals, which has recruited three experienced Perth mining executives to its leadership team, has flagged a takeover bid for Poseidon Nickel at six cents per share.

West Perth-based Cassini Resources has completed a $4.2 million share placement, with backing from the chairman of Chinese company Tinci Materials.

Evolution Mining has lifted full-year profit 21 per cent to $263.4 million, helped by the sale of its Edna May gold mine in Western Australia for $90 million.

Welshpool-based supplier of emergency refuge chambers to the mining industry, MineARC Systems, was declared the Telstra WA Business of the Year last night, while Perth Cat Hospital, Pachamama and Earbus Foundation also picked up prizes.

The state government is investigating the death of a haul truck driver at Rio Tinto’s Paraburdoo mine, which occurred last night.