Mining

UPDATED: Ausdrill’s outgoing managing director Ron Sayers received $101.4 million overnight after selling his 10 per cent stake in the company he founded.

Subiaco-based RTG Mining has raised $US34 million as the company aims to secure an interest in the old Panguna copper-gold project in Bougainville, while Azure Minerals also announced a capital raising worth $8.2 million.

A couple of good years for Kerry Stokes and his Seven Group could be an indicator of the WA economy’s return to health.

Mineral sands miner Iluka has lifted full-year revenue almost 40 per cent due to surging sales and higher prices for its products, but impairments have weighed on the bottom line.

Three local mining contractors have released their half-year results today with mixed outcomes, as Ausdrill posted a big increase in profit while MACA and Swick Mining both registered a decline in profit despite increased revenue.

SPECIAL REPORT: Gina Rinehart’s Hancock Prospecting and its subsidiary, Roy Hill Holdings, have moved to the top of the Business News annual ranking of private companies in Western Australia, as their surging revenue put them ahead of building company BGC Australia.

Automotive Holdings Group has selected current director Rob McEniry to replace outgoing chairman David Griffiths, while England-based Sebstian Coe will become a non-executive director at Fortescue Metals Group.

Western Australia has slipped in the latest rankings of an international survey that measures the impact of government policy on exploration and mining investment.

Shares in West Perth-based Raiden Resources (previously SubZero Group) enjoyed strong gains today after they started trading on the ASX, following a two-year restructuring of the company and acquisition of a copper-gold project in Serbia.

Gold miner Doray Minerals has raised $25 million to reduce debt and increase exploration at its Deflector project, which is located 160 kilometres east of Geraldton.

International investors are rotating their funds into commodities such as industrial metals, which could be good news for WA, and Kalgoorlie in particular.

Downer EDI has posted an $11.1 million first-half loss, dragged down by a goodwill impairment on its mining operations, write-downs from its freight rail divestment and redundancy costs from its recently acquired Spotless.

Seven Group Holdings has lodged a big increase in earnings for the half-year, as improvements in the mining industry aided the strong performance of WesTrac.

Fortescue Metals' half-year profit has dropped 44 per cent as the miner offered wider discounts on its lower-grade product, but the result still came in ahead of market expectations.

After selling its Southern Cross gold operation last year, Chinese-owned Hanking Gold Mining has made a takeover proposal for Primary Gold worth $37.5 million.

Mining contractor NRW Holdings has recorded strong growth in underlying earnings for the half year, but has decided against paying a dividend to ensure debt is fully serviced.

BHP Billiton has increased the expected cost of its South Flank iron ore project to $US3.6 billion ($A4.6 billion), substantially above the estimated range it provided in June 2017 when initial funding was approved.

Aspiring gold miner KIN Mining is still on the hunt for a new managing director after the resignation of Don Harper last week, with the company announcing a board restructure that will include an independent chairperson.

Local gold producer Saracen Mineral Holdings has announced an impressive rise in net profit for the half-year, while Northern Star Resources has recorded a slight dip in earnings in its results.

SPECIAL REPORT: Four years after exiting the iron ore sector near the top of the boom, Charlie Bass has teamed up with a pair of experienced company directors for a new mining float.

SPECIAL REPORT: The strength of the battery metals industry is helping drive the state’s junior resources sector.

Shares in mining equipment supplier Imdex have jumped 8.3 per cent today after the company announced a half-year profit of $10.6 million, with revenue up 28 per cent on the corresponding period last year.

Gold junior Red 5 has announced a hostile $4 million takeover bid for unlisted public company Bullseye Mining, which owns tenements near Red 5’s Darlot gold mine.

GBF Underground Mining Company has been awarded a three-year contract at Millennium Minerals’ Nullagine gold project in Western Australia.

Lithium hopeful Tawana Resources has commenced commissioning of the Bald Hill mine.

Finders Resources’ major shareholder, Eastern Field Developments, has changed its hostile takeover bid for the copper miner to 'unconditional' status, with the Indonesian consortium continuing to raise concerns about the company’s Wetar project.

Brisbane-based gold hopeful Explaurum has raised $8.3 million to progress its Tampia gold project in Western Australia's Wheatbelt.

Gold producers Newcrest Mining and Evolution Mining reported lower profits for the first half of the financial year, with Newcrest also disclosing the Telfer mine had a negative cash flow of $9 million for the period.

South32 has lifted its shareholder payout after improving its first-half underlying profit on the back of stronger commodities prices.

Three Perth-based junior miners have tapped investors for more than $10 million, while gold explorer Crusader Resources will raise up to $US15 million ($19 million) as the company seeks a dual listing on London’s AIM.

Mark Bennett’s S2 Resources has sold the Polar Bear gold project to Westgold in a $9 million partially scrip deal.

KIN Mining managing director Don Harper has resigned today following a move from former directors Terry Grammer and Fritz Fitton to remove board member David Sproule.