Mining

Perth-based Altona Mining has negotiated a scrip-based takeover deal that will see the aspiring copper miner bought by Canada's Copper Mountain Mining but its shares remain well short of the 17 cents valuation of the takeover scheme.

Kalamazoo Resources, Legacy Iron Ore and Boss Resources all enjoyed share prices rises after announcing gold discoveries today.

Venturex Resources will raise $4 million through a share placement with funds to be used to advance the company’s Sulphur Springs copper-zinc project, 150km south east of Port Hedland.

Peter Sullivan-led Zeta Resources is set to increase its position in Perth-based nickel company GME Resources to nearly 50 per cent following the acquisition of investment firm Axelrock for $50.1 million.

The share market is following a negative lead from overseas markets, weighed down by weakness among miners and banks.

Myanmar Metals has announced a $7 million capital raising that will allow the company to extend the option over its Bawdwin project until May next year and fund ongoing expenses.

The materials and energy sectors are under pressure in early trade as the Australian share market continues to reverse its climb past 6,000 points.

Shares in Subiaco-based Lustrum Minerals are due to start trading tomorrow after the company completed a $5 million initial public offering to allow the company to fund development of its coal projects in Queensland.

OZ Minerals has progressed its joint venture with local explorer Cassini Resources at the West Musgrave nickel-copper project after positive results in a further scoping study.

SPECIAL REPORT: Activity in Western Australia’s graphite sector is continuing apace, with local hopefuls seeking to raise more than $70 million this quarter, an amount similar to that raised for the entire financial year just past.

SPECIAL REPORT: Financing opportunities have improved markedly from just two years ago for the state’s junior miners, amid growing demand for drill rigs and skilled workers.

Fortescue Metals Group has terminated its agreement with TransAlta Corporation to purchase power from the recently completed South Headland power station after the miner raised performance concerns in August.

Mustang Resources managing director Christiaan Jordaan has resigned two weeks after an auction for its rubies in Mauritius brought disappointing results.

Altura Mining has taken the next step to double capacity at its Pilgangoora project, approving a definitive feasibility study for expansion to 440,000 tonnes per annum of lithium concentrate, while confirming shipments from stage one of the mine are due in the second quarter of 2018.

Mining and civil contractor MACA has announced a hit to earnings due to underperforming contracts in its Interquip and Victorian infrastructure divisions.

Shares in Great Boulder Resources have tripled in value today after the company announced encouraging drilling results at Mt Venn, within its Yamarna copper-nickel-cobalt project east of Laverton.

Peel Mining has announced completion of a $6 million share placement to fund work on its zinc-lead project while Triton Minerals has launched an entitlement offer for the same amount.

Osborne Park-based Decmil Group has won a $75 million contract with BHP Billiton to upgrade and expand accommodation for the miner's existing operations and its planned South Flank iron ore project near Newman.

Eastern Goldfields has announced a conditional deal with an international asset manager to raise up to $30 million, with the proceeds used to maintain operations at the company’s Davyhurst gol

Fortescue Metals Group has appointed Mark Barnaba as the company’s new co-deputy chair, alongside Sharon Warburton.

Cuts to Chinese production and inaction by some big mining companies could present an opportunity for WA resources players.

Australian Mines has raised $20 million through a strongly supported share placement, while denying any involvement in the leaking of details regarding the placement to the media.

Mining explosives and chemicals manufacturer Orica made the final investment for its ammonium nitrate plant in the Pilbara in September, with final state government approvals expected by the end of

Mining explosives and chemicals manufacturer Orica made the final investment for its ammonium nitrate plant in the Pilbara in September with the final State Government approvals expected by the end

New Century Resources has raised $52.9 million to restart the Century Zinc Mine in Queensland, initially by reprocessing the tailings.

It has been a hectic few days of raising funds for Perth-based miners Aspire Mines, Rumble Resources and Australian Mines.

Global facilities management giant Sodexo, which counts Rio Tinto’s iron ore business among its major clients, is buying Australian competitor Morris Corporation, the manager of Fortescue Metals Group’s three major camps.

Shares in Mustang Resources fell 56 per cent today as the Perth-based miner of rubies in Mozambique resumed trading after a disappointing auction of rubies.

Gina Rinehart’s Hancock Prospecting Group more than doubled profit to $1.1 billion in the year to June, the highest level since 2011, with the company paying or providing for $767 million in dividends to the family.

Mozambique ruby miner Mustang Resources, which suffered a 30 per cent share price plunge on Monday after a strong rally in recent weeks, has announced a disappointing inaugural tender in Mauritius.

Strandline Resources is scouting for partners to develop its $173 million zircon-rich Coburn project 250 kilometres north of Geraldton.

Revenues at Swick Mining Services are up, in another sign of a strengthening mining sector, with managing director Kent Swick saying the new financial year had brought some optimism.