Mining

A chemical plant making an ingredient for explosives in the Pilbara is an example of Western Australia’s economic diversity, according to Premier Colin Barnett, who predicted manufacturing would undergo growth in the state despite its years of lagging on the east coast.

A Federal Court ruling that was the first ever assessment of native title compensation in Australia is expected to lead to more claims by Aboriginal groups.

Perth-based Western Areas has dipped into the red with a full-year loss on the back of depressed nickel prices and write-downs.

Shares in mining services business Ausdrill surged on the company’s return to profitability and a bullish outlook on the year ahead.

Diversified miner South32 has slumped to a net loss of $US1.62 billion ($A2.13 billion) in its first full year as a listed company, after taking heavy write-downs in its manganese, coal and alumina operations to reflect the downfall in commodities prices.

Evolution Mining will pay Glencore $880 million in a deal to take an interest in the Ernest Henry copper and gold mine in Queensland.

Southern Cross Electrical Engineering has made a net profit for the 2016 financial year, turning itself around from last year's loss.

GR Engineering Services wrapped up the 2016 financial year with record revenue and increased profit, but says competition for design and construction opportunities remains high.

Perth-based Sheffield Resources has tapped investors for a $17.1 million capital raising to fund completion of a bankable feasibility study on its $271 million Thunderbird mineral sands project near Derby.

RCR Tomlinson says it has won $170 million worth of contracts for work across Australia, including at BHP Billiton’s operations in the Pilbara.

Rox Resources’ joint venture partner Teck Australia has voiced concern today with the company’s proposed sale of its stake in the Reward zinc-lead project to Marindi Metals, after competing bidder IM Medical said last week an exclusivity agreement had been breached.

Ventnor Resources has sold its stake in the Thaduna/Green Dragon copper project to joint venture partner Sandfire Resources.

Perth-based gold miner Troy Resources says it expects to record an $87 million impairment in its full-year accounts, with the majority of the charge attributed to the sale of its Casposo project in Argentina.

Perth-based contractor MACA is focusing on securing more work in the gold sector after reporting a slump in full-year profit.

Shares in engineering firm Monadelphous Group fell sharply today after it posted a 27 per cent slide in profit on the back of lower activity in the resources and energy sectors and predicted contracting margins would remain under pressure.

Local contractor Macmahon Holdings has returned to the black with a net profit of $1.7 million after a tough year in the mining sector.

Galaxy Resources has more than doubled the forecast profitability of its proposed Sal De Vida lithium mine, in an updated definitive feasibility statement released today.

Rio Tinto has announced the 50th anniversary of its first contracted iron ore shipment from the Pilbara, as debate continues around the adequacy of its royalty payments and the legacy for indigenous people in the region.

Former Calibre Group boss Rodney Baxter has been named chairman of mineral sands miner MZI Resources, following Malcolm Randall’s retirement from the role today.

Gold miner Northern Star Resources has increased its dividend payout after confirming a 65 per cent jump in full-year profit, on the back of higher gold prices and a reduction in costs.

Fortescue Metals Group has hoisted its final dividend to a record high after a partial rebound in iron prices and lower costs helped the Pilbara miner more than treble full-year profit.

Padbury Mining directors Gary Stokes and Terry Quinn have each been fined $25,000 and banned from being company directors for three years after the Federal Court found their announcement of a $6 billion funding deal for the Oakajee port and rail project was misleading and deceptive.

Ramelius Resources has enjoyed a fruitful year, with profit up 71 per cent on the back of increased production and lower costs.

Blackham Resources has completed a $25 million capital raising ahead of achieving first production at its Matilda gold project near Wiluna.

Diversified business Mineral Resources has increased the size of its dividend payout on the back of an improved underlying profit and despite a statutory net loss.

Shares in local contractor NRW Holdings soared on news the company had returned to the black with $21.5 million in profit for the 2016 financial year.

Local explorer Geopacific Resources has kicked off a $15 million capital raising to fund the earn-in and development of the Woodlark gold project in Papua New Guinea.

Graphite hopeful Kibaran Resources has received firm commitments for a $10.9 million capital raising to fund development work at its Epanko project in Tanzania.

An $86 million insurance settlement accounted for almost the entirety of Perth-based iron ore miner Mount Gibson Iron’s profit result for the 2016 financial year, however it was a substantial improvement on last year’s $911.4 million loss.

Junior miner Kidman Resources has tapped investors for $21 million to fund exploration work at its gold and lithium deposits in the Goldfields.

Perth-based Rox Resources accepted a revised offer from Marindi Metals for its stake in the Reward zinc-lead project in the Northern Territory, with the new cash-and-scrip deal worth $21 million.

Miner BHP Billiton has posted a loss of $US6.4 billion for the 2016 financial year following its $7.2 billion impairment of US shale assets in January, a slightly better result than had been anticipated by the market.