Mining

The independent directors of Energy Resources of Australia have quit after a disagreement with major shareholder Rio Tinto over the future of its Ranger uranium mine in the Northern Territory.

The tussle for control of Phoenix Gold intensified today after Zijin Mining Group struck a pre-sales agreement with one of the miner's largest shareholders, boosting its interest to 17.9 per cent ahead of announcing a cash takeover bid that values the business at $47 million.

Perth-based Programmed Maintenance Services is set to strike a long-awaited takeover deal with labour hire company Skilled Group, with both companies entering into trading halts this morning ahead of a formal announcement.

Troubled Perth company Macmahon Holdings has flagged an impairment of up to $125 million in its full-year financial result after losing contracts with some of its biggest clients during the past six months, including Fortescue Metals Group.

The Wirlu-murra Yindjibarndi Aboriginal Corporation has continued to benefit from being one of Fortescue Metals Group’s preferred indigenous partners, having joined with Thiess to win an $85 million contract in the Pilbara.

Rutila Resources and Lemur Resources have both received ticks of approval by independent experts for their respective off-market takeover offers by foreign bidders.

Metals explorer TNG has signed a deal with a local renewable energy group for the supply and installation of a solar power system at its flagship Mount Peake vanadium project in the Northern Territory.

Local miner Western Areas has expanded its operations portfolio with the acquisition of Glencore Xstrata’s mothballed Cosmos nickel project in the Agnew Wiluna belt, for $24.5 million.

The Michael Ruane-led minerals explorer Reward Minerals has received firm commitments for a $5.2 million capital raising to fund ongoing work at its LD potash project in the Little Sandy Desert.

Oil prices have risen modestly, lifted by a weaker dollar that makes dollar-priced crude less expensive.

Gold rose above $US1,200 an ounce on Thursday, its biggest increase in almost a month, as the US dollar slid the day after the Federal Reserve indicated that interest rates may rise more slowly than many had expected.

The chairman of a state inquiry into the impact of fly-in, fly-out work practices on mental health is confident Western Australia can enact a raft of recommendations to reduce suicides and improve wellbeing for the state’s 60,000 Fifo workers, despite admitting the federal government’s response to a recent similar national inquiry was ‘lame’.

West Perth-based oil and gas explorer Orca Energy has been forced to abandon a $20 million capital raising after concerns were raised by the Australian Securities Exchange.

West Perth-based explorer Monto Minerals has joined the wave of backdoor listings, with the company announcing plans to acquire a US tech company for $13 million.

Nedlands-based sandalwood producer TFS Corporation will buy two US pharmaceutical companies for $US23.4 million ($A30.3 million) in cash and shares.

Local IT business Empired has secured a $10 million conract to provide infrastructure managed services to an unnamed global oil and gas company, under a three-year term.

Oil prices in New York have dipped following a mixed US petroleum supply report that showed lower crude supplies but a rise in petrol stocks.

Gold prices turned higher after the Federal Reserve said the US economy is likely to be strong enough to support an interest rate increase by the end of 2015.

Shares in Sandfire Resources were firmer on news it had intersected a zone of sulphides at its Springfield project in the Bryah Basin mineral province.

Fortunis Resources has received positive news about its planned backdoor listing, while Basper and Aziana have had to make amendments to their proposals.

Local minerals explorer Helix Resources has offered a 50.1 per cent stake in its Joshua project in Chile to EPG Exploration Fund, in exchange for drilling services and about $3.9 million.

Oil prices in New York have moved higher, snapping a three-day losing streak ahead of a report on US petroleum supplies.

Gold prices have slipped as the US dollar firmed ahead of the outcome of the US Federal Reserve policy meeting

Local minerals explorer Kasbah Resources has received commitments for a $3 million capital raising, while also announcing a range of cost reductions including cutting executive pay, reducing staff and restructuring its board.

Saudi Arabia and Oman-focused copper-gold explorer Alara Resources has flagged the possibility of a scrip merger with an unnamed party, while also announcing the appointment of a new managing director.

Energy and resources companies can expect the pain to subside in the coming financial year, according to IBISWorld’s latest analysis of the industry, with oil and gas players in the best shape.

Perth-based IT firm Empired has won a contract to provide managed services to a Singapore-headquartered oil and gas company, in a deal worth $15 million.

Gold prices are higher, buoyed by the weak US dollar ahead of a Federal Reserve policy meeting.

Perth-based company director and accountant Marcus Michael, who worked with multiple mining and exploration companies, passed away last Thursday at the age of 48.

Chile-focused copper explorer Hot Chili has received firm commitments for an $8.1 million capital raising to fund ongoing work on its Productora project.

Arrium will investigate selling its iron ore and steel businesses to try and fix its balance sheet, as the debt-laden group announced new impairments that take this year's total to $1.6 billion.

Returns to Western Australia mining, engineering and technical services players operating offshore have been blunted by the falling commodities prices and sovereign risk.