Mining

The resources sector is undoubtedly going through challenging times, however, Perth has clearly established itself as a global centre for business expertise in mining and oil and gas.

Mungana Goldmines has told its shareholders to reject a 13.5 cents a share takeover offer from Auctus Chillagoe, an entity led by former Karara Mining boss Steve Murdoch, saying it undervalues the company and its assets.

The owners of two major iron ore developments in the Pilbara have flagged changes to their timetable and ownership structure respectively, as they seek to deal with the sharp fall in iron ore prices.

Watpac Civil & Mining has won a $17 million contract to provide mining services to Ramelius Resources’ Kathleen Valley gold project near Leinster.

As smaller iron ore miners scramble to cut costs to deal with falling prices, another hurdle looms – customers’ preference for quality.

Triton Minerals has tapped investors to raise $12 million for ongoing work at its Mozambique graphite project.

Clean power company Enerji has revealed its first hybrid solar thermal power station will be housed at one of Northern Star’s mines, and future renewable energy projects with the gold miner are being considered.

Mining industry groups in Perth and Canberra have come out today in favour of free markets in the iron ore industry, after Fortescue Metals Group chairman Andrew Forrest criticised the actions of heavywights Rio Tinto and BHP Billiton.

Mines and Petroleum Minister Bill Marmion is confident the state is set for further long-term growth as an energy exporter and a hub for industry knowledge.

The Roebuck Basin has become a new area of interest for the state’s petroleum explorers, creating some positive stories amid falling oil prices.

WA is poised to double its LNG production, but softer oil prices and global competition for capital mean there is much conjecture about the sector’s future. Click through to see more on our major oil and gas projects feature.

Gold edged higher on Friday, snapping two days of losses, as revisions to US payrolls data supported speculation that the Federal Reserve may hold off raising interest rates in the immediate future.

Jonathan Price has announced his resignation as managing director of Phoenix Gold, in a board shake-up that bumped Dale Rogers up to executive chairman.

Local IT company ASG Group has won a $15 million contract to provide its services to gas and electricity provider Synergy, and has flagged further possible contract wins potentially worth over $80 million.

Gold extended losses into a second day on Thursday as a firm US dollar and early strength in bond yields dented its investment appeal, and weighed also by uncertainty over the timing of a US interest rate increase.

Oil prices have dived a day after hitting 2015 highs as worries about global oversupply reemerged as traders scrutinised a mixed US inventories report.

Rio Tinto reaffirmed today plans to continue its brownfield iron ore expansions in the Pilbara but has noted all new mine developments are still on hold, leaving a question mark over when it will reach its 360 million tonnes per year production target.

Mathematically it’s impossible, but in about 11 days Australian investors will discover whether one plus one can add up to more than two – because that’s the day the son of BHP Billiton, South32, lists on the ASX.

Former federal Treasury secretary Ken Henry will take the helm of National Australia Bank’s board when chairman Michael Chaney retires at its next annual general meeting in December.

Boutique Subiaco-based technology company Velpic has signed a $5.2 million deal to finance international growth plans, as part of a reverse takeover by east coast-based International Coal.

Atlas Iron has appointed its project adviser and former Western Australian politician Cheryl Edwardes to its board as a director.

Half of the board of Southern Cross Electrical Engineering has walked off the job, including chairman John Cooper, after it flagged a change in direction, a number of redundancies and cost-saving initiatives in response to the tough climate for local contractors.

South32 chief executive Graham Kerr says he is confident the diversified mining company will be ready to operate as an independent entity later this month, after BHP Billiton shareholders strongly endorsed the demerger.

Gold prices edged down on Wednesday, as the impact of higher US real yields counteracted the effects of a sharply weaker dollar, soft US data and doubts the Federal Reserve will raise interest rates at its June meeting.

Oil prices have scored new 2015 peaks after weekly data showed US commercial crude stockpiles unexpectedly slumped in the first decline in four months.

West Perth-based oil and gas explorer Orca Energy has announced former mining magnate Nathan Tinkler will be its new executive chairman after participating in the company’s $20 million capital raising.

Engineering and construction firm Valmec has won a contract to supply its services to APA Group’s $140 million Eastern Goldfields Gas Pipeline project for an undisclosed sum.

Gold futures prices rose on Tuesday as the US dollar turned lower and global shares fell ahead of US non-farm payroll data later in the week.

US oil prices have shot up above $US60 a barrel for the first time this year as reports of rising tensions in petroleum-producer Libya fuelled bullish momentum.

Australia recorded a bigger than expected trade deficit in March, largely due to sagging prices for iron ore and coal exports.

Subiaco-based Atrum Coal has signed a deal with a Chinese enterprise that will provide a $US100 million ($A127 million) facility and mining equipment to develop a section of its flagship Groundhog anthracite project in Canada.

Gold climbed one per cent on Monday, buoyed by weak Chinese factory data and US earlier dollar weakness.