Mining

Final steps are underway for Perth-based global marketing venture Mpire Media’s reverse takeover of Lithex Resources, with the junior explorer appointing Shaw Stockbroking as lead manager to its $10 million capital raising.

Shares in Perth-based White Cliff Minerals have slumped on news it had signed a $US4 million funding agreement with New York-based investment firm Magna Equities to accelerate exploration at its Australian and Kyrgyz projects over the next two years.

Shares in Poseidon Nickel surged by over 10 per cent after it announced an offtake agreement with BHP Billiton Nickel West.

Perth-based Altona Mining announced the completion of its $US95 million Finnish assets sale to Swedish miner Boliden Mineral AB and has received $US89.2 million in cash as the first tranche of payment.

Oil prices have extended the prior day's steep losses despite an unexpected drop in US crude stockpiles, amid persistent worries about ample supplies.

West African-focused gold explorer Predictive Discovery plans to raise up to $1.85 million for further exploration, through a placement and a rights issue backed by its biggest shareholder.

The Department of Mines and Petroleum says it will return millions of dollars in unconditional performance bonds associated with dead tenements to mining companies and individuals through its rehabilitation fund program.

World oil prices have slumped, with the main US contract falling 3.6 per cent due to worries about a supply glut and the strengthening dollar.

Cassini Resources, the five cent explorer that quickly graduated to a 25 cent stock in April after acquiring BHP Billiton’s West Musgrave nickel-copper project has taken a share price hit in its stride as it seeks to educate the market on its as yet unrealised potential.

Rare earths producer Lynas Corporation has announced an $83 million capital raising to help replenish its crippled cash balance.

Newcrest Mining increased short-term bonuses to top executives more than 11-fold this year despite making another heavy loss.

West Perth-based miner Metals X has completed a $40.4 million pre-pay arrangement with Citibank for the production of over 30,000 ounces of gold.

Range Resources has secured a US$15 million loan from John Hancock-advised Lind Partners to accelerate development drilling of Range’s Trinidad onshore assets.

Peak Resources has secured a $28.6 million funding deal with mining and metals equity investor Appian Natural Resources Fund, to assist in financing a bankable feasibility study at its Ngualla rare earth project in Tanzania.

The coal industry is getting its "mojo" back despite job losses, BHP Billiton chief executive officer Andrew Mackenzie says.

Shares in Perth-based metals explorer Peel Mining have surged on news it would receive up to $7 million through a farm-in agreement with Japan Oil, Gas and Metals National Corporation.

A worker has died at BHP Billiton's Worsley alumina refinery in Western Australia's South West after falling down an elevator shaft near a conveyor belt.

US oil prices have risen sharply at the start of a busy week of economic data expected to further strengthen confidence in the comparative strength of the American economic recovery.

Perth-based explorer Gold Road Resources has received commitments for a $23.2 million capital raising, with the company keen to further explore gold targets identified within its tenement holding on the Yamarna Belt.

Ausdrill announced today that the proceedings in the Supreme Court against its chief executive officer Ron Sayers have been discontinued.

Mining contractor Barminco has been affected by a weaker resources sector but has cut costs to grow its margin on a weaker revenue base.

BHP Billiton is teaming with Mexican oil company Pemex in a bid to develop deepwater petroleum reserves in the Gulf of Mexico.

Accounting firm EY says debt levels and an ongoing focus on costs is placing more pressure mining services companies in Western Australia.

Clive Palmer's Mineralogy has moved to terminate CITIC Pacific Mining's rights to mine his iron ore in Western Australia, casting doubt over an $8 billion project.

Gold futures have carved out a slight gain as the US dollar weakened against the yen and US equities tumbled to a five-week low.

Global oil prices have remained weak in choppy trade, buffeted by the strong dollar and rebounding Libyan output.

A subsidiary of Wesfarmers, liquefied natural gas supplier EVOL LNG, has won a deal with Saracen Mineral Holdings to supply 7,000 tonnes of the resource per year to its Carosue Dam operations north of Kalgoorlie for an undisclosed amount.

BHP Billiton boss Andrew Mackenzie earned $US8 million in the 2014 financial year, but he will have his salary frozen amid the resources giant's cost cutting campaign.

Junior miner Jameson Resources says it has received firm commitments for a $2 million capital raising to fund work at its flagship Crown Mountain coking coal project in British Columbia.

BHP Billiton is considering listing its new resources entity NewCo on the London stock market.

Oil prices in New York have rallied after a surprisingly big drop in US crude inventories, even as higher output from Libya pressured the main London oil contract.

St George Mining has completed a capital raising of $1.75 million to sophisticated investors.