Mining

Shares in Perth contractor OTOC have surged after it announced it had taken a first step towards creating a national surveying business by acquiring Victorian firm Bosco Jonson for $17 million.

Tiger Resources says it will acquire the remaining 40 per cent shareholding in Société d'Exploitation de Kipoi for $118.6 million, to gain full ownership of its Kipoi copper project.

Gold miner Troy Resources has flagged a net loss of $59.1 million on the back of a $61.2 million asset impairment of its Karouni gold project in Guyana.

Gold miner Evolution Mining has reported a $50 million net profit after tax largely due to starting commercial production at its Mt Carlton mine and significant cost reductions in response to a lower gold price.

Iron ore miner Gindalbie Metals has extended its finance facility for its Karara magnetite project in the Mid West by three years and an additional $US400 million ($428 million).

Australia's second largest gold miner Northern Star Resources has suffered a 15 per cent fall in profit after buying the Jundee mine and paying redundancies.

Mining services company Ausdrill has suffered a 148.5 per cent fall in full-year profit to make a loss of $43.9 million, on the back of $77.9 million in write-downs and impairment charges as a result of the diminished outlook for mining services.

Iron ore miner Atlas Iron has returned to profit and is forecasting higher production and lower costs in fiscal year 2015.

Oil prices have gained, with the New York WTI benchmark barely higher as the US weekly stockpiles report showed a fall in inventory.

Oil and gas dealmaker Peter Allchurch has teamed up with fellow Aurora Oil & Gas founder John Kenny, and Houston-based geologist Neville Henry, to list US-focused shale oil hopeful Winchester Energy.

Movements in the US dollar and Ghanaian Cedi relative to the Australian dollar have combined with lower gold production and higher costs to drive Perseus Mining into losing territory.

The managing director of BP's Kwinana oil refinery, Desmond Gillen, says the global energy giant still has no plans to shut down the facility.

Perth-based contractor OTOC says its diversification strategy and growth of its business divisions helped it raise full-year profit by 5 per cent to $5.46 million.

Pilbara miner BC Iron has shrugged off falling iron ore prices to notch up a 51 per cent increase in profit amid strong sales.

Engineering giant WorleyParsons' full-year profit has fallen 23 per cent to $249 million as it tries to improve margins.

Oil prices have traded mixed, with New York crude lifted as investors bet on another decline in commercial inventories in the United States, the world's largest oil consumer.

Mineral explorer and developer Mirabela Nickel still faces uncertainty as a going concern after coming out of administration in June, on the back of lower than expected nickel prices.

Subiaco-based explorer TNG has taken the next step towards formal agreements with South Korean steel giant POSCO over its Mount Peake vanadium project by signing a letter of intent with Global-Pacific Partners.

West Perth-based miner Metals X has reported a 332 per cent full-year profit increase to $37.4 million, alongside a 247 per cent surge in revenue to $238.6 million.

Shares in gold miner Silver Lake Resources have dropped on the back of the company announcing a $48 million non-cash impairment.

Southern Cross Electrical Engineering has reported a $9.6 million slump in full-year profit to $7.7 million on the back of a 21 per cent fall in revenue to $218.2 million.

Belmont-based contractor GR Engineering Services lifted its full-year profit by 89.3 per cent to $14.2 million, despite a drop in revenue of 0.4 per cent to $114.2 million.

Perth gold company Resolute Mining says the combination of lower gold prices and higher costs were behind a 60 per cent drop in full-year profit, to $33 million..

Troubled mining services business Boart Longyear believes it has reached the bottom of the market after posting another massive loss.

Oil prices traded in a mixed fashion, with little in the way of major news moving the markets.

FEATURE: Having gained notoriety in the 1996 movie Jerry Maguire, the phrase ‘show me the money’ will be heard often, and loudly, in business in Western Australia in coming years as capital inflows become capital outflows and funds become harder-than-ever to raise.

BlueScope Steel lost more than $436 million from its market value on a day it triumphantly declared that its manufacturing business was back.

Fuel supplier Caltex Australia will cut 10 per cent of its workforce over the next 12 months, axing 350 jobs as part of a company-wide restructure.

Drilling services provider Swick Mining Services has released its earnings and dividend for the 12 months to June 30, with net profit after tax down 83 per cent year-on-year to $1.5 million.

Exploration firm Energia Minerals has reached an agreement with Euroz Securities to take an $8 million funding package to help fast-track development of its Gorno zinc project near Bergamo in north Italy.

 Engineering and property services firm UGL says activity in the infrastructure sector is picking up in the wake of the resources boom.

Southern Cross Electrical Engineering has won a $70 million electrical and instrumentation works contract from CITIC Pacific for its Sino Iron project at Cape Preston, adding to a $10 million job won two weeks ago.