Mining

Iron ore miner Fortescue Metals Group has booked a seven-fold increase in first half net profit and says it has an exciting future in a strengthening iron ore market.

Cape Lambert Resources says it took advantage of a dip in its share price on Thursday to implement an on-market share buy-back that was flagged in October.

Crescent Gold has been forced to suspend operations at its Laverton gold mine due to heavy rains and localised flooding.

Mineral Resources has reported a 121 per cent increase in net profit for the half year ended December 31, on the back of record-high iron ore prices and improved performance from its contracting operations.

Shares in gold miner Ramelius Resources have jumped after it flagged a three-fold half year pre-tax profit increase.

Wesfarmers has confirmed its potential interest in acquiring Australia's biggest ammonia producer, Burrup Fertilisers, which is in receivership.

Toro Energy has entered an agreement to purchase additional uranium tenements adjacent to its Wiluna uranium project from Russian mining giant Norilsk Nickel for $4.5 million cash and a conditional royalty.

Perdaman Chemicals and Fertilisers has finalised rail transport deals with WestNet Rail and QR National for its $3.5 billion urea manufacturing plant near Collie.

Iron ore junior Territory Resources has entered a non-binding agreement with its major shareholder, Hong Kong commodities trading house Noble Group, for a $20.9 million debt to equity conversion.

Perth-based Atlantic has settled its issue of $US335 million ($A334.26 million) of notes to fund the completion of the Windimurra vanadium mine in Western Australia.

Diversified Perth-based explorer Rox Resources says it will acquire the Mt Fisher operation from Avoca Resources, in a conditional all-scrip offer that values the gold-nickel project at around $1.2 million, on today's share price.

Wesfarmers says it increased first half profit 33 per cent as it continues to be optimistic about the future performance of its retail businesses.

Oil and gas producer Santos has reported a 15.2 per cent increase in full year net profit on higher prices for the fuels.

ENTREPRENEUR Jeff McGlinn is reviving a business closed down by his former company, NRW Holdings, after cashing out from the mining services company last year to the tune of almost $42 million.

BHP Billiton is budgeting to spend at least $US80 billion to expand its business over the next five years, after its booming WA iron ore business fuelled the biggest interim net profit ever delivered in Australia.

Tanami Gold says a 40 per cent increase in the mineral resources at its Central Tanami project has paved the way for a resumption of mining operations.

Reed Resources and joint venture partner Mineral Resources have agreed to amend the ownership structure of the Mt Marion lithium project to achieve a greater alignment of interests for the downstream processing of the minerals for use in batteries.

Nickel miner Mincor Resources has posted it's second ever period in the red, with a $2.1 million first half net loss on the back of unexpected operational issues at its Kambalda mines.

Prime Minister Julia Gillard is refusing to make any changes to Labor's planned mining tax, despite Treasury figures showing the modified version will collect $60 billion less in revenue.

BHP Billiton has reported net profit of $US10.524 billion ($A10.51 billion) in the first half of financial year 2011, and says it is confident of the outlook for commodities as emerging markets continue to drive growth.

West Australian Premier Colin Barnett says an agreement over a $30 billion gas hub north of Broome is in reach after a Federal Court ruling removed a "spoiler element" from negotiations.

Mining giant Rio Tinto is the target of an aggressive Australian Workers' Union push for dominance of the aluminium and glass industries.

BC Iron says a media report claiming its second largest shareholder, Regent Pacific, had sealed a takeover deal with the iron ore miner before it was announced to the market is "highly misleading".

Steel fabrication and engineering group G&G Mining has been fined $60,000 over an incident in which a worker from a labour hire firm was crushed and left a paraplegic.

Poseiden Nickel says it will restart its Mt Windarra nickel mine after it entered an $8 million agreement with GSM Mining to complete the refurbishment of the underground project.

Shares in Glory Resources rose after the junior minerals explorer acquired some landholdings from Rio Tinto in Canada that are prospective for platinum group metals, copper and nickel.

Atlas Iron has declared its off-market takeover offer for Giralia Resources unconditional and says it will accelerate payments to shareholders who accept the offer.

Northern Star Resources says it has acquired the 668,000 ounce Ashburton gold project from Sipa Resources in exchange for royalties on future production.

Western Australia's environmental watchdog says it is unlikely to support any further development on the Whicher Scarp, near Boyanup, after it knocked back Bemax Resources' proposal to develop a new mineral sands mine.

Earthmoving equipment supplier Emeco Holdings will book a $7.85 million pre-tax impairment charge on its Indonesian business, lowering earnings expectations for the company's first half.

Western Areas has announced a $56.5 million increase in its interim net profit, as the Western Australia-based nickel miner ramps up exploration to pre-GFC levels.

Leighton Holdings says it expects full year net profit to fall by more than 20 per cent in 2010/11, after reporting a 25 per cent drop in first half profit.