A third of Mirabela Nickel's workforce at the Santa Rita mine and 180 contractors have been made redundant, as the troubled miner begins scaling back production at its nickel project in Brazil.
Struggling miner Mirabela Nickel has been placed in the hands of administrators, 15 months after the company completed an innovative restructuring to emerge from its first stint in administration.
Ian Purdy has been appointed as the inaugural chief financial officer of Quadrant Energy. Mr Purdy will be responsible for overseeing all financial aspects of the company.
There is no prize for guessing that iron ore companies have plunged to the bottom of the resources component of this year's TSR survey; but what is interesting is the rise of uranium hopefuls, despite few signs of an imminent increase in the uranium price.
Mirabela Nickel shares nearly doubled in value today after the miner announced improved December quarter results and released a strategic review, which forecast an increase in production and lower costs at its flagship Santa Rita mine in Brazil.
Western Australian resources companies are increasingly looking to private equity players for funding as an alternative to traditional capital raisings, with more than $300 million in deals just this month.
Australian resources companies are under-represented in Latin America's mining sector despite its attractive operating environment, according to a seasoned player in the region.
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.
Mirabela Nickel has reported a 14 per cent drop in nickel production for the March quarter as the cash strapped company seeks to undertake a complex restructuring.
Mine site water infrastructure group GFR has become the sixth Perth-based company to call in administrators in as many weeks, citing deteriorating trading conditions and significant contract delays.
Mirabela Nickel has proposed a complex restructuring that involves placing the company into administration, raising new capital and implementing a debt-for-equity swap that will leave current shareholders owning just a small fraction of the embattled mining company.
The Waterberg Coal Company was Western Australia's best-performed listed entity in 2013, providing a whopping 38,748 per cent return to shareholders, according to BNIQ data.
Mirabela Nickel chairman Geoff Handley and directors Colin Steyn and Peter Nicholson have all resigned from the board of the embattled company, which remains in a trading freeze as it works to restructure its $US454 million of debt.
Embattled miner Mirabela Nickel has formally acknowledged “significant uncertainty” about whether it will continue as a going concern, after Canadian regulators issued a ‘cease trade' order.
Mirabela Nickel's problems have taken a turn for the worse after one of its two customers flagged that it would seek to immediately exit a concentrate sales agreement on the basis of a force majeure, or unavoidable accident, at its nickel smelter.
Struggling miner Mirabela Nickel says it is in discussion with financiers to come to an agreement which will allow it to avoid defaulting on its obligations.
Mirabela Nickel has disclosed that it has missed an interest payment on a debt structure as the possibility of a default looms for the struggling miner.
Mirabela Nickel plans to pursue new strategic and funding options after announcing multiple setbacks at its Brazilian mining operations, including the loss of one of its customers and a likely increase in capital expenditure.
Leighton Holdings and Perseus Mining were among the losers from the latest rebalancing of Australian stock market indices, while Automotive Holdings Group and nickel explorer Sirius Resources were
A CONSORTIUM of private investors has kicked off construction of a Perth CBD office building without pre-committed tenants, punting on the continuing strength of the market.
Mirabela Nickel has launched a $120 million capital raising, to boost the company's coffers after its stocks plunged to a near all-time lows due to tough conditions in the nickel market.
Mirabela Nickel has confirmed that it is considering launching a capital raising after its shares were halted from trade, following a 30 per cent plunge in value to a near all-time low.
Perth-based miner Mirabela Nickel was the standout performer on the Australian Securities Exchange today, after it reported record levels of nickel production and sales for the September quarter.
Patersons Securities has retained top spot in WA Business News' annual survey of capital raisings, followed by Hartleys, Euroz Securities and Macquarie Capital Advisers.
Mirabela Nickel has today appointed Craig Burton as the miner's new chairman, taking over from Bill Clough who remains on the boad as a non-executive director.
Mirabela Nickel plans to raise a further $16.5 million after securing agreements to raise more than $100 million to fund cost overruns at its Santa Rita nickel project in Brazil.
Shares in Mirabela Nickel have been placed in a trading halt as it undertakes another capital raising to help pay for cost overruns at its Santa Rita nickel project in Brazil.
Mirabela Nickel has added a further $11 million to its war chest to provide additional working and development capital for its Santa Rita nickel project in Brazil.
Mirabela Nickel has cleared one hurdle in its bid to raise some much needed funds, with a planned $182 million capital raising receiving shareholder approval today.
Mirabela Nickel plans to raise some $38 million more than the required amount of its debt facility condition in a bid to complete development of its Santa Rita nickel project in Brazil.
