Horizon Minerals has kicked off mining activities at its recently-approved Boorara gold development operation that sits adjacent to Northern Star's massive Super Pit mine in the regional WA city of Kalgoorlie. Management last month gave approval for the mining of four open pits containing 1.24 million tonnes of ore grading 1.24g/t gold for 49,500 ounces and says it has already kicked the plan into action.
Horizon Minerals has inked a toll milling agreement with FMR Investments to process 200,000 tonnes of gold ore from its Cannon underground mine at the Greenfields Mill near Coolgardie in Western Australia. The binding agreement comes alive in December, with Horizon arranging contract mining and the 67km haulage of ore to Greenfields by road. Milling is expected to take up to eight months to complete.
Shares in Horizon Minerals rose by 26 per cent on Monday morning, after the junior announced it had entered into a binding ore sale agreement with Paddington Gold, a wholly-owned subsidiary of Norton Gold Fields.
Horizon Minerals is on the path to generating its first cash flows from mining its Boorara gold deposit in WA after entering an ore sale agreement with Paddington Gold for the treatment of 1.4 million tonnes of ore at the Paddington mill. The agreement will start in the next quarter and run for 22 months, with the mill sitting about 56km by road from Boorara.
SMS Rental is suing a Norton Gold Fields-related company for almost $13 million, alleging the Kalgoorlie business has failed to pay invoices issued for mining and maintenance services.
Subiaco-based Carbine Resources has pulled the pin on its planned redevelopment of the Mount Morgan copper-gold project in Queensland, in which it has already invested $12 million, while managing director Tony James and two directors have tendered their resignation.
A new lobby group associated with influential players in the power industry has warned the state government it risks a voter backlash at the 2017 poll if proposed changes to the sector trigger higher prices to households.
Excelsior Gold says a revised ore treatment agreement with Norton Gold Fields will remove an upfront $12.5 million payment for a milling allocation, with the savings to provide flexibility to further develop its Kalgoorlie North gold project.
Three fast-growing gold miners have undertaken further expansion moves in Western Australia, with Evolution Mining announcing its intention to make a takeover offer for Phoenix Gold.
Investors have welcomed the results of a pre-feasibility study on Carbine Resources' Mount Morgan gold and copper project, conducted by GR Engineering Services, which found it to be a potentially low-cost and viable operation.
Chinese company Zijin Mining Group has pressed ahead with its unsolicited takeover bid for Phoenix Gold, despite Evolution Mining's recent on-market acquisitions at a price 20 per cent above that which Zijin is offering.
The tussle for control of Phoenix Gold intensified today after Zijin Mining Group struck a pre-sales agreement with one of the miner's largest shareholders, boosting its interest to 17.9 per cent ahead of announcing a cash takeover bid that values the business at $47 million.
Zijin Mining Group has increased its offer to buy all the shares it doesn't own in Norton Gold Fields to 25 cents a share, boosting the value of the deal to about $41 million.
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.
Phoenix Gold will wrap up mining at its Kintore West project this month and suspend upcoming small mining projects to save money, as it shifts focus to developing its Castle Hill project near Kalgoorlie with joint venture partner Norton Gold Fields.
Gold developer Norton Gold Fields has taken a stake of 10.8 per cent in Phoenix Gold, but has clarified it has “no present intention to make a takeover offer”.
Phoenix Gold has awarded a number of mining contracts for its Kintore West open cut mine for undisclosed amounts, as part of the company's staged development plan.
Norton Gold Fields is poised to succeed in its Bullabulling Gold takeover bid after the Perth explorer begrudgingly accepted the increased takeover offer of 8 cents per share.
Perth exploration firm Excelsior Gold has executed a binding term sheet that will provide a guaranteed long-term milling allocation at Norton Gold Fields' Paddington Mill.
Nedlands-based explorer Bullabulling Gold has advised its shareholders to reject Norton Gold Fields' increased takeover offer of 8 cents per share to obtain a 30 per cent interest in the company.
Nedlands-based explorer Bullabulling Gold has signalled it will not accept a takeover bid from Norton Gold Fields which values the company at about $24 million, saying the offer does not reflect the value of its assets.
Kalgoorlie-based Phoenix Gold has opted for a low cost development option at its Castle Hill project, with plans to commence production using third-party milling capacity rather than build a stand-along project.
Northern Star Resources has confirmed it will enter into a hedging program for almost a third of its forecast gold production over the next 12 months as concerns over price volatility continue to linger across the sector.
The value of mergers and acquisitions in the Western Australian gold sector over the past 12 months has reached close to $650 million, analysis by Business News has found.
Western Australia's gold sector is rallying against a potential increase in royalty rates, saying such a move would significantly hurt country towns as well as local producers of the precious metal.
Norton Gold Fields has cashed in on the state government's new mining rehabilitation fund scheme, securing $21.8 million in environmental bond refunds to date.
Business News video update for Friday July 26. Shanna Crispin reports. Kevin Rudd visits WA. Rental growth outperforms home values. Kalgoorlie Mining Company takeover nears completion and more.
China-backed Norton Gold Fields has just about wrapped up its all-scrip takeover of Kalgoorlie Mining Company, declaring its bid is now free from all conditions.
