News Articles for Ora Banda Mining

Michael Fotios-led Eastern Goldfields has suspended its gold processing operations at Davyhurst, as the company completes a strategic review of its business and searches for a recapitalisation deal.

GR Engineering Services will receive an $8.3 million payout from Eastern Goldfields, more than a year after launching proceedings in the Supreme Court in relation to a contract dispute at the miner's Davyhurst operation.

S2 Resources advises that completion has occurred under the Heads of Agreement that was announced on 14th February 2018.

GR Engineering Services says it will continue to pursue legal action against Eastern Goldfields in relation to a contract for refurbishment at the miner's Davyhurst operation, despite the Supreme Court yesterday referring the matter to arbitration.

SPECIAL REPORT: The five WA people with the largest holdings in listed companies have earned around $1.5 billion in dividends in the past five years, with Andrew Forrest and Kerry Stokes leading the way. Click through for our list of 50 directors and investors with holdings worth more than $11 billion between them.

Eastern Goldfields has announced a conditional deal with an international asset manager to raise up to $30 million, with the proceeds used to maintain operations at the company's Davyhurst gol

SPECIAL REPORT: Blackham Resources has overcome a number of hurdles following its transition from explorer to producer, while the state's emerging miners wrapped-up a busy 12 months.

GR Engineering Services says it will continue to pursue legal action against Eastern Goldfields over its work at the Davyhurst operation, while also revealing it would defend Wolf Minerals' $12.2 million claim notice over a project in England.

Eastern Goldfields and migme are among a number of companies to have missed paying their annual ASX listing fees, risking removal from the register.

GR Engineering Services has requested its shares be suspended from trading on the ASX while it assesses the impact of Eastern Goldfield's now-retracted wind-up order, as well as a £7.5 million ($A12.2 million) bond claim notice lodged by Wolf Minerals.

The Supreme Court of Western Australia has reversed its decision to wind-up Eastern Goldfields after it was revealed the relevant debt of $383,000 was paid on the same day the winding-up application was lodged.

The Supreme Court of Western Australia has ordered the winding-up of Michael Fotios' Eastern Goldfields and the appointment of liquidators, after an application by a local assay laboratory.

Michael Fotios has quashed speculation that he intends to step down as chairman of Eastern Goldfields, following an exchange of words with journalists at Diggers & Dealers earlier this week.

UPDATED: Eastern Goldfields is expected to be confronted at next week's Diggers and Dealers conference by local contractors who claim they have not been paid by the Perth gold miner.

Eastern Goldfields has poured first gold at its Davyhurst operation near Kalgoorlie, amid a looming court battle against the project's refurbishment contractor, GR Engineering Services.

Michael Fotios-led Eastern Goldfields says it will counterclaim GR Engineering Services over work at its Davyhurst gold operation, after the contractor began Supreme Court proceedings yesterday.

GR Engineering Services has launched Supreme Court proceedings against Eastern Goldfields and is seeking about $10 million in relation to its contract for refurbishment of the Davyhurst operation.

Eastern Goldfields has announced a $28 million capital raising and share sale facility as it works towards commissioning of its Davyhurst gold operation near Kalgoorlie.

Fortescue Metals Group has risen into the ranks of the top 50 most valuable companies on the Australian share market thanks to soaring iron ore prices which have nearly quadrupled the miner's half-year profit and stoked investor demand.

Eastern Goldfields will immediately draw down on a new $25 million facility to fund refurbishment work at its Davyhurst gold project near Kalgoorlie.

Eastern Goldfields has withdrawn its $6 million share subscription agreement proposal put forward to Windward Resources, following Independence Group's $20.5 million takeover bid lodged last week.

Independence Group has put forward a $20.5 million bid for emerging nickel play Windward Resources, competing against a previous deal put forward by Michael Fotios's Eastern Goldfields.

Recently revitalised Eastern Goldfields plans to begin producing gold at its Davyhurst operation by March next year, with the company awarding a $12.5 million contract to GR Engineering Services to bring the nearby processing facility out of care and maintenance.

SPECIAL REPORT: A record high Australian dollar price in June has provided a tailwind for the state's gold sector, and 2017 is looking to be a similarly positive year.

SPECIAL REPORT: Some of Western Australia's biggest gold miners plan to boost their exploration spend in the coming year, with Saracen Mineral Holdings and Northern Star Resources among those committed to putting increasing amounts ‘into the ground'.

ANALYSIS: It has been a high-profile week for extremely private explorer Mark Creasy, with two major pieces of news that appear likely to add to his already significant wealth.

Michael Fotios's Eastern Goldfields has made its second strategic investment this week, announcing today a $6 million deal to earn-in to Windward Resources and Mark Creasy's nickel and gold portfolio in the Fraser Range.

Two Western Australian gold hopefuls, Intermin Resources and Primary Gold, have announced earn-in and drilling-for-equity deals, respectively, to progress potential gold projects.

The gold sector has continued to be positive for investors and stockbrokers, with a $12.5 million capital raising announced today by West African Resources adding to more than $150 million worth of deals launched by Western Australian companies this year.

Recently revived Eastern Goldfields has called on the Department of Mines and Petroleum to withdraw a request for $8.6 million worth of the company's bonds.

After nearly eight years of inactivity on the ASX, Michael Fotios's Eastern Goldfields could be reinstated as early as next month after announcing today its capital raising had closed oversubscribed.

Major private investment player Wyllie Group has cut direct ties with mining dealmaker Michael Fotios's investment syndicate, Investmet, a significant backer of junior resources companies and other speculative opportunities.

Perth-based Swan Gold Mining has completed a one-for-10 share consolidation as part of a restructuring of the company that it proposes including a capital raising of up to $20 million and debt to equity conversion of more than $29 million.

Junior resources companies are enjoying a renewed interest for capital raisings as investors return cautiously to equity markets after a dry 2013.

Michael Fotios, who made a fortune backing gold miner Northern Star Resources, is heading back to the stockmarket to tap into what he calls “a marked increase in investor interest over the last 3 months”.

SPECIAL REPORT: Poor investor sentiment and low confidence have put a crunch on capital for WA's junior miners.

WA shipbuilder Austal has advised that deputy chairman John Poynton has resigned from the board, to focus on his other business and not-for-profit work.

Long-running attempts to revive Swan Gold Mining have hit a brick wall, with the company unable to complete a planned $15 million capital raising despite boasting a high-powered board of directors.

It's an old adage that some of the biggest fortunes have been made when business conditions are at their toughest.

Redbank Copper shares had a lukewarm return to trading today, closing at 0.4 cents after a major restructuring and recapitalisation led by investor Michael Fotios.