Water is being pumped out of a disused iron ore mine on a Western Australian island after pit walls slumped, sparking fears it could collapse and contaminate the ocean on the other side.
The legal battle between BC Iron and Watpac Civil & Mining has intensified with the mining services company serving a counterclaim to the iron ore miner and its joint venture partner, now seeking about $52.8 million.
Watpac has revealed the financial impact of a dispute with BC Iron and declining work at Pluton Resources' Cockatoo Island project, including $41.7 million worth of write-downs.
Struggling iron ore miner Pluton Resources has fallen back into the hands of receivers and managers, less than six months after the board regained control of the company, as part of a new structuring proposal.
The board of iron ore miner Pluton Resources has regained control of the company after its major shareholder, General Nice Resources, retired KordaMentha as receivers yesterday.
Troubled iron ore miner Pluton Resources has been restricted from issuing a reduced content prospectus until next year because it failed to comply with reporting and disclosure obligations, the Australian Securities and Investments Commission says.
Iron ore miner Pluton Resources has settled proceedings against junior secured creditor Rizhao Port Group Logistics, which includes the removal of receivers appointed by Rizhao in disputed circumstances last month.
An uncertain future for Pluton Resources' Cockatoo Island iron ore project has led Watpac Civil & Mining to flag a hit to its net profit of between $2 million and $4 million for the 2015 financial year.
Troubled miner Pluton Resources says its major shareholder General Nice Resources has committed to provide extra funding to recommence operations at the Cockatoo Island iron ore project.
Leaner times in the junior mining and exploration sector have resulted in widespread cuts to chief executive pay, but the restraint has not been shared equally across the sector, with some actually lifting salaries.
Watpac Civil & Mining says it will resume limited works at Pluton Resources' Cockatoo Island iron ore project following discussions with the troubled miner's receivers, KordaMentha.
Pluton Resources says its major shareholder General Nice Resources has appointed KordaMentha as the company's receivers, after secured creditor Rizhao Port Group Logistics yesterday tried to appoint representatives from FTI Consulting to the same role.
Pluton Resources is in the midst of a battle between creditors, with major shareholder General Nice Resources and secured creditor Rizhao Port Group Logistics fighting over who gets to appoint receivers to the iron ore miner.
Pluton Resources has disclosed that its joint venture partner at the Cockatoo Island iron ore mine wants it removed as manager of the project and has called for it to halt mining operations.
Iron ore prices may have softened significantly from about $US130 a tonne during the past year, but that has not stopped local miners ramping up exports.
Struggling Perth-based mineral explorer Pluton Resources has announced it intends to raise about $80 million through the issue of about 8 billion shares.
Pluton Resources has appointed Empire Equity founding director Paul D'Sylva as a director and interim chairman, following the resignations of chairman Richard Mehan and non-executive directors Tony
Long-serving chairman Malcolm MacPherson has resigned from Pluton Resources due to an increase in his commitments with Bathurst Resources and Titanium Corporation.
Pluton Resources shares leapt on the ASX today after the iron ore junior announced former Grange Resources boss Richard Mehan had been appointed chairman.
Cash-strapped miner Atlantic has obtained two new sources of funding, with the company using an expected R&D tax refund to secure a $15.3 million bank loan.
Pluton Resources and Gunson Resources have become the first companies to benefit from the state government's new mining rehabilitation scheme, which replaces project-specific environmental bonds wi
Perth-based Portman Iron Ore Ltd and Pluton Resources can proceed with a joint venture exploration program for Irvine Island in Broome, following the WA Minister for the Environment's dismissal of an appeal against the level of assessment placed by the EP
