Aspiring miner Poseidon Nickel has completed a $69 million entitlement offer without having to call on support from its sub-underwriter, Andrew Forrest's Squadron Resources.
The corporate regulator has objected to an underwriting deal under which Andrew Forrest's Squadron Resources could end up with as much as 61 per cent of Poseidon Nickel.
Panoramic Resources has agreed to sell the Lanfranchi nickel project for $15 million to Texas-based Black Mountain Metals, showing the American business is still on the hunt for nickel opportunities in Western Australia.
Poseidon Nickel has announced a $74.6 million capital raising, backed by Andrew Forrest's Squadron Resources, days after US group Black Mountain Metals pulled out of a $66 million takeover proposal.
US group Black Mountain Metals has threatened to walk away from its proposed $66 million takeover bid for Poseidon Nickel after the local company disclosed it was pursuing a substantial capital raising.
Privately-held US group Black Mountain Metals, which has recruited three experienced Perth mining executives to its leadership team, has flagged a takeover bid for Poseidon Nickel at six cents per share.
Nickel miner Western Areas has begun early works at its Odysseus project, signing on local contractor MACA, while also announcing it had reached its production guidance for the year to June.
Poseidon Nickel has appointed company director Robert Dennis as its new chief executive, with the former Independence Group executive set to take over the role next month.
Poseidon Nickel has released a feasibility study confirming the viability of restarting its mothballed Black Swan project near Kalgoorlie, with an estimated capital expenditure of $56.7 million.
Poseidon Nickel has secured its fourth memorandum of understanding to develop the Lake Johnston nickel project, with today's move to explore for lithium with Lithium Australia.
Poseidon Nickel is in discussions with Empire Resources for the processing of gold ore at its mothballed Black Swan processing facility near Kalgoorlie, while Empire has secured two loan deals to help pay for essential mining costs.
Poseidon Nickel and Aphrodite Gold have agreed to form a jointly-owned company to own Poseidon's processing facilities at its Black Swan nickel operation and Aphrodite's nearby gold tenements.
Local explorer GTI Resources has terminated plans to acquire Poseidon Nickel's Windarra gold assets near Laverton, after missing a near-$1 million payment deadline.
Poseidon Nickel expects to spend up to $25 million to restart operations at its mothballed Silver Swan mine near Kalgoorlie, according to a definitive feasibility study released today.
SPECIAL REPORT: When Fortescue Metals Group chairman Andrew Forrest received his most recent dividend cheque from the company, it brought the total paid out to entities he controls during the past five years to nearly $600 million.
Poseidon Nickel has landed an agreement for Kidman Resources to use its mothballed Lake Johnston infrastructure to process lithium ore from the Melbourne-based company's Mt Holland mine, in a deal potentially worth at least $18.5 million.
Austal has doubled its interim dividend after growing revenue and boosting its cash flow, despite posting a 41.8 per cent fall in profit for the six months to December.
Fortescue Metals Group is home to two of Western Australia's wealthiest company directors, or so it was believed until a surprise disclosure last month.
The median salary paid to chief executives at Australian mining companies fell by 12 per cent over the past two years, and is set to decline further after recent cost-cutting moves by the likes of BC Iron, Sundance Resources, Paladin Energy and Poseidon Nickel.
Poseidon Nickel says it is considering a potential restart of operations at its mothballed Silver Swan mine, after plans to sell the asset to Tony Sage's Caeneus Minerals for $2.7 million fell through.
Local miner Poseidon Nickel has put its Lake Johnston operation near Norseman on care and maintenance, reduced its staff and cut board member salaries as it awaits improvements in the nickel price.
The state government has provided a further $4.6 million for drilling and prospecting activities at 44 projects in Western Australia, including Fortescue Metals Group's Trifecta base metals project.
Poseidon Nickel says its Lake Johnston project could be up and running in just a few months, although at a higher cost following completion of a bankable feasibility study.
The news from the iron ore and petroleum sectors may be disheartening for producers and investors alike, but another of Western Australia's mineral exports is proving as resilient as stainless steel.
Independent schools across the state are benefiting from the experience some of Perth's most prominent business leaders have brought to their boards, providing greater diversity and structure to the decision-making process.
Andrew and Nicola Forrest's Minderoo Group has recruited finance executive Aaron Hood to take charge of its expanding commercial investment activities.
Cassini Resources, the five cent explorer that quickly graduated to a 25 cent stock in April after acquiring BHP Billiton's West Musgrave nickel-copper project has taken a share price hit in its stride as it seeks to educate the market on its as yet unrealised potential.
Shares in Poseidon Nickel have surged after it announced it had agreed to buy Norilsk Nickel's Lake Johnston nickel project, located west of Norseman, for an undisclosed amount.
