Deals

Troy Resources has moved to acquire the remaining shares it does not already own in Azimuth Resources, after meeting the minimum acceptance provision of its $188 million takeover bid.

Chile-focused copper explorer Hot Chili has secured $11.7 million to continue development of its Productora copper project in Chile.

Virgin Australia has completed the purchase of a 60 per cent stake in Tigerair Australia.

Kagara Mining’s distressed asset firesale has hit a speed bump, with the purchaser of the collapsed base metals miner’s remaining Queensland mines missing a deadline to pay $6 million worth of depo

Africa-focused coal explorer Lemur Resources is urging shareholders to reject a $19 million takeover offered by UK-based Bushveld Minerals.

Forge Resources has picked up $8.5 million by selling a part of its stake in the Balla Balla magnetite iron ore project in the Pilbara to its joint venture partner, New Zealand’s Todd Corporation.

Hannans Reward and Avalon Minerals are embroiled in a dispute over $2 million Hannans says it is owed as consideration for the sale of the Discovery Zone copper-iron prospect in northern Sweden.

OM Holdings has finalised a $US315 million project financing facility for its Ferro Alloy smelting project in Sarawak, Malaysia.

Hong Kong investment house Dingyi Group has made a formal $190 million takeover offer for Perth-based explorer Elemental Minerals.

Troy Resources has finalised a $40 million financing facility to boost working capital as it progresses a $188 million merger with Azimuth Resources.

Private equity group Resource Capital Funds has emerged as MZI Resources largest shareholder by taking up $3 million worth of the company’s shares.

Rey Resources has reached agreement to sell its Duchess Paradise coal project in the Canning Basin to its Hong Kong-based major shareholder for $21 million.

Administrators for collapsed miner Kagara have sold off the company’s remaining Queensland assets in two deals worth more than $71 million.

Charter Hall has bought a shopping centre in Perth’s southern suburbs for $33.2 million.

Gold producer Apex Minerals has been placed into receivership following an attempt to raise $1 million to repair a generator at its Wiluna mine.

Paladin Energy shares fell by more than 10 per cent after it delayed until August a deal to sell a stake in an African uranium mine.

Coal miner ZYL’s stock plunged on the ASX today, after it told the market it would no longer proceed with the purchase of a mine in South Africa.

Junior miners Chrysalis Resources and Emergent Resources have turned to Chinese investors for funding.

Scotland-based energy technology company Proserv has acquired specialist subsea engineering business Velocious, which was established in Perth seven years ago.

A UK-based business has swooped on Cool Clear Water Group, buying the Perth-based water purification and dispensing system distributor for $60 million.

Troy Resources has extended its $188 million takeover offer for Azimuth Resources by two weeks, after failing to secure enough acceptances from existing shareholders to close the bid.

Rialto Energy is seeking to raise up to $21 million to fund exploration and development work at its oil and gas acreage off the coast of Cote d’Ivoire.

Fast-growing Geraldton business Bhagwan Marine has expanded its service offering and geographical presence through the acquisition of a Northern Territory marine services business.

A further $9 million has been wiped from the market value of Elders after it rejected an offer to buy its rural services business.

Cleveland Mining Company has secured a $10 million finance facility to fund further exploration of its Brazilian portfolio of mining assets.

Employment services firm Skilled Group will pay $75.5 million for a Darwin-based marine contractor focused on the oil and gas sector.

Three directors of takeover target Firestone Energy have resigned, leading to the withdrawal of a shareholder meeting requisition by bidder Waterberg Coal Company.

Green energy firm Solco has established a national finance business, offering solar power products for lease through retailers and installers.

Debt-laden Elders has received at least one formal bid for its main rural services business and is working on securing a sale, following eight months of negotiations.

Iron Road has shrugged off uncertainty in the iron ore sector, going ahead with plans to raise $50.7 million to complete a feasibility study at its Central Eyre iron ore development in South Austra

Rio Tinto has agreed to sell its Eagle project in the US to Lundin Mining Corporation for an estimated $US35 million ($A37 million) in cash.

As the slowdown in mining and exploration starts to bite across mining and related industries, company executives are faced with a choice of tightening their belts or letting them out.