Mining

GWR Group has struck a deal to sell its Hatches Creek tungsten project in the Northern Territory to West Perth-based Tungsten Mining for $8.7 million cash.

Perth-based company director Peter Hepburn-Brown, who was on the board of three listed mining companies, has passed away following a period of ill-health.

Struggling gold producer Eastern Goldfields has suspended all mining operations, with the company confirming that nearly 40 employees have been made redundant.

Beacon Minerals has raised $18 million via a debenture issue, with the proceeds expected to bring the company’s Jaurdi gold project into production next year.

Graphite aspirant Triton Minerals has tapped investors for $4 million, led by major shareholder Shandong Tianye Mining, as the company progresses its Ancuabe project in Mozambique.

A boost in resources contracts has driven engineering firm Primero Group to a $5.2 million profit for the 2018 financial year, with the company forecasting a further increase in revenue next year.

Welshpool-based MACA has secured a $700 million mining services contract at Carabella Resources’ Bluff coal project in Queensland for the next 10 years.

Shares in Karl Simich-led Sandfire Resources have jumped more than 8 per cent today after the company reported a record $123 million profit.

Geoff Ward has been appointed as chief executive of local tech company Hazer Group, while Michael Minosora is set to chair junior explorer Golden Deeps.

Northern Star Resources has announced the acquisition of a gold mine in Alaska for $US260 million ($347 million) from Japanese group Sumitomo, along with a $175 million share placement to fund the purchase.

GR Engineering Services has been awarded a $23.9 million contract to build a backfill plant at the Fosterville gold mine in Victoria.

Eastern Goldfields' executive chairman and largest shareholder Michael Fotios has resigned from the embattled gold miner, while US investor Hawke’s Point Holdings looks set to increase its stake in the company after agreeing to buy some of its debt and support a planned recapitalisation.

Diversified miner Independence Group has reported a big jump in profit for the 2018 financial year, driven by the first 12 months of commercial production at its Nova operation.

Neil Warburton-led Coolgardie Minerals is set to list on the ASX tomorrow, while shares in Black Dragon Gold began trading today following a $6 million initial public offering.

Canada-based Pacton Gold has announced the acquisition of two gold projects in the Pilbara worth about $5.8 million in the past week.

Shares in Sheffield Resources have reached their highest mark in nearly four years after the company won a National Native Title Tribunal ruling, which allows for a mining lease to be granted at its Thunderbird mineral sands project in the Kimberley.

Mining contractor MACA has reported a decline in net profit for the 2018 financial year, impacted by poor weather conditions across its Western Australian operations, but has announced a $1.28 billion order book.

Australian Mines has exercised an option to purchase a cobalt project in New South Wales from Jervois Mining in a deal worth $4 million.

Shares in gold-focused Kingwest Resources began trading on the ASX today, after the company raised $5 million via an initial public offering.

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.

Macmahon Holdings has posted strong profit growth for the year to June, adding to a string of good results for local mining services companies, including Lycopodium and NRW Holdings.

Diversification helped Murray Engineering boost its revenue during the resources downturn, and the business is now hoping its technology focus will create future growth.

Listed companies South32 and Alumina have announced strong financial performances today predominantly due to alumina operations, in Western Australia.

Kerman Contracting has won a $23.5 million contract with Talison Lithium to build a bulk storage facility at the inner harbour of the Port of Bunbury.

Bill Beament-led Northern Star Resources has reported a record profit for the 2018 financial year, driven by increased production and sales.

Perth-based GR Engineering Services has recorded a slight decline in net profit for the 2018 financial year due to two settlement claims, despite an uptick in the group’s revenue.

Local gold producers Saracen Mineral Holdings and Silver Lake Resources have announced solid growth in profits for the 2018 financial year, while Western Australia-focused St Barbara also registered a positive result.

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.

Shares in Western Areas have fallen more than 6 per cent today, after the nickel producer posted an $11.8 million net profit for the year to June but forecast a rise in costs in 2019.

Perth-based Canyon Resources has raised $5 million to fund exploration at the company’s Minim Martap bauxite project in Cameroon.

GR Engineering Services has been awarded a $17.9 million design and construction contract for a backfill plant at gold miner Saracen Mineral Holdings’ Carosue Dam operations near Kalgoorlie.

The market has welcomed a strong annual profit report and positive outlook for Monadelphous, even though the engineering contractor has warned its construction revenue will fall after a big surge in work on the Ichthys LNG project in Darwin last financial year.