Mining

Legend Mining has sold its stake in gold and nickel miner Independence Group for $4 million, with the local explorer netting about $2.5 million profit from the sale.

Local innovators and resources industry professionals, including Karara Mining, Barminco and Fortescue Metals Group, were recognised at two separate awards ceremonies held this week.

Craig Munro-chaired Gulf Manganese Corporation has received a $US10 million ($A13 million) equity commitment from an Indonesian investor to progress development of its Kupang smelting hub in West Timor.

Shares in mining equipment supplier Emeco Holdings were up 50 per cent today after the company revealed an earnings uplift despite continued tough conditions.

Diversified miner Metals X has confirmed a $115.6 million capital raising and plans to demerge its gold assets into a new company, which will be led by existing chief executive Peter Cook.

The employment market for geoscientists improved in the three months to June, in a sign that the resources industry might have reached the bottom in this cycle, although more than a third are still getting less than their desired amount of work.

Local explorer Primary Gold has purchased a gold mine from Adelaide-based MacPhersons for $10 million in cash and shares.

Local engineering company Lycopodium has won a $68.5 million contract to build processing facilities at a gold mine in Senegal.

The environmental watchdog has recommended rejection of a new uranium mine in the Goldfields after the proposal failed to meet one of nine strict factors.

Rio Tinto says it will spend $US338 million developing its Silvergrass iron ore mine in the Pilbara, on the same day it disclosed a slump in underlying earnings and dividend payments.

Kerry Stokes' diversified media, mining equipment and energy group, Seven Group Holdings, has swung to an annual profit and is cautiously confident that trading conditions will stabilise this year.

Rare earths hopeful Northern Minerals has attracted another Chinese investment group for a $30 million equity injection into its Browns Range project.

Prominent businessman Ian Middlemas will now chair 11 companies concurrently after replacing Craig Burton as chairman of niobium hopeful Cradle Resources.

West Perth-based mining consultancy CSA Global has expanded its global network with the acquisition of Toronto-based ACA Howe International.

Perth-based Brierty has won a $30 million contract to provide civil works at Newmont Mining’s Boddington gold mine.

Perth’s commercial property sector is reeling from the simultaneous downturn in iron ore and oil and gas, but the WA capital is not alone among global resources hubs.

Local explorer Cassini Resources has attracted OZ Minerals as a joint venture partner for its West Musgrave nickel-copper project.

Iluka Resources has confirmed plans to wholly acquire Africa-focused miner Sierra Rutile in an all-cash deal valued at about $375 million.

Northern Star Resources has cut its production guidance after agreeing to sell its Plutonic gold mine in Western Australia for an inital $37.5 million, but it plans to spend $130 million on exploration and expansion work at its other assets.

Mineral sands miner Iluka Resources has revealed it is in takeover talks with London-listed Sierra Rutile, an Africa-focused miner with a market cap of about $400 million.

Investor interest has swung strongly towards the resources sector this year, but opportunities remain for tech companies aiming to list on the ASX.

Gold’s rising stocks and role in the post-boom recovery will make this year’s Diggers & Dealers the most promising for many years. 

Iron ore shipments contributed more than $45 billion to the Western Australian economy in the 12 months to June, a figure well down on last year, according to BNiQ, despite a pick-up in volumes by the state’s major producers.

Tempo Australia has expanded its service offering with the acquisition of local electrical, telecom and data communications contractor Cablelogic for an undisclosed sum.

Gold miner Barrick Gold today announced its intention to sell its 50 per cent stake in Kalgoorlie’s iconic Super Pit, which is Western Australia’s second largest gold mine.

VDM Group will focus on its mining, trading and construction units of the group after announcing plans to close its equipment hire and sales business.

Blackham Resources managing director Bryan Dixon has flagged plans to boost production at the miner’s Wiluna gold plant, as its shares lifted 10 per cent today.

Power generation company Pacific Energy has won an eight-year contract extension to continue providing services at St Barbara’s Gwalia gold mine in Leonora.

The fatal Samarco mine disaster in Brazil will dent BHP Billiton's bottom line by up to $US1.4 billion ($A1.9 billion) for the 2015-16 financial year.

Padbury Mining and two of its directors have entered into a settlement agreement with the corporate watchdog over misleading statements made last year, but they could still face penalties in the Federal Court later this week.

Triton Minerals is set to get a second chance after administrators Ferrier Hodgson released control of the business to a private gold company and a corporate finance firm, which will raise a combined $14.1 million and relist the graphite explorer on the ASX.

Shares in miner Atlas Iron were up 10 per cent today after the company reported cash generation of $30 million after interest and profit sharing for the June quarter.