Mining

LOCAL industry is demanding a say on the state government's next move on energy policy, after it finally scrapped unwelcome plans to merge electricity generator Verve with retailer Synergy.

Wesfarmers appoints two directors

The Western Australian Trade Opportunities Service is operated by the International Trade Centre of the Chamber of Commerce and Industry of Western Australia.

Regional learning looks for a white knight in an increasingly competitive educational marketplace.

A major boardroom shakeup is believed to be imminent at Subiaco-based laterite nickel explorer Graynic Metals.

Panoramic Resources' net profit has slumped 89 per cent to $5.6 million for the year to June 30, down from $53.3 million the previous year after the company's revenues receded on the back of lower nickel prices.

West Perth-based Marengo Mining has welcomed several global investment funds, including Soros Funds Management, onto its register after it raised more than $16 million through a share placement in North America.

Moly Mines has jumped the final logistical hurdle for its $9.4 million Spinifex Ridge iron ore project in the Pilbara after securing port space at the new Utah Point facility in Port Hedland.

Uranium producer Paladin Energy has posted a $US480 million loss for the year to June 30 on the back of large impairment expenses but remains positive about its current operations and growth opportunities.

Perth-based business publisher Aspermont has posted a solid increase in revenue and underlying earnings but one-off restructuring costs have pushed its net result to a loss of $484,000.

West Perth-based Barra Resources has raised $3.5 million through an oversubscribed placement to advance drilling on its key Mt Thirsty nickel and Phillips Find gold projects in Western Australia.

Herald Resources has urged shareholders to reject Jakarta-based PT Bumi Resources' takeover bid, saying the offer is only a quarter of the price the shareholder paid 12 months ago for control of the West Perth company.

A further study to enhance the economics of Toro Energy's Wiluna uranium project in Western Australia has shaved 17 per cent off the capital cost to $162 million.

Scooter manufacturer Vmoto has delivered its fourth successive year of revenue growth but has posted a $4 million loss for the 2009 financial year, largely attributable to the development of its new facility in China.

West Perth-based Northern Iron plans to raise $61.4 million through a rights issue and has selected a new chief executive following a cost blowout at its iron ore project in Norway.

Tap Oil has rejected speculation that its legal battle with Burrup Fertilisers could result in damages worth hundreds of millions or even billions of dollars, instead putting its maximum liability at $US20-25 million.

Macmahon Holdings has offered Nick Bowen a new open-ended contract to remain as chief executive and managing director of the engineering company.

West Perth-based Dominion Mining has recorded a net profit of $31.1 million for fiscal 2009 as higher gold prices offset lower production volumes.

East Perth-based Metals X will pocket more than $16 million after its largest shareholder, Hong Kong company APAC Resources, agreed to lift its interest to 28.3 per cent.

Exploration expenses have dug a deep hole in Atlas Iron's bottom line, with the miner today reporting a $63.1 million net loss for the 2009 financial year.

Ramelius Resources is pressing ahead with its takeover offer for WA goldfields neighbour Dioro Exploration, even though Avoca Resources has snared 44 per cent of Dioro..

Perth company Liquified Natural Gas has appointed CB&I as project management consultant for its planned three million tonne per annum LNG project at Fisherman's Landing in Queensland.

Audax Resources has completed a capital raising worth more than $2.5 million from sophisticated and institutional investors, including a London fund and clients of another London firm for a drilling program in Tunisia.

Gold miner Resolute Mining Group has turned last year's $56 million loss into an after tax profit of $27.4 million in FY2009, including an unrealised treasury gain of $1.1 million, on the back of increased revenues, production and gold cash costs.

Nickel miner and metals explorer, Independence Group has posted a profit of $16.1 million for the year to June 30, down almost 69 per cent per cent from last year's result of $51.5 million as falling production and spot nickel prices affected revenues.

Junior gold producer, Troy Resources has made a remarkable recovery after suffering a severe loss last year, posting a $16.7 million profit amid enhanced gold production and increased revenue.

Shares in diversified miner OZ Minerals have fallen almost five per cent this morning after posting a heavy first half loss, following the sale of many of its assets and a lower copper price, but says it is in a strong financial position.

WHILE junior explorers dominated the 10 best-performing Western Australian stocks last financial year, was there a defining characteristic that bound together the worst performers for the year? A lack of scale would seem to be one possibility, with the 10

As Fortescue Metals Group becomes established, it also starts to look and act big.

NOBODY should be too concerned about the differences between partners in the $30 billion Browse LNG project over how the venture should be developed, according to Woodside Petroleum chief executive Don Voelte.

WITH much front page hype, the federal government last week announced what it claimed was Australia's biggest ever deal when PetroChina agreed to buy 2.25 million tonnes of LNG a year for 20 years, worth $50 billion.

Uranium exploration company, Extract Resources has launched a $91 million capital raising via a non-renounceable rights issue and private placement to institutional investors to accelerate exploration activities at its Rossing South project in Namibia.