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Adrian Rauso

Adrian Rauso joined Business News in February 2018 as the morning email producer and is the online news reporter as of January 2019. Adrian completed a degree in journalism and politics at the University of Notre Dame, where he was the co-editor of the University’s student magazine for nearly two years. He also has experience in corporate affairs at the United States Consulate in Perth.

CEOs reap over $10m in performance windfalls

South32’s Graham Kerr, NRW Holdings’ Jules Pemberton and Saracen Mineral Holdings’ Raleigh Finlayson have received one-off benefits totalling $10.4 million, following the vesting of performance shares.

GR wins EPC contract on $198m gold project

Claremont-based Geopacific Resources has appointed GR Engineering Services as the engineering, procurement and construction contractor for the processing plant at its Woodlark gold project in Papua New Guinea.

WA economy records best growth in nearly two years

Western Australia’s economy experienced a seasonally adjusted expansion of 0.8 per cent in the June quarter, marking the state’s strongest quarter of growth since September 2017.

Pilbara raising over $91m to weather tough market

Pilbara Minerals has undertaken a $91.5 million capital raising, underpinned by China’s largest manufacturer of electric vehicle batteries, as it seeks to strengthen its balance sheet amid a downturn in the lithium sector.

550 jobs for nickel mine restart

The restart of the Ravensthorpe nickel project has officially commenced amid surging prices of the commodity, as owner First Quantum Minerals launched a recruitment drive to fill at least 350 direct roles at the mine.

WA hospitality sector shows signs of resurgence

Western Australia has bucked the national trend and recorded a 0.6 per cent rise in retail spend for July, underpinned by gains in the hospitality sector, according to the latest data from the Australian Bureau of Statistics.

Panoramic loan slashed by $20m amid Savannah woes

Nickel miner Panoramic Resources will have to tap the market for $20 million in equity after its debt was halved by Macquarie Bank, while today also disclosing deferred payment for the sale of its Canadian project.

WA resources exploration spend nears record high

Total mineral exploration expenditure in Australia increased by 5.2 per cent to $629.6 million for the June quarter, with Western Australia underpinning the growth, according to the latest figures from the Australian Bureau of Statistics.

Pioneer lender cuts off funds amid probable profit hit

Pioneer Credit could be in breach of its loan covenants, after it said a change in the accounting treatment of its consumer debt portfolios would likely result in a dent to its underlying earnings.

Flinders strikes BBI Group deal for iron ore project

Investors have welcomed Flinders Mines entering into a non-binding agreement with the Balla Balla Infrastructure Group, which could deliver the infrastructure and funding needed to help get its stranded Pilbara iron ore project (PIOP) into production.

Perth house price pain continues

The median price of a house in Perth decreased by 0.5 per cent for August, recording the largest fall of all state capitals, according to the latest CoreLogic data.

Galaxy circles Alita, Talison puts Greenbushes’ growth on ice

Galaxy Resources has confirmed interest in striking a downstream processing deal with Alita Resources’ offtake partner, just a day after placing the lithium miner into receivership, while Talison is reconsidering the timing of its $516 million stage three expansion project at Greenbushes.

Macmahon optimistic on Telfer

Macmahon Holdings says it is likely to come to an agreement with Newcrest Mining in relation to increased revenue for its mining services contract at the Telfer gold project, while on the same day releasing positive full-year results.

IGO reports strong results, but costs set to rise

Independence Group has reported a 44 per cent leap in full-year net profit on the back of strong production from its Nova nickel mine and Tropicana gold joint venture project.

Perenti beats profit guidance, flags positive FY20

Shares in Perenti Global, formerly Ausdrill, have surged as much as 17 per cent today, after it announced a full-year underlying net profit of $103.1 million.

Lithium miner Alita collapses

Alita Resources has entered administration just two days after its biggest shareholder, Galaxy Resources, struck a deal to buy the company’s $42 million in secured debt.

Valmec shines, but Lycopodium falters

Two local engineering services firms have reported contrasting full-year results today, with Valmec announcing record underlying earnings while profit at Lycopodium fell 9.8 per cent.

Aus Potash cuts Lake Wells capex by $120m

Australian Potash has slashed the capex for the development of its Lake Wells project from $338 million to $208 million, after it removed the second stage of the project, amid an increasingly competitive sulphate of potash market.

K&S offloads WA assets

Perth-based logistics and transport company Centurion has signed a binding agreement to purchase K&S Corporation's Regal General Freight arm, which is part of its broader Regal Transport business.

Strike, Warrego shares soar on Perth Basin find

Strike Energy shares have surged 90 per cent and Warrego Energy’s by 68 per cent after the joint venture partners announced a significant gas discovery as part of the West Erregulla-2 drilling campaign in the Perth Basin.

Pilbara fails to find Pilgangoora buyer

Pilbara Minerals has halted an attempt to offload up to a 49 per cent stake in its Pilgangoora lithium-tantalum project, but has executed a binding joint venture agreement with South Korean offtake partner POSCO.

Northern Star to buy Echo, pins strong FY20 on Pogo

Northern Star Resources has announced a $193 million takeover offer to acquire Echo Resources, less than an hour after executive chairman Bill Beament said the company was exploring a range of growth options to take advantage of the high gold price.

Mining contractors report declining profits

Mining services firms GR Engineering Services and MACA have both recorded weaker profits for the full-year, with GR’s bottom line slumping 45.7 per cent and MACA’s by 12.7 per cent.

Regis buys Duketon assets for $25m

Regis Resources has acquired 35 gold tenements from Duketon Mining for $25 million, as it seeks to extend the life of its flagship Duketon operations.

Fortescue achieves record profit

Fortescue Metals Group's full-year profit has nearly tripled to $US3.2 billion on the back of a period of soaring iron ore prices in the 2019 financial year.

ResApp shares spike on EU green light

Shares in digital health company ResApp Health have closed up 33 per cent today to 20 cents, after it received European regulatory approval for its first commercial product – the ResAppDx-EU.

Gold Fields offloads $126m Gold Road stake

Shares in Gold Road Resources have closed trade down 17.1 per cent, after its joint venture partner in the Gruyere gold project sold its 9.9 per cent stake in the company.

AFG profit edges lower

Australian Finance Group has posted a 0.8 per cent decrease in net profit, but is optimistic about its future following the federal election result earlier this year.

AHG slumps to $233m loss

Automotive Holdings Group has suffered a loss of $232.6 million for the 2019 financial year, following major asset write-downs to its automotive and refrigerated logistics businesses during the period.

Shell makes $617m offer for ERM

Shell is seeking to build its presence in the Australian power sector, launching a $617 million takeover bid for Australia’s second-largest energy retailer that looks likely to be accepted.

Ellison takes pay cut as MinRes profit falls

Mineral Resources managing director Chris Ellison’s base salary will be reduced by $300,000, as the miner’s full-year net profit after tax slumped 39 per cent to $165 million.

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Work under way on $400m Karratha FIFO camp

Multiplex has commenced construction of the 604-bed Bay Village accommodation facility for Woodside Petroleum's fly-in, fly-out workers in Karratha.

Sweetlips and Tim Ho Wan close doors

Perth’s hospitality woes have continued, after fish and chip chain Sweetlips entered liquidation and Raine Square tenant Tim Ho Wan closed its doors after less than a year.

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Crackdown on rorters taking ATO for ride

Perth house prices fall again

The median price of a house in Perth recorded the largest decline among all state capitals for September, with the slump over the past five years now surpassing 20 per cent, according to the latest CoreLogic data.

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