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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.

Galaxy flags Mt Cattlin write-down of up to $274m

Galaxy Resources said it expects to record a non-cash impairment charge of between $US150 million ($222 million) and $US185 million ($274 million) for the first half of 2019, reinforcing the current bleak conditions in the lithium sector.

Iron ore price collapses on trade tensions, Vale revival

Shares in Australia's big three iron ore miners have broadly stabilised today after suffering big falls in recent trading sessions, in line with a dramatic collapse in the iron ore price, which is down more than $US23 per tonne since its peak last month.

Macmahon’s Telfer contract dispute talks collapse

Macmahon Holdings and Newcrest Mining are heading towards a legal battle, after talks over a mining services contract dispute at the Telfer gold mine fell through.

Wellard sells Swagman for $US25m

Heytesbury has been gazumped by a company from Luxembourg after it struck a deal to purchase Wellard’s M/V Ocean Swagman.

Gold juniors gearing up for legal stoush

Claremont-based Arrow Minerals and Subiaco-based Dreadnought Resources could soon be embroiled in a legal battle, after Arrow raised issues with Dreadnought’s acquisition of the Illaara gold project from Newmont Mining.

Swift’s founder reaps big gain on performance shares

Swift Media founder Robert Sofoulis is set to pocket a windfall of about $3.8 million after the vesting of performance shares, despite the company expecting its underlying earnings to fall by over 7 per cent for the 2019 financial year.

New car sales record first rise in 14 months

Sales of new vehicles in Western Australia bucked the national trend and rose by 5 per cent in July, primarily due to the sports utility vehicle (SUV) market segment, marking the first overall increase in monthly sales since May last year.

Juniors to raise $15m

WA-based juniors Titan Minerals, Coziron Resources, Galan Lithium, Anglo Australian Resources, and Big River Gold have announced share placement activity on the ASX today.

Wyllie successfully spills Redbank board

The entire board of Redbank Copper has been spilled and replaced today after the company’s largest shareholder, Wyllie Group, requested the motion just over a month after chairman Michael Fotios was declared bankrupt.

Signs of WA retail revival

A rebound in the local retail sector may be on the horizon, after Western Australia recorded the second largest rise in retail spending among states and territories, according the latest Australian Bureau of Statistics data.

McQuitty resigns from Sheffield in board reshuffle

Former Sheffield Resources managing director and founding shareholder Bruce McQuitty will step down from the board, making way for John Richards and Ian Macliver, as the company moves closer to development of its Thunderbird mineral sands project.

Juniors to raise $32.5m

Liontown Resources, Genesis Minerals, Peak Resources, and Marindi Metals have all made capital raising announcements today as they seek to advance exploration projects.

Perth’s house price slump continues

Perth’s house price woes have worsened further, after it recorded the sharpest decline in median price among Australian capital cities in June, according to the latest CoreLogic data.

Minderoo closer to Indiana choice

Andrew Forrest’s Minderoo Group has narrowed the choice for the preferred design to replace the Indiana Tea House on Cottesloe Beach, after two of the four designs received strong support from the public and the competition jury.

Northern Star, Saracen flag $126m for exploration

Northern Star Resources and Saracen Mineral Holdings have budgeted $76 million and $50 million towards exploration for this financial year, respectively, as the gold miners seek to continue to boost their record level of reserves.

Costs at IGO’s Nova set to rise

Independence Group has exceeded production guidance at its Nova project, but costs at the operation were also higher than expected and are forecast to increase even further this financial year.

Sheffield cuts Thunderbird capex by $101m

Sheffield Resources has trimmed the capex of its Thunderbird mineral sands project by $101 million to $478 million, in order to significantly reduce its equity funding requirements.

ASG wins $75m govt contract

ASG Group has beaten five other submissions to secure a five-year ICT contract with Main Roads Western Australia, in what is one of the largest ICT contracts awarded in WA so far this year.

Altura achieves strong sales in tough market

Altura Mining has recorded solid June quarterly results, but its share price still dropped, amid concerns of a supply and demand imbalance in the lithium sector.

Jupiter chair slams shareholders

Jupiter Mines chief financial officer Melissa North has resigned as a director following a shareholder vote, prompting chairman Brian Gilbertson to take aim at shareholders and external proxy advisers.

Silver Lake to acquire EganStreet for $52m

Silver Lake Resources is set to acquire EganStreet Resources in a scrip deal worth $52 million, as the gold miner seeks to bolster its Deflector operations with a new ore source.

Northern Star misses guidance but hits record sales

Northern Star Resources’ June quarter and 2019 financial year results have fallen slightly below guidance, but it has still set new quarterly and annual sales records on progress at its Pogo mine in Alaska.

WA economy lags behind all other states

Western Australia's economic performance was the worst of all Australian states for the March quarter, according to Commsec’s latest data, but stronger population and exports growth could indicate a turnaround is on the cards.

Tech Scene: ProFound

ProFound is an incubator aimed at helping neurodiverse entrepreneurs launch a digital product with a commercial market fit.

Juniors raise $7.3m

Kingwest Resources has raised $4 million via a share placement, while St George Mining has also completed a share placement, raising $3.3 million.

Cashies forecasts FY19 loss

Cash Converters International says it expects a loss of between $2 million and $4 million for the 2019 financial year, largely due to a class action settlement in Queensland.

Wodgina sale gets Chinese green light

Mineral Resources has secured Chinese regulatory approval for its $US1.15 billion Wodgina stake sale, and was the best performer among the ASX 200 today, despite the miner also releasing weak quarterly results.

Shareholder concern over Elmore probe

The chief executive of iron ore exploration and development company Elmore, formerly IndiOre, has confirmed his brother’s law firm undertook the independent review into the business’s failed project expansion, which was approved and under construction despite no adequate mineralisation being discovered.

Tech giants to face greater scrutiny

Google and Facebook face increased regulation in Australia, after the federal government indicated it would back recommendations of an ACCC report.

Lithium glut hits miners

Updates from two WA lithium miners today have highlighted the extent of the supply glut in the industry, with Pilbara Minerals confirming it will scale back production and Alita Resources launching a strategic review.

Production costs to rise for FMG

Fortescue Metals Group anticipates slightly higher iron ore shipments in the 2020 fiscal year, but the iron ore miner also flagged higher production costs, which it put down to inflationary and haulage pressures.

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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.

Morning Headlines

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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Flinders disclosure concerns mount

Many minority shareholders of Flinders Mines have voiced discontent at the conduct of their board.

Morning Headlines

Elanor in $125m Perth purchase

Busselton misses out on Qantas base

Busselton has missed out on a new pilot training base, after Queensland snagged both Qantas academies.

WA business confidence falls again

Western Australia’s business confidence has fallen for the second quarter in a row, which the Chamber of Commerce and Industry of WA says indicates the need to reduce WA’s payroll tax.