Business News

Lennon up, Stokes down

A new feature on the Business News web site that tracks the changing wealth of Western Australia’s company directors shows Tony Lennon and Peter Cook are among the winners over the past month while Kerry Stokes and Andrew Forrest have gone down.

Board Moves November 17, 2017

Suraj Sanghani has been appointed company secretary of Lindian Resources. He replaces Steve Brockhurst who has resigned due to other work commitments.

Gold stocks soar on exploration results

Kalamazoo Resources, Legacy Iron Ore and Boss Resources all enjoyed share prices rises after announcing gold discoveries today.

Gender pay gap at $26k

Men are earning $26,000 more per year than their female counterparts despite increased efforts from employers to address pay gaps and gender imbalances, according to the latest report by the Workplace Gender Equality Agency.

Venturex raise $4m to advance Sulphur Springs

Venturex Resources will raise $4 million through a share placement with funds to be used to advance the company’s Sulphur Springs copper-zinc project, 150km south east of Port Hedland.

Board Moves November 16, 2017

Sean Gregory has been appointed managing director and chief executive of Barra Resources.

Shareholders take legal action against Quintis

Quintis has revealed that a group of shareholders is taking legal action against the embattled sandalwood producer in relation to a supply contract with pharmaceuticals company Galderma.

SCEE $32m placement to facilitate growth

Southern Cross Electrical Engineering will raise $32 million through a share placement to provide working capital as the company’s order book continues to expand.

Board Moves November 15, 2017

Carnegie Clean Energy has appointed Terry Stinson as non-executive chair, replacing Jeff Harding who will retire from the board.

AWE raises $38m for WA gas project

Sydney-based gas producer AWE will raise $38 million via a share placement to fund the next stage of the Waitsia gas field project in the Perth Basin.

Brolga buys Habitat 1

Interior design and construction firm Habitat 1 has been purchased by Broome-based builder Brolga Developments & Constructions.

Holiday Planet sold to UK cruise company

Perth-based travel company Holiday Planet has been sold to UK firm Image Cruising, which is majority owned by international travel giant Emirates Group.

Myanmar $7m raising for Bawdwin

Myanmar Metals has announced a $7 million capital raising that will allow the company to extend the option over its Bawdwin project until May next year and fund ongoing expenses.

Morning headlines

Former Xstrata boss in race to chair Rio The Fin

Board Moves November 14, 2017

David Hammond has been appointed chief operating officer and director of Rift Valley Resources.

Quintis receives $US20m lifeline

Embattled sandalwood producer Quintis has been thrown a lifeline after entering into a high-interest debt facility for up to $US20 million ($15 million), while also announcing a net loss after tax of $416.8 million for the year to June 2017.

Shell quits entire Woodside stake

Royal Dutch Shell has sold its entire shareholding in Woodside Petroleum for $3.5 billion, after strong demand from institutional investors prompted the energy giant to upsize its previously announced sell-down.

Lustrum completes $5m initial public offer

Shares in Subiaco-based Lustrum Minerals are due to start trading tomorrow after the company completed a $5 million initial public offering to allow the company to fund development of its coal projects in Queensland.

Fastbrick to build second prototype

Fastbrick Robotics has announced it will build a second of its commercial prototype Hadrian X bricklaying robots in an effort to improve testing procedures.

Board Moves November 13, 2017

Homeloans has made several changes to its board.

Fortescue cuts ties with TransAlta

Fortescue Metals Group has terminated its agreement with TransAlta Corporation to purchase power from the recently completed South Headland power station after the miner raised performance concerns in August.

Mustang boss resigns

Mustang Resources managing director Christiaan Jordaan has resigned two weeks after an auction for its rubies in Mauritius brought disappointing results.

Earnings drop for MACA

Mining and civil contractor MACA has announced a hit to earnings due to underperforming contracts in its Interquip and Victorian infrastructure divisions.

Board Moves November 10, 2017

Alex Dorsch has been appointed general manager of corporate development at Chalice Gold Mines.

Walsh to chair RFDS

Former Rio Tinto chief executive Sam Walsh has taken the reins as Royal Flying Doctor Service chair.

Pilbara targets South Korean lithium sector

Pilbara Minerals has struck an agreement to work on the possible development of a lithium processing facility in joint venture with South Korean companies Polaris Shipping and LG Chem.

Junior miners to raise $12m

Peel Mining has announced completion of a $6 million share placement to fund work on its zinc-lead project while Triton Minerals has launched an entitlement offer for the same amount.

Decmil awarded $75m BHP contract

Osborne Park-based Decmil Group has won a $75 million contract with BHP Billiton to upgrade and expand accommodation for the miner's existing operations and its planned South Flank iron ore project near Newman.

Real estate representative gets lifetime ban

A former real estate sales representative has been permanently banned from holding a Western Australian certificate of registration after the State Administrative Tribunal found she fabricated a se

Board Moves November 8, 2017

Fortescue Metals Group has appointed Mark Barnaba AM as co-deputy chair, sharing the role with Sharon Warburton. Mr  Barnaba has been with the board since 2010.

Former Perth financial adviser banned for 10 years

The Australian Securities and Investments Commission has banned a former Perth-based financial adviser from providing financial services for 10 years, while an ex-Commonwealth Bank financial planne



$120m in new work for Monadelphous

Perth-based Monadelphous Group has received a number of contracts with multiple clients including Fortescue Metals Group, BHP Billiton and Chevron, with the work worth a combined $120 million.

Perth CBD office vacancy hits 25-year peak

Downsizing in the resources sector is outstripping emerging demand from technology, medical and education businesses for CBD office space according to a new report by independent property research firm Y Research.

Gow questions builder's financial status

The building commissioner has put out a public warning against a local building company, saying its financial status warrants questioning.

Blackburne leads WA in Young Rich List

Perth property developer Paul Blackburne is the wealthiest of five Western Australians featured in the BRW Young Rich List 2016.

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EPA rejects MinRes, Sinosteel iron ore mines

The environmental watchdog has recommended rejection of two proposals to mine iron ore in Western Australia because they would cause irreversible damage to the land.

Taxi plate buy-back part of transport shake-up

Perth taxi and Uber users may see a 10 per cent fare hike for the next four years to fund taxi plate buy-backs as the state government revamps on-demand transport.

Site found for WA's first open-range zoo

The state government has locked in a location for Western Australia’s first open-range zoo, which is expected to cost up to $100 million to develop.

Senate orders Roe 8 inquiry

UPDATE: A snap inquiry into alleged breaches of environmental conditions at the Roe Highway extension project will be held next week, after a motion introduced to Parliament by Greens Senator Scott Ludlam was today backed by the Senate.