Business News

Valmec shares surge on strong growth

Investors have welcomed Valmec’s announcement that it expects to record a 64 per cent rise in net earnings for the 2019 fiscal year.

Board Moves July 24, 2019

Our daily board moves wrap includes Anthony Mankarios, Mike Johnston, Jonathan Reynolds, Nicholas Anderson, Hansjoerg Plaggemars, Jeremy Kirkwood, Trevor Dixon, Michael Haywood, and Peter Benjamin.

The Agency raises $5.6m, converts debt

The Agency Group has raised $5.6 million via a placement and rights issue, and struck a deal to convert $5.8 million of debt into equity.

Carnarvon seeking $84m in capital

Carnarvon Petroleum plans a $79 million share placement and a $5 million share purchase plan to fund ongoing appraisal activities and initial development phases of its Dorado oil and gas discovery.

Charges laid over theft from WA gold mines

A man has been charged after allegedly stealing small pieces of gold from several Western Australian mine sites and selling them for more than $81,000.

New chancellor at Murdoch University

David Flanagan will be replaced by former KPMG partner Gary Smith as chancellor of Murdoch University, following the completion of his second term in the role.

Bellevue to raise $18.5m

Bellevue Gold is seeking to raise $18.5 million via an institutional share placement to fund ongoing exploration at its namesake project, and announced a director sell-down.

Board Moves July 23, 2019

Our daily board moves wrap includes Eduard Eshuys, Bruce Parncutt, Steve Morris, Brett Lambert, Simon Grant-Rennick, Juan Wang, Nicholas Ong, and Denis Rakich.

Swick expands order book to $353m

Swick Mining Services has secured extensions with Northern Star Resources and Barrick Gold, as well being selected as a preferred tenderer by Silver Lake Resources.

Blackham sells potash assets to Salt Lake for $10m

Blackham Resources has struck a deal to sell its Lake Way tenements to Salt Lake Potash for $10 million in cash.

Builder fined for negligence

A Perth building company has been found to be negligent and fined $5,000 by the Building Services Board for winning a contract to renovate a chocolate store in Fremantle, but then failing to carry out or supervise the work.

Primero FY19 revenue projected to reach $150m

A series of new contracts and extensions, including an early contractor involvement arrangement with Hazer Group, has brought Primero Group’s forecasted FY19 revenue to approximately $150 million.

Altura raises $22m

Ningbo Shanshan, which last month became Altura Mining’s largest shareholder, has invested an additional $22.4 million in the lithium miner via a share placement.

Corporate finance deals Jul 15 to 19 2019

A summary of last week's smaller deals that did not get included in our normal coverage of the daily news.

Rumble and AIC ink earn-in deal

AIC Resources has struck a deal to spend up to $10 million in cash for a majority stake in Rumble Resources’ Lamil gold-copper project in the Paterson Province.

Northern Minerals to raise $30m

Northern Minerals is set to raise $30 million via a private share placement as it seeks to advance its Browns Range rare earths project in the east Kimberley.

Board Moves July 15-19, 2019

This weekly board moves wrap includes Vince Ippolito, Stewart Washer, Matthew Madden, Jason Stirbinskis, Rob McDonald, Evan Cranston, Tolga Kumova, Dror Nagel, Leigh Junk, Maggie Niewidok, Justin Mouchacca, Laurie Marsland, Michael Hardy, Matthew Carr, Cameron Henry, Robert Sckalor, and David McArthur.

Constable Care expands into the UK

Western Australia-based Constable Care Child Safety Foundation has gone global with the launch of its safety education app, Arility, in the UK.

Appointments July 18, 2019

Our weekly appointment wrap includes Joseph Longo, Jason Grace, Danielle Davison and Samantha Reece.

Freo commerce chamber slams media report

The Fremantle Chamber of Commerce has hit back at an article in The West Australian which cast doubt on Fremantle’s economic growth potential.

Calidus PFS reveals $95m Pilbara gold project

The pre-feasibility study of Calidus Resources’ Warrawoona gold project in the Pilbara has detailed a $95 million capital cost.

WA-based filtration company awarded $292k federal grant

Environmental Water Solutions has been awarded a $292,961 federal grant courtesy of the Accelerating Commercialisation fund, the only Western Australia-based company to benefit from the latest round.

ACCC demands Uber Eats change unfair contracts

Uber Eats has committed to changing its contracts with restaurants following an investigation by the Australian Competition and Consumer Commission.

Perth Mint launches ETF with $64m coin

The Perth Mint has created the largest ever coin to celebrate the official launch of its Physical Gold Exchange Traded Fund on the New York Stock Exchange last night.

Georgiou JV wins $74m contract

A 50-50 joint venture between Georgiou Group and Brady Marine and Civil has been awarded a $74 million wharf construction contract on the east coast.

Bis secures four-year Minara extension

Bis has had its haulage and site services contracts for Minara Resources at the Murrin Murrin mine in the north-eastern Goldfields extended by four years.

SRJ seeking IPO, set to raise $5m

A UK-based specialist engineering firm is aiming to list on the ASX, with CPS Capital Group appointed lead manager for a $5 million pre-IPO raising.

Corporate finance deals Jul 8 to 12 2019

Aurora Minerals has closed its fully underwritten 1-for-1 entitlement offer, raising $1.17 million at 1 cent a share.

Board Moves July 12, 2019

David Frances and Mark Lynam have resigned from the board of Tiger Resources, as executive chair and non-executive director respectively.

Funding boost for Bunbury Hospital

The state government today announced an additional $11.8 million towards the redevelopment of Bunbury Hospital, in addition to the $11 million already committed to the redevelopment in the state budget.

Densford wins Jetty contract

Densford Civil has been awarded a $5.8 million contract to complete the Jetty Road causeway upgrades at Casuarina Boat Harbour.



$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.

FMG appoints Gaines as CEO

Fortescue Metals Group has announced major changes to its leadership, with a new chief executive taking the reins and its directors taking a hands-on role to support an updated strategy that focuses on producing more higher-grade iron ore.

Perth tax agent deregistered

The Tax Practitioners Board (TFB) announced this morning that it had terminated the tax agent registration of Peter Moltoni, following an investigation into the Perth accountant’s ties to a shell company in the British Virgin Islands.

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.

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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.

Govt unveils marina, dust plans for Port Hedland

The state government is planning to restrict new residential developments in the west end of Port Hedland while also implementing a new regulatory framework for air quality in the town, which is located adjacent to large iron ore stockpiles.

Robert Kennedy passes away

Company director Robert (Bob) Kennedy, who was a director or chairman of four ASX-listed companies, has passed away after a short illness.

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.