Business News

Emeco says merger on-track despite new proposal

Emeco Holdings has sought to reassure investors that its planned three-way tie-up with Orionstone and Andy’s Earthmovers is progressing smoothly, despite news that one of the parties involved has received a takeover bid of its own.

Altura buys Roy Hill mine camp

Altura Mining has followed the example of neighbouring lithium project developer, Pilbara Minerals, by purchasing a mothballed mine camp from Roy Hill Holdings.

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.

Insolvency appointments October 22-31, 2016

CompanyAppointee/SolicitorRoleCompany NamePublished DateWA Insolvency SolutionsDavid Ashley Norman HurtadministratorOresome (WA) Pty Ltd31/10/2016BRI FerrierGiovanni Maurizio Carrelloliquidator36

Hoyts to open cinema in Karrinyup

Hoyts Group has announced plans to open a new cinema complex in Karrinyup and redevelop its Garden City complex, as part of shopping centre redevelopments in those areas.

Galaxy borrows $16m for Mt Cattlin

Soon-to-be lithium miner Galaxy Resources has expanded an existing agreement with investment group OCP Asia to borrow a further $16 million to meet working capital costs until first revenue is achieved at its Mt Cattlin mine.

Pilbara Minerals to buy Roy Hill camp

Aspiring lithium miner Pilbara Minerals has agreed to purchase Roy Hill Holdings’ dormant 300-person camp facility for use at its Pilgangoora project for an undisclosed sum.

CFC merges Cape Crushing, Underground Services units

Diversified investment and development company CFC Group has combined its mining services and infrastructure businesses to form a single subsidiary, in response to the tough mining environment.

Bannerman raises funds for uranium project

Perth-based explorer Bannerman Resources has tapped investors for $4 million to fund an engineering program to help reduce cost estimates at its $US793 million Etango uranium project in Africa.

Constable recognised at UWA

Lions Eye Institute founder Ian Constable has been recognised by the University of Western Australia which will name a new senior academic role after him.

Children’s hospital won’t open this year

The state government has said the new Perth Children’s Hospital, which has been plagued by delays, won’t open before February next year.

Civmec wins more east coast work

Engineering firm Civmec says it has won another load of contracts for major projects in the east coast, worth a combined $30 million.

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.

CFOAM surges on debut

A carbon foam-focused company chaired by Perth-based chartered accountant Gary Steinepreis has made huge gains on its first day of trading on the ASX, after completing a $9 million initial public offering.

Local miners raise $40.7m

Four Perth-based mining companies have today announced plans to raise capital, with Doray Minerals leading the change with confirmation of a $24.9 million placement.

Tox Free buys medical waste business

Local waste management company Tox Free Solutions has entered into an agreement to buy medical waste solutions business Daniels in a cash, scrip and debt deal worth $186 million.

Construction contracts and tenders October 6 to 19

Crothers Construction has won a $2.3 million contract to build the new interactive student hub at the Geraldton campus of Central Regional Tafe.

Hancock invests $395m in UK fertiliser business

Gina Rinehart's Hancock Prospecting has announced a $US300 million ($A395 million) investment in a UK-based fertiliser business chaired by former Fortescue Metals Group deputy CEO Russell Scrimshaw.

WBHO to upgrade Marmion Avenue intersections

WBHO Group’s local arm has won a $7.4 million contract to provide upgrade works to two intersections along Marmion Avenue.

Nuheara to raise funds for IQbuds production

Nuheara plans to raise up to $5 million to support the production of its IQbuds wearable technology, which it plans to launch in January.

88 Energy raises more funds for Icewine project

Alaskan-focused oil and gas explorer 88 Energy has attracted two US-based investors for an $11 million capital raising to bolster its balance sheet.

Wolf restructures debt after Drakelands problems

Metals producer Wolf Minerals has secured a debt restructure with its creditors and a $32 million loan with a major shareholder, after running into problems at its Drakelands mine in southern England.

Borshoff leads another uranium play

Former Paladin Energy boss John Borshoff has emerged as chief executive of another local uranium-focused company, Deep Yellow.

Airlite Group sold to Millennium for $25m

ASX-listed Millennium Services Group has acquired Perth-based cleaning and maintenance company Airlite Group for $25.1 million.

Board Moves October 8-21, 2016

Premiere Eastern Energy has appointed Tim Slate as non-executive director and company secretary.

Insolvency appointments October 7-21, 2016

Source: ASIC FirmAppointee/Solicitorappointed asfor CompanyPublished DateGrant ThortonMatthew James DonnellyliquidatorFour Direct Pty Ltd21/10/2016Mackay GoodwinDomenico Alessandro Calabrettaliqui

Monadelphous, Lycopodium form JV

Monadelphous Group and Lycopodium will leverage each others’ strengths to target engineering, procurement and construction projects in the minerals processing sector under a new joint venture.

Nido launches $32m raising

Philippines-focused oil and gas play Nido Petroleum has launched a $31.9 million capital raising to fund drilling work at its Galoc project.

Northern Star in gold JV with Pioneer

Local gold miner Northern Star Resources has entered into a joint venture agreement to acquire a major stake in Pioneer Resources' Acra gold project near Kalgoorlie in a deal worth up to $3.5 million.

4DS rattles tin for $4m

4DS Memory has tapped investors for $4 million to fund ongoing development of its memory technology.

Gold Road project to cost $507m

Gold Road Resources has released its feasibility study on the Gruyere gold project near Laverton, which has detailed a $52 million increase in capital costs and a longer mine life.



$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.