Business News

Metals of Africa raises funds for graphite project

Graphite explorer Metals of Africa has announced a $9 million capital raising and rebranding plans, with the company to change its name to ‘Battery Minerals Limited’.

Xstate to buy into Californian onshore oilfield

Oil and gas explorer Xstate Resources has entered into an agreement to acquire a 24.5 per cent stake in a producing onshore oil field in California for $US13 million ($A17 million).

Saracen signs up for $150m facility

Perth gold miner Saracen Mineral Holdings has locked in a financing facility of up to $150 million with a banking syndicate, replacing a previous loan deal that expired in September.

Grist, Murphy join Fremantle board

Water Corporation chief executive Sue Murphy and technology entrepreneur Anthony Grist have been appointed to the board of the Fremantle Football Club.

Threat Protect secures $10.5m for acquisitions

Belmont-based security company Threat Protect Australia has locked in a $10.5 million funding package with a Melbourne-based wealth management business, to continue its growth plans.

MMJ accepts rival offer for subsidiaries

MMJ Phytotech has accepted a competing bid for the spin-out of its medical cannabis-focused Canadian subsidiaries onto the TSX Venture Exchange, with the new deal worth $C42 million ($A41 million).

South32 buys NSW coal assets for $261m

Perth-based miner South32 has entered into an agreement to buy the Metropolitan Colliery and a 16.7 per cent stake in the Port Kembla coal terminal in NSW from Peabody Energy Corporation for $US200 million ($A261 million) in cash.

Tim Roberts joins MinRes board

The youngest son of the late John Roberts, who founded construction company Multiplex, has joined the board of Mineral Resources, filling the seat left vacant when long-serving director Joe Ricciardo retired in April.

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.



$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.

most commented

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.