Mining

It is good to see local gold miners appear cautiously optimistic about their futures.

Orica's shares have taken a pummelling and could be set for more punishment after the explosives maker shocked investors by announcing a profit downgrade and an asset write-down of as much as $1.65 billion.

Oil prices have fallen again in a glum market as the global oversupply of crude oil looked entrenched and demand prospects weak.

Gold has edged higher, supported by the retreating US dollar and a tumble in global equities as traders await US employment data seen as key to determining when the Federal Reserve may raise interest rates.

Chinese company Zijin Mining Group has pressed ahead with its unsolicited takeover bid for Phoenix Gold, despite Evolution Mining's recent on-market acquisitions at a price 20 per cent above that which Zijin is offering.

Engineering group Downer EDI is warning of further hits to come as belt tightening in the mining sector contributed to a 3 per cent fall in annual profit.

Mining giant Rio Tinto will ramp-up cost cutting after a plunging iron ore price contributed to a massive half-year profit fall.

Oil prices have fallen after a US government report showed an unexpected rise in petrol inventories and an increase in oil production amid global oversupply worries.

Gold has eased, hovering above the recent five-and-a-half-year low on earlier pressure from the US dollar as US services sector data revives expectations of a US interest rate rise as early as September.

Skilled Group has suffered a full-year loss of nearly $17 million due to write-downs linked to its impending takeover by rival labour hire business Programmed Maintenance Services.

Oil prices have risen modestly snapping a three-day skid as traders await key data on US petroleum supplies and employment levels.

Gold has retreated from intraday highs as the US dollar moved higher and a voting member of the Federal Reserve said he's ready to support an interest rate increase in September.

Gold miner Regis Resources is looking for acquisitions as a weak gold price opens up opportunities.

Northern Star Resources has reported big growth in its resource and reserve base on the back of increased exploration activity, but the market seemed to focus instead on a relatively small downgrade in its production guidance, with the gold miner's shares closing 5.6 per cent lower today.

Perth-based software firm APE Mobile has raised $2 million through private equity fund managers Jolimont Global and Viburnum Funds.

Oil prices have dived, with Brent crude tumbling about five per cent, after new data showed weakening US and Chinese manufacturing and amid worries about the global supply glut.

Gold has dropped, after falling by the most in two years in July, as the dollar rose and investors monitored US economic indicators for clues on the timing of a hike in US interest rates.

Western Australia has an opportunity to break the Chinese stranglehold on the rare earths industry, but the state needs a success story to build investor confidence.

Welshpool-based Perth Petroleum Services has struck a merger deal with Melbourne-based Global Spill Control, creating Australia's largest retailer and manufacturer of spill equipment.

Perth companies MCS Security Group and Intiga Security are planning to list on the ASX through a reverse takeover of Red Gum Resources, following a similar move by Threat Protect Australia, which is also pursuing a backdoor listing.

Newmont Mining is pushing ahead with new exploration sites to extend the life of its Kalgoorlie operations, but says it will not encroach on the historic gold rush town.

Panoramic Resources has responded to the slump in nickel prices by halting production in the Deacon orebody at its Lanfranchi project, resulting in half the project staff being laid off over the weekend.

Sirius Resources has announced that it has nominated Belmont-based Zenith Pacific as its preferred tenderer to build, own, operate and maintain a combined diesel-solar power station at Sirius' Nova nickel project in Fraser Range.

Perth-based company Empire Oil and Gas has announced that it expects to triple its cash sales this financial year as it begins tranche 2 of its gas sales agreement with Alcoa.

Skilled Group is facing a writedown of up to $67.4 million in relation to its takeover by rival labour hire business Programmed Maintenance Services.

Gold has reversed earlier losses as the dollar US fell after weaker-than-expected US data, but prices remain on course for their biggest monthly decline in more than two years on expectations the Federal Reserve will soon raise interest rates.

Perth-based uranium miner Paladin Energy plans to continue slashing costs in its bid to break even as uranium prices remain weak.

Perth-based engineering and construction company Monadelphous today announced new contracts worth $130 million.

RNI shares leapt this morning on news that the company is selling its Grosvenor gold project to Metals X in a scrip deal that will help the company refocus on its copper assets.

US oil prices have dipped, snapping a two-day streak of gains after a top official with OPEC reiterated that the cartel has no plans to cut petroleum production.

Gold has fallen one per cent to a near five-and-a-half-year low as the US dollar rose after data showed that the US economy had improved in the second quarter, supporting views that the Federal Reserve would lift rates by year-end.

Engineering services contractor Wood Group Kenny Australia has been awarded a US$6 million contract for work on the Browse floating liquefied natural gas development.