Mining

Iluka Resources Ltd, the world's biggest zircon producer, has increased its profit outlook for the full year after a fall in the Australian dollar and higher commodity prices as it plans to take one of its kilns out of production.

Perth-headquartered Clough Ltd has been awarded a services contract by Chevron Australia Pty Ltd to support oil production facilities at the Barrow and Thevenard Islands located off the coast of Onslow.

As the Australian bourse continued its rally today on the federal government's $10.4 billion stimulus package, gold stocks were left behind as the price of the precious metal dropped.

Osborne Park-based A1 Minerals Ltd has discovered coal at its Narnoo project in the north eastern Goldfields, which is already prospective for other minerals including gold, nickel and uranium.

Subiaco-based Western Metals Ltd remains on the hunt for an advanced asset acquisition after it walked away from negotiations with a UK-based company to acquire a copper-zinc project in North Wales.

Takeover target Perilya Ltd said it is open to CBH Resources Ltd's bid for the company, but advises a merger at a time of market volatility could expose shareholders to additional risks.

West Perth-based Otto Energy Ltd has stepped into the producer ranks after first production from its Galoc oil project offshore Philippines.

The global financial turmoil appears to have hit the once impervious iron ore market after Mount Gibson Iron Ltd said some of its customers wanted shipments delayed, but other producers remain positive about the outlook.

SINCE I wrote my piece on Tony Sage a few weeks ago, two of his companies - Cape Lambert Iron Ore Ltd and International Goldfields Ltd - have lodged annual reports.