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Mining

Australian Mines makes $4m purchase

Australian Mines has exercised an option to purchase a cobalt project in New South Wales from Jervois Mining in a deal worth $4 million.

Profit lift for mining services stocks

Macmahon Holdings has posted strong profit growth for the year to June, adding to a string of good results for local mining services companies, including Lycopodium and NRW Holdings.

Poseidon raises $75m, backed by Forrest

Poseidon Nickel has announced a $74.6 million capital raising, backed by Andrew Forrest’s Squadron Resources, days after US group Black Mountain Metals pulled out of a $66 million takeover proposal.

Kingwest lists after $5m IPO

Shares in gold-focused Kingwest Resources began trading on the ASX today, after the company raised $5 million via an initial public offering.

Technology moves Murray Engineering forward

Diversification helped Murray Engineering boost its revenue during the resources downturn, and the business is now hoping its technology focus will create future growth.

Alumina prices drive performance

Listed companies South32 and Alumina have announced strong financial performances today predominantly due to alumina operations, in Western Australia.

Kerman wins $24m lithium contract

Kerman Contracting has won a $23.5 million contract with Talison Lithium to build a bulk storage facility at the inner harbour of the Port of Bunbury.

Northern Star posts $194m profit

Bill Beament-led Northern Star Resources has reported a record profit for the 2018 financial year, driven by increased production and sales.

GR posts $12m profit

Perth-based GR Engineering Services has recorded a slight decline in net profit for the 2018 financial year due to two settlement claims, despite an uptick in the group’s revenue.

WA gold miners post profit surge

Local gold producers Saracen Mineral Holdings and Silver Lake Resources have announced solid growth in profits for the 2018 financial year, while Western Australia-focused St Barbara also registered a positive result.

Eastern Goldfields scales back operations

Michael Fotios-led Eastern Goldfields has suspended its gold processing operations at Davyhurst, as the company completes a strategic review of its business and searches for a recapitalisation deal.

Western Areas flags cost rise in FY19

Shares in Western Areas have fallen more than 6 per cent today, after the nickel producer posted an $11.8 million net profit for the year to June but forecast a rise in costs in 2019.

Canyon to raise $5m

Perth-based Canyon Resources has raised $5 million to fund exploration at the company’s Minim Martap bauxite project in Cameroon.

GR locks in $18m Saracen contract

GR Engineering Services has been awarded a $17.9 million design and construction contract for a backfill plant at gold miner Saracen Mineral Holdings’ Carosue Dam operations near Kalgoorlie.

Monadelphous lifts profit to $72m

The market has welcomed a strong annual profit report and positive outlook for Monadelphous, even though the engineering contractor has warned its construction revenue will fall after a big surge in work on the Ichthys LNG project in Darwin last financial year.

Imdex lifts profit to $21m

Mining equipment company Imdex has attributed a big jump in revenue for the 2018 financial year to improved market conditions in the resources sector and growing interest in the company’s technology offerings.

US bidder warns Poseidon

US group Black Mountain Metals has threatened to walk away from its proposed $66 million takeover bid for Poseidon Nickel after the local company disclosed it was pursuing a substantial capital raising.

Gascoyne to raise up to $24m

Gold miner Gascoyne Resources has announced a $19 million equity placement, along with a share purchase plan to raise up to $5 million.

Kangaroo approves PT Bayan bid

Directors of junior miner Kangaroo Resources has given a tick to a bid from Indonesian coal miner PT Bayan which values the company at $515 million.

Poseidon attracts $66m takeover

Privately-held US group Black Mountain Metals, which has recruited three experienced Perth mining executives to its leadership team, has flagged a takeover bid for Poseidon Nickel at six cents per share.

Cassini raises $4.2m

West Perth-based Cassini Resources has completed a $4.2 million share placement, with backing from the chairman of Chinese company Tinci Materials.

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