News Articles for Michael Fotios

Scorpion Minerals shares rose 15 per cent early on Tuesday to 3 cents, following news the junior had signed a strategic MOU with China-based GreatPower Nickel and Cobalt Materials.

The long-running process of winding-up companies associated with former mining high-flyer Michael Fotios has progressed after a debtors' deed for Delta Resource Management was approved.

An advisory firm led by mining veteran Michael Fotios has been engaged by lithium hopeful GreenTech Metals, one week after Mr Fotios was appointed chief executive of Scorpion Minerals.

Our board moves wrap includes Michael Dunbar, Rob Bills, Michael Fotios, Michael Langford, Josh Merriman, Kate Stoney, and Bronwyn Barnes.

A probe into failed firm Titan Interactive has been given access to list of prominent business figures it approached to acquire capital, including Multiplex heir Andrew Roberts and millionaire John Poynton.

The entire board of Redbank Copper has been spilled and replaced today after the company's largest shareholder, Wyllie Group, requested the motion just over a month after chairman Michael Fotios was declared bankrupt.

Our daily board moves wrap includes Gary Powell, Allan Kelly, Bryan Dixon, Milan Jerkovic, Richard Boffey, Guy Simpson, Flemming Bjoernslev, Toby Chandler, Philippa Leggat, Anthony Cooper, David Deak, Craig Hall, Michael Fotios, Michael Spreadborough, Greg Foulis, Alan Still, Alex Passmore, John Richards, and Paul Dalgleish.

Sheng Fu has resigned as non-executive director of Amani Gold.

Eastern Goldfields has been placed into administration, a day after announcing its proposed $75 million recapitalisation plan had fallen through.

Eastern Goldfields is at risk of collapse, after the $75 million recapitalisation plan it announced in late September was scrapped today.

Admedus has appointed Stephen Denaro as non-executive director and company secretary.

Struggling gold producer Eastern Goldfields has suspended all mining operations, with the company confirming that nearly 40 employees have been made redundant.

Eastern Goldfields' executive chairman and largest shareholder Michael Fotios has resigned from the embattled gold miner, while US investor Hawke's Point Holdings looks set to increase its stake in the company after agreeing to buy some of its debt and support a planned recapitalisation.

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.

GR Engineering Services will receive an $8.3 million payout from Eastern Goldfields, more than a year after launching proceedings in the Supreme Court in relation to a contract dispute at the miner's Davyhurst operation.

Auris Minerals chairman Bronwyn Barnes and independent director Susan Vearncombe have been voted off the company's board, after a group of dissident shareholders gained enough support to pass a number of resolutions at a special meeting today.

Auris Minerals chairman Bronwyn Barnes has disclosed that some of the people seeking to oust her had been negotiating a farm-in proposal last year without the knowledge of the company's board.

SPECIAL REPORT: The five WA people with the largest holdings in listed companies have earned around $1.5 billion in dividends in the past five years, with Andrew Forrest and Kerry Stokes leading the way. Click through for our list of 50 directors and investors with holdings worth more than $11 billion between them.

Eastern Goldfields has announced a conditional deal with an international asset manager to raise up to $30 million, with the proceeds used to maintain operations at the company's Davyhurst gol

SPECIAL REPORT: Blackham Resources has overcome a number of hurdles following its transition from explorer to producer, while the state's emerging miners wrapped-up a busy 12 months.

The Supreme Court of Western Australia has reversed its decision to wind-up Eastern Goldfields after it was revealed the relevant debt of $383,000 was paid on the same day the winding-up application was lodged.

The Supreme Court of Western Australia has ordered the winding-up of Michael Fotios' Eastern Goldfields and the appointment of liquidators, after an application by a local assay laboratory.

Michael Fotios has quashed speculation that he intends to step down as chairman of Eastern Goldfields, following an exchange of words with journalists at Diggers & Dealers earlier this week.

UPDATED: Eastern Goldfields is expected to be confronted at next week's Diggers and Dealers conference by local contractors who claim they have not been paid by the Perth gold miner.

Eastern Goldfields has poured first gold at its Davyhurst operation near Kalgoorlie, amid a looming court battle against the project's refurbishment contractor, GR Engineering Services.

Michael Fotios-led Eastern Goldfields says it will counterclaim GR Engineering Services over work at its Davyhurst gold operation, after the contractor began Supreme Court proceedings yesterday.

GR Engineering Services has launched Supreme Court proceedings against Eastern Goldfields and is seeking about $10 million in relation to its contract for refurbishment of the Davyhurst operation.

Flinders Mines is seeking to raise $16 million to advance its Pilbara iron ore project, with the company needing to fund further work to progress the mine to feasibility stage.

Eastern Goldfields has announced a $28 million capital raising and share sale facility as it works towards commissioning of its Davyhurst gold operation near Kalgoorlie.

The Takeovers Panel is at the centre of two disputes, with Indiana Resources having a partial win today while a Melbourne company with Perth-based shareholders fights a board spill of its own.

Duncan R McBain has resigned as director of Dragon Mountain Gold. Jay Stephenson has been appointed non-executive director and will remain as company secretary.

Eastern Goldfields will immediately draw down on a new $25 million facility to fund refurbishment work at its Davyhurst gold project near Kalgoorlie.

SPECIAL REPORT: Some of WA's top company directors have achieved extraordinary gains in their wealth over the past year, and while most held onto their shares, a group of 11 reaped more than $180 million from share sales.

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.

Independence Group has put forward a $20.5 million bid for emerging nickel play Windward Resources, competing against a previous deal put forward by Michael Fotios's Eastern Goldfields.

Recently revitalised Eastern Goldfields plans to begin producing gold at its Davyhurst operation by March next year, with the company awarding a $12.5 million contract to GR Engineering Services to bring the nearby processing facility out of care and maintenance.

ANALYSIS: It has been a high-profile week for extremely private explorer Mark Creasy, with two major pieces of news that appear likely to add to his already significant wealth.

Michael Fotios's Eastern Goldfields has made its second strategic investment this week, announcing today a $6 million deal to earn-in to Windward Resources and Mark Creasy's nickel and gold portfolio in the Fraser Range.

Galaxy Resources has pushed back the first shipment at its Mt Cattlin lithium mine after several delays and cost overruns, with the company's directors volunteering to fund any cash shortfall out of their own pockets.

Two Western Australian gold hopefuls, Intermin Resources and Primary Gold, have announced earn-in and drilling-for-equity deals, respectively, to progress potential gold projects.