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Australasia
 
MINING RISKS

Access to water, electricity key risk for local mining and metals companies

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EY Africa mining and metals sector leader Wickus Botha Although productivity has been identified as the top business risk facing mining and metals companies globally in advisory firm EY’s ‘Business risks facing mining and metals 2014/15’ report, access to water and electricity – a new entrant,...
1st August 2014
 
 
CORPORATE ACTIVITY

Trading halts remain as Continental moves to raise A$35m

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As South Africa-focused thermal coal producer Continental Coal progressed a A$35.1-million rights issue and a recapitalisation plan, a proposed listing on the JSE has been postponed and trading halts on the Aim and ASX remained firmly in place....
1st August 2014
 
 
ALUMINIUM

Alcoa completes closure of Australia aluminuim smelter

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Alcoa Inc closed its unprofitable Point Henry aluminium smelter in Australia on Friday underscoring the dire market conditions facing producers amid a flood of new Chinese capacity. Alcoa announced in February it intended to progressively shut...
1st August 2014
 
 
IRON-ORE

Gindalbie reviews value of Karara stake

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Iron-ore miner Gindalbie Metals has called a halt to its share trading after revealing that it had commissioned an independent review into the value of its shareholding in the Karara asset, in Western Australia. The review was called in light of...
1st August 2014
 
 
URANIUM

Ranger suspension pushes ERA into A$127m half-year loss

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Embattled uranium miner Energy Resources of Australia (ERA) has reported a 138% decline in net profits for the half-year ended June, which was recorded at a loss of A$127.2-million. This was compared with a net loss of A$54-million during the...
1st August 2014
 
 
URANIUM

Queensland uranium mines to adhere to strict standards – Minister

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The Australian resources industry on Friday welcomed the Queensland state government’s call for applications for uranium mining in the state. Mines Minister Andrew Cripps on Friday released a framework to ensure Queensland’s future uranium...
1st August 2014
 
 
GOLD

St Barbara warns of major impairments

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Gold miner St Barbara has warned of impairment charges at its gold assets during the year ended June. The miner has warned shareholders that it was expecting a full asset write down of A$179-million at its Gold Ridge mine, on the Solomon Islands,...
1st August 2014
 
 
COAL

Cockatoo hits record production in June

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Coal miner Cockatoo Coal has reported a record monthly production from its Baralaba project, in Queensland, during June this year, which assisted in its quarterly production reaching 231 384 t. This was compared with the 119 906 t run-of-mine...
1st August 2014
 
 
MINERAL SANDS

Metallica ropes in Chinese partner for HMS operation

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ASX-listed Metallica Minerals on Friday executed a joint venture (JV) agreement with a private Chinese investor to develop its Urquhart Point heavy mineral sands (HMS) project, in Queensland, and to explore for other HMS and bauxite deposits on...
1st August 2014
 
 
CORPORATE ACTIVITY

Woodside's buy-back plans fail

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Australian oil and gas producer’s A$2.86-billion plan to buy-back shares from giant Royal Dutch Shell failed on Friday, after the company was unable to secure shareholder approval. A 75% vote was required for the buy-back to continue, under...
1st August 2014
 
 
COAL

BHP cuts more staff at Mt Arthur

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Diversified giant BHP Billiton on Friday confirmed that it had cut a further 95 staff at its Mt Arthur coal mine, in New South Wales. The latest redundancies came after the miner in July cut 163 staff members from the Mt Arthur payroll,...
1st August 2014
 
 
CORPORATE ACTIVITY

Cape Lambert settles ATO dispute

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ASX-listed Cape Lambert Resources has finally settled its dispute with the Australian Taxation Office (ATO), after two years. In 2012, the ATO assessed Cape Lambert as owing A$96-million, including tax and penalties, prompting the company to...
1st August 2014
 
 
 
 
 
 
Australasia Multimedia
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