Business News

Parts of corporate Australia have attacked the federal government's axing of 457 immigration work visas, claiming it is a politically driven move and unfairly targets less than 1 per cent of the workforce.

Investment group Zeta Resources has announced plans to make an all-cash takeover offer for gold-focused Bligh Resources, competing with Saracen Mineral Holdings which had agreed to buy the target’s core asset in February.

Recently ASX-listed Skin Elements has acquired a Perth-based therapeutic and cosmetic skin care products company for $1 million in cash and scrip.

Dacian Gold has formally awarded GR Engineering Services a $107.1 million contract to build processing infrastructure at its Mt Morgans gold project near Laverton.

Brendan Borg begins his tenure as managing director of Celsius Resources. Alistair Muir has stepped down from the board as non-executive director.

The building commissioner has put out a public warning against a local building company, saying its financial status warrants questioning.

Lithium Australia is pushing ahead with its takeover plans for Lepidico, extending the deadline by two weeks despite only a small portion of the target’s shareholders taking up the offer so far.

Northern Minerals plans to spend $56 million developing a pilot plant for its Browns Range heavy rare earths project in Halls Creek, with first production expected next year.

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.

South32 has scrapped its $US200 million purchase of a NSW coking coal mine after deciding against making what it called significant concessions to gain approval from the competition watchdog.

EMCO Building has appointed Ron Keogh chief executive. Mr  Keogh has been part of the EMCO Building team since 2000, when he joined the company as business development manager.

Blackham Resources has advised that as part of its management and board restructure, Alan Thom will resign as director and chief operating officer but continues in an executive role as Expansion St

Company director John Poynton has moved into the gas sector as the new chairman of Cooper Basin-focused Strike Energy, which has also recruited a new managing director from Shell.

A local subsidiary of South African company Murray & Roberts is set to be awarded an underground mining services contract for Dacian Gold’s Mt Morgans project near Laverton.

Ardiden has advised that current executive director, Bradley Boyle, will also take on the role of chief executive.

Gresham Investment House-owned mining contractor Barminco has secured a $100 million credit facility and closed a $US350 million bond issue to refinance its bond debt.

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.

Peak Resources has progressed its majority owned Ngualla rare earth project in Tanzania with the release of a bankable feasibility study today, which revealed a development capex of $US356 million ($A475 million).

Cradle Resources has appointed Greg Swan as company secretary, following the resignation of Sam Smart.

Changes at Clifford Chance

Oil and gas explorer Transerv Energy is back looking for opportunities overseas after failing to achieve commercial success in Australia, announcing today a $4.9 million farm-in agreement over a producing operation in Canada.

Lithium Australia’s $23.8 million takeover offer for lithium-focused rival Lepidico looks set to fall short, with the bidder lifting its stake to only 18.28 per cent a week out from the offer's closing date.

Steven Goh is looking at selling his digital media business migme and/or migrating it to a foreign stock exchange as part of an ongoing struggle to pay its creditors.

Logistics and car retailer Automotive Holdings Group has acquired two dealerships in Victoria for $8.5 million plus stock and assets, in the same precinct where it is building a new Jaguar and Land Rover dealership.

Ausgold has appointed Dr Matthew Greentree as chief executive officer.Alan Rule has been appointed chief financial officer of Galaxy Resources.

Iron ore miner Fortescue Metals Group has paid a $25,000 fine to the Department of Environment Regulation over a discharge accident in 2015.

Former Australian Wheat Board chairman Trevor Flugge has been fined $50,000 and barred from managing corporations for five years, after he was convicted in December of breaching his duties as a director while the company was making questionable payments to the government of Iraq.

Global Construction Services hopes to gain more exposure to the commercial construction sector on the east coast through the acquisition of a Melbourne-based business for $18.4 million in cash and scrip.

Hazer Group has appointed Cobus Malherbe to a newly created role of general manager, process development.Ian Finch has stepped down as non-executive director of Orinoco Gold.

Minerals explorer RNI says it has received competing proposals from credible parties for both its assets and the business as a whole.

Homeloans has appointed Chum Darvall as deputy chair.