Tayler Neale

The board of China-focused Sino Gas & Energy Holdings has backed a takeover offer from US private equity group Lone Star, which values the gas producer at $530 million.

Shares in Galileo Mining, which is backed by Mark Creasy and Chris Ellison, have closed up strongly on their first day of trading after the company raised $15 million via an initial public offering.

Two local gold miners have announced equity investments in junior explorers today, with Resolute Mining investing $22.5 million in Canadian company Orca Gold while Westgold Resources has taken a 15 per cent stake in Musgrave Minerals.

Iron ore miner Fortescue Metals Group has approved development of its Eliwana mine and rail project in the Pilbara, which has an estimated $US1.28 billion ($1.7 billion) capital cost.

A new class action has been launched today against embattled sandalwood producer Quintis, along with its former managing director Frank Wilson and the company’s auditor EY.

Perth-based Cash Converters International has made a $650,000 settlement payment in relation to concerns over its debt collection practices, as the company transitions the process to a specialist third party.

Perth company Fleetcare will more than double the number of vehicles it provides to the state government after securing a new sole supplier contract, after previously sharing the work with ASX-listed SG Fleet Group.

The Perth property market has recorded an increase in the price of new land sold and strong growth in land under construction in the March quarter, however annual data in a new report out today shows the market still has a long way to fully recover.

Former Business News 40under40 winner Sally Capp has been elected as Melbourne’s lord mayor, joining a growing list of past winners who have gone on to bigger things since claiming the award.