Financial Services

Former nickel miner Australian Mines will resolve its outstanding debts through the issue of nearly 3 billion shares to creditors at no cost.

Miner Panoramic Resources has moved a step closer to full ownership of the Lanfranchi nickel project after shareholders of a joint venture company approved the sale.

Property developer Aspen Group has unveiled plans for a fully underwritten capital raising of more than $82 million, which will be used to "secure an enhanced senior debt facility".

A consortium of banks, owed $600 million, have called in receivers to timber plantation and cattle project manager Great Southern.

Shares in Atlas Iron have risen after the miner announced a five-fold resource increase at its Wodgina iron ore project near Port Hedland.

TFS Corporation has formed a joint venture company with a United Arab Emirates investment firm, which will spruik investment in 200 hectares of new sandalwood plantations annually.

GRD Minproc has been awarded a contract by Brisbane-based PanAust to carry out the definitive feasibility study for the Ban Houayxai gold-silver deposit in Laos.

NRW Holdings expects its annual profit to be in line with the previous year, following delays to major contracts with BHP Billiton, Citic Pacific and Fortescue Metals Group.

Reassuring news about housing and banking on Monday convinced investors to return to the US stockmarket.

Automotive Holdings Group has raised more than $34 million from an institutional placement, and plans to launch a share purchase plan shortly.

Shareholders in Jackson Minerals have overwhelmingly voted in favour of a merger with Scimitar Resources, with Tony Sage to head up as executive chairman of the combined entity.

Avoca Resources has received the green light from the Foreign Investment Review Board for its takeover bid for gold miner Dioro Exploration.

Perth-based property developer Aspen Group has entered a trading halt pending the release of details regarding a capital raising.

Mount Pleasant-based Comet Ridge plans to raise $21 million to fund exploration efforts at its coal seam gas projects in Queensland and New Zealand for the next 18 months.

Perth-based Tasman Resources has won a dispute against WCP Resources over a farm-in arrangement near the massive Olympic Dam uranium mine.

Apex Minerals has unveiled plans for a $28 million capital raising after a slower than expected ramp up of gold production at its Wiluna mine.

Automotive Holdings Group has launched an institutional share placement in order to reduce its $353 million debt and pursue growth opportunities.

Babcock & Brown Power, owner of Alinta's retail assets, will realise $125 million from the release of an "onerous" contract but has revised down its operational earnings from $310 million to $270 million.

Treasurer Troy Buswell has again defended the government's decision to not release the State Infrastructure Strategy, saying its framewok needs to be revisited.

Melbourne-based SKILLED Group, as part of a joint venture, has won a $350 million, three-year marine vessel and labour supply contract for Chevron's Gorgon gas project.

The saga between Sirtex Medical and Perth scientist Bruce Gray has taken another turn with the state's Supreme Court finding in favour of the company's former chairman, who is now free to carry on with his business.

The high end of Perth's property market has taken a battering from the global slowdown with seven metropolitan suburbs dropping out of the $1 million club, a new survey has found.

Exoma Energy shares have skyrocketed as much as 240 per cent after the Nedlands-based company signed a conditional deal to acquire the Galilee gas project in Queensland.

Gold hopeful Resolute Mining has raised $25 million through a share placement, with funds to be used for the commissioning of the Syama gold mine in Mali.

Engineering company Monadelphous has secured contracts valued at $100 million with the world's largest miners, BHP Billiton and Rio Tinto.

Two weeks after Gage Roads Brewing Co cancelled its distribution deal, the brewer has agreed to supply beer to major retailer Woolworths, which will take a 25 per cent interest in the company.

Western Australia has retained its AAA credit rating after Standard and Poor's confirmed yesterday that the Barnett government's move to reprioritise some of its capital projects and revise its operating expenditure, meant that the state's financial posit

$750 power bill rise; Payroll rebate in WA to 'save jobs'; Leighton earnings slide; Rio plunges on rights talk; Turnbull blows smoke at bluff

The government has committed to a $23.8 billion capital works program over the next four years - an increase on the $18.5 billion spent over the past four years - with a record $8.3 billion to be spent in 2009-10.

Major infrastructure projects Oakajee port and the Northbridge link have been left out of this year's state budget, despite receiving federal budget allocations this week.

The state budget will deliver $123 million tax relief, mainly in payroll and land tax, as part of measures to support business and jobs.

Western Australia's Liberal government has handed down its first budget, delivering a $647 million surplus but warning the state will be in deficit by 2012.