Mining

Mirabela Nickel has proposed a complex restructuring that involves placing the company into administration, raising new capital and implementing a debt-for-equity swap that will leave current shareholders owning just a small fraction of the embattled mining company.

BHP Billiton has notified Macmahon Holdings that it plans to take over the Orebody 18 iron ore mine this year, while also announcing its intention to close one of its smaller Pilbara mines.

A joint venture between Viento Group and indigenous business Koodaideri has been awarded a $5 million road maintenance contract at Rio Tinto's Nammuldi below watertable project.

Southern Cross Electrical Engineering has reported a stronger half-year profit result, driven by the successful completion of key contracts.

Saracen Mineral Holdings has taken advantage of a strong share price rally to launch a capital raising to fund its Thunderbox project acquisition and strengthen its balance sheet.

Atlas Iron has confirmed it will ramp up production at its part-owned Mt Webber iron ore mine to 6 million tonnes per annum this year and expects to see a solid reduction in operating costs as a result of the expansion.

Mermaid Marine Australia has agreed to purchase the subsidiaries of Singapore-based marine services provider Jaya Holdings for $S625 million ($550 million), in an all-cash deal which represents one of the largest acquisitions by a Western Australian company in recent years.

Gold futures have rallied to a 16-week high as fears that Ukraine would plunge into a sovereign debt default fanned demand for wealth preservation.

Troy Resources has become the latest Perth-based miner to take a financial hit on the back of a softer gold price, reporting a half-year net loss of $6.8 million.

The influx of global oil and gas players to Perth for a major conference this month has provided a platform for some to announce plans to expand their operations in Western Australia.

Belmont-based contractor GR Engineering Services has lifted its half-year net profit despite what it described as persistently subdued trading conditions in the mining services sector.

Poseidon Nickel has signalled it no longer plans to pursue a major debt capital raising in the United States, appointing a new chairman to replace US-based Bud Scruggs.

Swick Mining Services has posted a narrow half-year loss on the back of softer demand in the mineral driling market.

Engineering contractor Monadelphous Group has been awarded a $680 million construction contract at Inpex's Ichthys liquefied natural gas project.

Shares in Boart Longyear have fallen more than 8 per cent after the drilling company slumped to a full year net loss of $US620 million.

Gold futures have risen, as some investors, citing the recent political turmoil in Ukraine, seek to fireproof their portfolios.

Evolution Mining, Resolute Mining and Ramelius Resources have all reported weaker interim earnings after being hit by the impact of a lower gold price.

Industrial parts and services provider Coventry Group has warned earnings growth will be slim in the second half of the financial year, after lodging a narrow net profit for the six months to Decem

Oil and gas producer Santos has announced a net profit of $516 million in line with last year's result as record sales revenue was offset by lower interest income and higher exploration costs.

Welshpool-based contractor MACA has broken a run of losses in the mining services sector, posting a 44 per cent gain in half-year profit.

Iluka Resources predicts demand for its products will recover over the next two years despite weaker prices causing a 95 per cent drop in its full year profit.

Engineering and construction contractor Calibre Group has reported a 13 per cent fall in half-year net profit, driven by a slump in revenue from its rail and transport business.

The new owner of Shell's downstream assets in Australia has given assurances no jobs are at risk under its $2.9 billion deal to by the multi-national group's stations and Geelong refinery.

Regis Resources has been forced to suspend full operations at its Rosemont and Garden Well open pit gold mines in the Goldfields for at least three months after torrential rain caused extensive flooding.

Sandfire Resources has reported a 58 per cent fall in half-year net profit on the back of almost $60 million in depreciation and amortisation expenses and exploration costs.

Perth-based junior Mutiny Gold has launched plans to raise $4.1 million towards drilling at its Deflector copper-gold project in the Midwest, including a $1.5 million share placement to preferred mining contractor Ausdrill.

Engineering and construction contractor Decmil Group has posted a 10 per cent increase in half-year profit, despite reporting a decline in revenue.

Mining equipment supplier Emeco Holdings has posted a $180 million half-year loss, writing off $158 million in goodwill amid softness in the mining sector.

Litigation funder Bentham IMF and law firm Slater & Gordon will pursue a potential class action against failed engineering contractor Forge Group amid allegations of misleading and deceptive conduct by the company.

Oil prices hit their highest levels so far this year on Wednesday on the back of US winter weather and more turmoil in oil exporters Venezuela, South Sudan and Nigeria.

Embattled miner Atlantic is once again set to obtain extra funding from major shareholder Droxford International, which has proposed a new $32.6 million loan facility.

Northern Star Resources has been recognised for excellence in the resources sector, winning the fourth annual Craig Oliver award at the RIU Explorers Conference.