One of China's largest banks has given its approval to a $1.8 billion loan to Gindalbie Metals' Karara iron ore joint venture following completion of due diligence.
Wall Street closed narrowly mixed yesterday as investors began to worry about the weakening global economy, a poor start to the corporate earnings season and the health of ailing banking giant Citigroup, the Australian newspaper has reported.
Despite a low cash balance, Perth-based 3D Resources says it has sufficient funds to meet its obligations as its managing director steps down and the company suspends all exploration activity.
Rio Tinto has postponed its $547 million automated train operation in Western Australia and suspended a $236 million underground mine development in New South Wales amid the gobal economic downturn.
Diversified miner OZ Minerals will halt production at its Scuddles mine in Western Australia with 70 employee and contractor positions to be cut in an effort to conserve cash.
Nedlands-based Dragon Energy will be hoping to mirror the success of a fellow Western Australian phosphate explorer as it opens its $1.5 million initial public offer.
Further studies into processing methods at Perseus Mining's Ayanfuri gold project in Ghana has reduced capital costs by 23 per cent to $192 million with project payback to take about one year.
Some 21 per cent of Mount Gibson Iron shareholders have participated in a $96.5 million rights issue, with the remaining shares to be taken up by APAC Resources and Shougang Concord.
Perth-based oil and gas explorer Otto Energy plans to start drilling the Santa Rosa tenements in Argentina in June this year after the approval of a near $6 million exploration budget.
The directors of WA listed company Fusion Resources have accepted Paladin Energy's takeover offer, with the uranium miner boosting its interest in the minnow to over 28 per cent.
Iron ore hopeful Brockman Resources has appointed UBS Investment Bank as its corporate advisor to help capitalise on the current global market conditions and assess business opportunities.
Perth-based copper miner Aditya Birla expects to save up to $5 million a month after it revealed a raft of cost saving measures in the wake of falling commodity prices.
Low oil prices have forced Incremental Petroleum to defer non-essential exploration at its Edirne gas project in Turkey as it prepares for first gas sales for later this year.
Automotive Technology Group has broken into China's massive automobile market after it signed an exclusive distribution deal with a Chinese company for its Sprintex Supercharger products.
Phosphate Resources has warned it may incur some losses in some of the remaining months of this financial year, as it reports a profit before tax of over $62 million.
Booragoon-based Total Staffing Solutions has entered an agreement to acquire recruiter Ultimate Skills in a $5 million scrip deal as it offloads its majority interest in Mining People International.
The market capitalisation of Western Australian listed companies shed $17 billion in November as uncertainty surrounding China's future growth and falling commodity prices continued to add pressure.
Rio Tinto Iron Ore has confirmed it has suspended operations at its HIsmelt joint venture in Kwinana for three months on the back of falling demand for pig iron.
Manganese miner OM Holdings says it will incur a loss of over $13 million after it closes another hedging position as Consolidated Minerals beefs up its interest in the miner.
Perth-based Condor Nickel has agreed to merge with its shareholder, Chinese controlled Chihong International Mining, with the merged entity to have a host of projects across Western Australia.
CITIC Pacific Mining has been given the green light to submit proposals for a 70 million tonne operation for its Sino iron ore project in the Pilbara following the passing of amendments to its state agreement act.
Fortescue Metals Group has dismissed the value of over $190 million of legal claims over the suspension of its shipping contracts as "ambit claims", as it reveals that over $2 million of its funds have been frozen in the United States.
Western Australian mining identity Tony Sage will chair the combined entity of Jackson Minerals and Scimitar Resources, which have unanimously agreed to merge.
Shares in Atlas Iron have risen sharply in early trade as the iron ore miner enters into a long-term off-take agreement for its Pardoo project in the Pilbara.
