Ora Banda Mining

UPDATED: Eastern Goldfields is expected to be confronted at next week’s Diggers and Dealers conference by local contractors who claim they have not been paid by the Perth gold miner.

The Supreme Court of Western Australia has ordered the winding-up of Michael Fotios’ Eastern Goldfields and the appointment of liquidators, after an application by a local assay laboratory.

GR Engineering Services says it will continue to pursue legal action against Eastern Goldfields over its work at the Davyhurst operation, while also revealing it would defend Wolf Minerals’ $12.2 million claim notice over a project in England.

Eastern Goldfields has announced a conditional deal with an international asset manager to raise up to $30 million, with the proceeds used to maintain operations at the company’s Davyhurst gold operation and undertake feasibility studies on its Mt Ida project.

GR Engineering Services says it will continue to pursue legal action against Eastern Goldfields in relation to a contract for refurbishment at the miner’s Davyhurst operation, despite the Supreme Court yesterday referring the matter to arbitration.

GR Engineering Services will receive an $8.3 million payout from Eastern Goldfields, more than a year after launching proceedings in the Supreme Court in relation to a contract dispute at the miner’s Davyhurst operation.

Michael Fotios-led Eastern Goldfields has suspended its gold processing operations at Davyhurst, as the company completes a strategic review of its business and searches for a recapitalisation deal.

Perth-based GR Engineering Services has recorded a slight decline in net profit for the 2018 financial year due to two settlement claims, despite an uptick in the group’s revenue.

Eastern Goldfields' executive chairman and largest shareholder Michael Fotios has resigned from the embattled gold miner, while US investor Hawke’s Point Holdings looks set to increase its stake in the company after agreeing to buy some of its debt and support a planned recapitalisation.

Struggling gold producer Eastern Goldfields has suspended all mining operations, with the company confirming that nearly 40 employees have been made redundant.

SPECIAL REPORT: WA’s 30 gold miners achieved a small increase in aggregate output last year with the state’s biggest producer, Newmont Mining, making up about a sixth of this at 1.1m ounces, research by Business News has found.

Struggling gold producer Eastern Goldfields has announced a $75 million recapitalisation deal and board overhaul led by private mining services company Adaman Resources.

SPECIAL REPORT: WA companies participated in 175 corporate finance transactions worth $7.6 billion in the September quarter, with one of the most complex and innovative being the recapitalisation of Eastern Goldfields.

Eastern Goldfields is at risk of collapse, after the $75 million recapitalisation plan it announced in late September was scrapped today.

Eastern Goldfields has been placed into administration, a day after announcing its proposed $75 million recapitalisation plan had fallen through.

Failed gold miner Eastern Goldfields has released details of its planned recapitalisation strategy, with the company lodging a prospectus today for a capital raising of between $30 million and $40 million.

Eastern Goldfields has been officially reborn, after Ora Banda Mining listed on the ASX today with $15 million cash and no debt.

Ora Banda Mining, formerly known as Eastern Goldfields, has continued its revival after gaining commitments to raise $18.5 million through a share placement.

Nickel miner Panoramic Resources has announced Victor Rajasooriar will commence as its new managing director and chief executive on November 11.

Gold developer Ora Banda Mining has launched a $55 million equity raising following the completion of a definitive feasibility study (DFS) at its flagship Davyhurst project in Western Australia’s Eastern Goldfields.

GR Engineering Services has won an $11 million contract to restart a gold processing plant at Ora Banda Mining’s Davyhurst gold project.

Ora Banda Mining has signed a long-term agreement with Wesfarmers’ liquefied natural gas business to supply power to the Davyhurst goldmine in Western Australia.

Favourable market conditions have led to a suite of new gold producers and projects.

MLG Oz has secured $51 million worth of work from contracts over projects with Ora Banda Mining, Gold Fields Australia and Bellevue Gold.

Ora Banda Mining has struck a $26 million joint venture and farm-in agreement with conglomerate Wesfarmers for its lithium mining rights at its Goldfields foothold.

Ora Banda Mining has accused Greenstone Resources and Ian Gandel’s Riverina of blocking the final sign off for the junior miner’s $26 million joint venture deal with Wesfarmers Chemicals.

A dispute involving junior miners over a $26 million joint venture deal with Wesfarmers Chemicals has been settled for more than $6 million.

GOLD WRAP: De Grey Mining has trumpeted the economics of its Hemi project in a record gold price environment, while Genesis Minerals has restarted its Laverton mill ahead of schedule.