PRL Global

THE long-running bid by CI Resources Ltd for unlisted Christmas Island phosphate miner Phosphate Resources Ltd has hit a major hurdle, failing to win Federal Court approval for its proposed scheme of arrangement.

The extraordinary saga surrounding Christmas Island mining company Phosphate Resources Ltd has taken a surprising new twist, with Perth mining executive Mark Caruso failing to secure a board seat.

Plans by listed mining company CI Resources Ltd to revive its fortunes by appointing new directors, including former state development minister Clive Brown, have suffered a major setback after the federal government rejected plans for new mining leases on

THE Clive Brown-chaired Phosphate Resources Ltd has taken court action against the federal government as it seeks to overturn a ban on the expansion of phosphate mining on Christmas Island.

Subiaco-based CI Resources Ltd has signed a deal with China's Xiangxi Xifeng Chemical Phosphate Co Ltd to develop a new phosphate mine neat the town of Xixi in the nation's Hunan province, the company has announced.

Parochial investors who put their money into Western Australian stocks have just experienced their worst year in nearly a decade, judging by the results of WA Business News' annual total shareholder return survey.

Investors trying to pick the next big thing in the resources boom poured their money into a diverse group of Western Australian companies last year, including iron ore, coal and phosphate stocks.

Phosphate Resources Ltd has had a minister decision banning mining expansion plans on Christmas Island set aside.

The once hot commodity, phosphate, appears to be affected by the global meltdown with miner Phosphate Resources Ltd today saying it has had a "sharp and marked" slowdown in demand from its Asian markets.

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.

Western Australian company CI Resources will increase its stake in phosphate miner Phosphate Resources by 2.97 per cent.

An understanding of core strengths and a simple business model are some of the tips the state's fastest growing companies say have helped them through a turbulent 2008, a new report has found.

Christmas Island miner Phosphate Resources says it will not support a proposed merger with shareholder CI Resources, which also wants to incrementally lift its stake in the unlisted public company.

CI Resources will investigate new investment opportunities in the palm oil, phosphate and fertiliser industries, following its compulsory acquisition of all remaining shares in Phosphate Resources.

Board changes

Clive Brown has retired as non-executive director of CI Resources. He has served on the board since 2007 and was chair of the company’s wholly-owned subsidiary, Phosphate Resources, since 1992.

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