Resource Equipment

Balcatta-based Repcol has announced plans to invest nearly $20 million in mining services company Resource Equipment Rentals and sell its debt collection business for $350,000.

Resource Equipment Ltd will undertake a $12 million capital raising to equip the company for strong demand for its goods.

Harding leads Rio iron ore

Indigenous business is thriving and growing in the north-west, but it was not an overnight success.

Resource Equipment has become the latest victim of cost-cutting in the resources sector, with the company’s net profit falling $8.5 million over the 2013 financial year, despite a healthy rise in revenue.

Resource Equipment has announced plans to raise up to $8.8 million through a share placement to a consortium of investors with experience in the equipment rental and water management industries.

FEATURE: Mineral Resources has shown the lengths to which mining services companies are willing to go to secure new work in the current flat market.

Resource Equipment chief executive James Cullen has resigned.Mr Cullen has been with the mining services provider since 2008. 

Andrew Aitken has been made managing director at manufacturer and supplier Resource Equipment.Mr Aitken was a non-executive director of National Hire Group from 2004, and managing director from 2008 to mid-2013.

Shares in Perth company Resource Equipment have climbed 85.7 per cent today after the board recommended a cash takeover offer valuing the company at $115.5 million.

Resource Equipment director Andrew Aitken has accepted Pump Services’ $115.5 million takeover offer, giving the US-based firm majority control over the mining equipment provider.

Board changes

Power generation company Pacific Energy has appointed James Cullen as its new chief executive, following Adam Boyd’s retirement from the role in March.

The former head of power generation company Pacific Energy has emerged as the new chief executive of thermal energy company Enerji, replacing Andrew Vlahov, who stepped down last week.