Westgold Resources

Cost inflationary pressures impacted Westgold Resources throughout its second quarter of the 2024 financial year, the company revealed on Wednesday.

Westgold Resources has ridden the wave of a higher achieved gold price during the first half of the 2024 financial year, recording a net profit after tax of $43.78 million, up from a $11.14 million loss during the prior corresponding period.

Less than a week after confirming it would not pursue a merger with Toronto-listed Karora Resources, gold producer Ramelius Resources has recorded its highest ever quarterly production.

Shares in WA goldminers Regis and Westgold Resources have taken a hit following market updates outlining cost and operational issues.

Westgold Resources has announced it will merge with Toronto-listed Karora Resources, resulting in a market capitalisation value of approximately $2.2 billion.

Mark Zeptner-led Ramelius Resources is eying an annual company production record for the 2024 financial year, following a bumper March 2024 quarter.

Reduced production throughout the March 2024 quarter has resulted in Westgold Resources revising its annual production guidance for the 2024 financial year.

Gold miner Ramelius Resources has requested Takeovers Panel intervention in Westgold Resources’s move for Karora Resources, revealing an earlier agreement between itself and the acquirer.

Westgold Resources will enter a strategic alliance with Ora Mining to advance the development of its Crown Prince deposit in the Murchison region, as activity in the region heats up.

Australian gold production fell nine per cent in The March quarter, weighed down by the impacts of severe storms which hampered output in Western Australia and other gold mining regions.

Westgold Resources has backed its move for Karora Resources, with the pair working towards finalising the deal by the end of July despite a rival’s request for Takeovers Panel intervention.

Mid-tier gold player Ramelius Resources has secured a revolving debt facility worth $175 million from a syndicate of banks, in a move to free up its financial flexibility.

The value of gold rose 15 per cent in local dollar terms over the first six months of 2024, hitting record levels driven by geopolitical tensions and wavering economic growth indicators.

Westgold Resources has trumpeted the growth potential of its impending merger with Karora Resources, after maximising the value of its gold last financial year.

WA gold merger aspirants Westgold and Karora will amend their $1.2 billion agreement at the direction of the Takeovers Panel, but a standstill clause on rival Ramelius Resources will remain.

A Westgold Resources subsidiary will pay more than $400,000 after a worker’s arm was trapped in a conveyor at a processing operation in the state's Mid West.

Westgold has moved a step closer to its merger with Canadian-listed gold play Karora Resources, after its $1.2 billion deal was ticked off by the Foreign Investment Review Board.

Westgold Resources has moved another step closer to its deal for Karora Resources, with the Canada-listed company’s shareholders voting in favour of the transaction over the weekend.

GOLD WRAP: Kalgoorlie Super Pit owner Northern Star Resources generated gold production and cash flow records last financial year, but was impacted by constraints at its Yandal hub.

GOLD WRAP: Rain fallout for Gold Road; enlarged Red 5’s consolidated output above 450,000 ounces; and Westgold prepares for Karora.

Newly merged Westgold Resources and Karora Resources have lauded the timing of their deal to create a consolidated gold miner, after tying a ribbon on their transaction today.

Mark Beyer and Mark Pownall discuss the week in lithium; construction issues; Fortescue’s share price tumble; inflationary data; interest rates; house prices; CFMEU action; and Rex’s plight.

The combined value of Western Australia’s listed companies fell to $349.7 billion last financial year, propped up by the resurgent performance of the state’s gold sector.

Pilbara gold developer De Grey has refused to comment around speculation that it could be the target of rival interest, saying it is focused on developing its Hemi project.

Ramelius Resources boss Mark Zeptner says he has moved on from the Westgold-Karora takeover saga but remains unhappy with the way the Takeovers Panel handled the situation.

Remarks by Wayne Bramwell to Business News this time last year have proved somewhat prophetic, considering recent events in the Western Australian gold sector.

Mark Beyer and Jack McGinn discuss corporate governance at Fortescue and Qantas; Woodside's ammonia buy; all the news out of Diggers & Dealers; Iplex's class action; and a big week for global markets.

Mid-tier goldminer Westgold Resources has released a maiden ore reserve for its South Junction project, within the broader Bluebird-South Junction complex near Meekatharra.

GOLD WRAP: Westgold Resources, Red 5 and Genesis Minerals, each at the heart of gold’s merger flurry, have unveiled last year's financial results.

Ramelius Resources made three unsuccessful attempts to acquire Westgold Resources between October 2023 and April 2024, the Takeovers Panel has revealed.

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.

Our weekly appointments wrap includes Aaron Rankine, Ian Macliver, Carol Adams, Ashleigh Lyford, John Gillam, Suzanne Brown, and Romina Raschilla.

Westgold Resources has made a solid start following its merger with Canada-based Karora Resources, producing a record 77,369 ounces of gold during the September 2024 quarter.

The move represents a relocation of the ASX-listed gold miner’s Perth supply base.

GOLD WRAP: Westgold Resources boss Wayne Bramwell says the gold miner is in an ideal position, while Catalyst Metals also achieves higher production during the December 2024 quarter.

Westgold Resources is confident its production output will increase in the second half of the financial year, following a strong market reaction to its first half production figures.

Goldminer Westgold has conceded it won’t hit the 400,000-ounce production target it set following last year’s merger with Karora Resources, revising its guidance downward.

Kalgoorlie contractor MLG Oz has secured $75 million worth of work from Westgold Resources for bulk haulage services between the miner's Goldfields operations.

Westgold Resources has sold its Goldfields-based Lakewood Mill to Black Cat Syndicate for $85 million.

The price of gold saw out the work week above US$3,000 per ounce, driven to all-time highs amid a bull run fueled by global economic and geopolitical uncertainty.