Young Australian Mines

West Perth-based Moly Mines Ltd has reported a net profit of $4.3 million for the 2008 financial year, a turnaround from the previous year's net loss of $757,131.

Moly Mines Ltd says it will instigate a "concerted" cost reduction program across all its activities to conserve cash, as it successfully draws down the remainder of its $US150 million ($A220 million) interim facility.

Molybdenum miner Moly Mines today announced the Spinifex Ridge Molybdenum Project was poised for immediate implementation, despite the economic slowdown.

One of Moly Mines' major shareholders, US hedge fund Harbinger Capital, has sold down nearly half of its stake in the company.

Paul Willis has stepped from his chairmanship at Moly Mines after accepting a position at an overseas equities broking company.

Moly Mines has today appointed David Craig as its new chairman while director Kurt Talbot has ended his one-month stint on the board.

MOLY Mines has revealed plans to raise at least $30 million as part of debt restructure plans and to fund the $10 million development of its iron ore deposit while it progresses its Spinifex Ridge molybdenum project.

Brazil-focused Mirabela Nickel has entered the top 200 club as Standard & Poor's conducts its quarterly rebalancing of Australian equity indices.

Moly Mines has today announced the terms of its $C31.5 million ($A33 million) capital raising, a necessity for the restructure of its $US150 million financing facility.

Shares in Moly Mines surged higher today after the company last night announced a $US700 million deal with privately-owned Chinese company Hanlong Mining Investment for its flagship Spinifex Ridge molybdenum project in the Pilbara.

The Foreign Investment Review Board has given the green light for a Chinese entity to take a controlling interest in Perth-based Moly Mines, in a $US200 million deal that was first unveiled a month ago.

The head of Moly Mines is confident of receiving the final two approvals required from the Chinese government to initiate financing and development of its Spinifex Ridge project before the end of February.

Shares in Moly Mines have been lifted following the company's completion of the Chinese-backed transaction resulting in Hanlong Mining Investment becoming Moly's controlling shareholder after settling the $US200 million equity and debt funding.

Moly Mines has commenced iron ore production at Spinifex Ridge, northeast of Marble Bar.

The Chinese majority owner of Moly Mines, Hanlong Mining Investment, has received Chinese government approval for a $US466 million loan to complete financing for the Spinifex Ridge molybdenum-copper project in the Pilbara.

Moly Mines has announced the extension of its Port Utah access agreement until September 2015.

Engineering and construction firm Forge Group is searching for a new managing director, after its current boss, Peter Hutchinson, stepped down in a move he says will drive the company's next phase of growth.

Perth-based iron ore miner Moly Mines has announced that it will enter into a $600 million engineering contract with one of China's top engineering companies and ASX-listed GR Engineering Services to develop its Spinifex Ridge molybdenum project.

THE past seven years have been anything but smooth sailing for Derek Fisher and his team at Moly Mines, with attempts to become Australia’s only molybdenum producer foiled by the GFC and the commodity’s fluctuating price.

Moly Mines has secured $US500 million in financing agreements to fund the construction of its Spinifex Ridge molybdenum-copper project near Port Hedland.

Moly Mines has postponed its US$720 million Spinifex Ridge molybdenum project in the Pilbara, admitting that the mine development was not commercially viable at current market prices.

Three indigenous groups across Western Australia have found different ways to pursue training, employment and financial goals for their people.

BGC Contracting has won a three-and-a-half year extension to its mining contract at Atlas Iron’s Wodgina iron ore mine in the Pilbara.Perth-based BGC said the contract has been extended to February 2016 and is worth $350 million in revenue over this period.

Western Australia’s pipeline of significant non-iron ore projects is showing signs of a quick slowdown as construction of major projects is due to be completed by the end of next year.

China’s Hanlong Mining Investments has been successful in its bid to ditch three independent directors from the board of Perth-based gold, copper and molybdenum miner Moly Mines.

Laverton-focused gold explorer Midas Resources has appointed Derek Fisher as a non-executive director, to replace Terry Streeter who has resigned from the board.Mr Fisher stepped down as managing director of Moly Mines about a year ago, after nearly a decade at the helm.

Moly Mines shares have shot up on the ASX after the company announced it had signed a mine gate sale agreement with Mineral Resources worth up to $38 million for output from its Spinifex Ridge iron ore mine in the Pilbara.

The boardroom twists at cashed-up Moly Mines have taken another turn, with its Chinese shareholder moving to replace the independent directors with Perth veterans Bruno Camarri and Peter Mansell.

Moly Mines has announced another boardroom shakeup in the wake of the arrest in Hong Kong earlier this week of one of the company’s major shareholder’s senior executives.

Paul Eagland has resigned from Moly Mines as non-executive director.Mr Eagland held the position at Moly since 2013 and is the fourth director to resign from the company in three months. 

Moly Mines non-executive director Alan Edwards has resigned, making him the fifth director to step down in recent months.The company’s board intends to engage Mr Edwards as a specialist technical adviser. 

Shares in cashed-up Moly Mines have slumped after the company's two most senior executives left the business and it admitted it was likely to suspend trading on the ASX after failing to acquire a new business.

Moly Mines has appointed Graeme Kininmonth as its new acting chief executive, replacing former acting CEO David Pass, as the company faces suspension from trading on the ASX following its failure to acquire a new business.

Image Resources has appointed Collis Thorp as chief executive officer.Mr Thorp has held the role of chief operating officer at the company since May and prior to joining Image he was chief executive officer of Moly Mines.

Keith John has been appointed as a non-executive director of Goldfields Money. Mr John is the founder and managing director of Pioneer Credit and has over 20 years of experience in the receivables management industry.Rob Bransby has resigned from the board of Goldfields Money.

Nearly 4,000 shareholders in West Perth company Moly Mines have effectively become stranded in the $63 million cashbox after a stand-off between its board and the ASX ended in a delisting of its stock.