Business News

Board Moves January 19, 2018

Neil Perkins has resigned as chief financial officer and company secretary of Kresta Holdings. The company has appointed Vivi XiaoWei Jiang as his replacement.

BGC Residential signs Marketforce

The state’s largest residential builder has enlisted local advertising agency Marketforce to deliver the marketing and strategic requirements across its six divisions for 2018.

Mining sector turnaround

A 40 per cent rise in project applications with the Department of Mines, Industry Regulation and Safety last year has provided another signal of a turnaround in the mining sector.

Mercantile increases Bauxite bid

Sir Ron Brierley-chaired Mercantile Investment Company has increased its bid for Perth-based Bauxite Resources to 11 cents, putting it within the price range set out in the independent expert’s report.

Forrest gains $249m

Fortescue Metals Group founder and chair Andrew Forrest has seen his stake in the miner increase $249 million in value over the past four weeks, according to data on directors’ shareholdings tracked by Business News.

Board Moves January 10-18, 2018

Dr XiaoLing Liu has been appointed independent non-executive director of South32.

Battery signs offtake deal

Perth-based Battery Minerals has signed an offtake deal for the supply of graphite concentrate at its Montepuez project in Mozambique to a private Chinese company.

Spitfire in $5m raising

Junior explorer Spitfire Materials has tapped investors for $5.3 million via a strongly supported share placement as the company ramps-up exploration work at its Western Australian gold project.

Universal wins $13.8m contract

Osborne Park-based Universal Constructions has been awarded a $13.8 million contract by the state government for work at a new primary school in Perth’s northern suburbs.

Euroz flags profit dip

Financial services company Euroz says it expects a small dip in half-year profits, with a strong contribution from its funds management operation offset by a significant reduction in corporate finance deals.

Power Ledger makes tech final

Local tech company Power Ledger has been selected as one of three finalists in the 2018 Extreme Tech Challenge at CES in Las Vegas.

Mustang appoints new MD

Mustang Resources has appointed Richland Resources chief executive Bernard Olivier as its new managing director, while director Cobus Van Wyk will become chief operating officer.

Cygnus lists after $6m IPO

Shares in local explorer Cygnus Gold began trading on the ASX today after the company announced a $6 million initial public offering last year.

Cirrus secures IT contract

IT company Cirrus Networks has secured a managed service contract with the Peter MacCallum Cancer Centre in Victoria.

Goldfields takes Finsure merger

Kalgoorlie-based bank Goldfields Money has agreed to a scrip-based merger with mortgage aggregator Finsure, valuing the combined group at $97.5 million.

Tap gets Dorado investment

Perth-based startup Tap Into Safety's east coast expansion plans have been boosted by a $750,000 investment from private equity group Dorado Capital.

Quintis buys $3m of sandalwood

Embattled sandalwood producer Quintis has announced the purchase of $3 million of sandalwood from growers operating on plantations managed by the company.

Local gold stocks up

The share prices of Orinoco Gold and Doray Minerals have risen today after the companies announced positive drilling results at their respective projects.

Cometti honoured at Optus Stadium

The state government has unveiled the Dennis Cometti Media Centre at Optus Stadium, honouring the famous Western Australian sports broadcaster with a state-of-the-art media facility.

Diatreme signs contracts for WA project

Queensland-based mineral sands explorer Diatreme Resources has signed contracts with a Chinese mining services company to conduct a definitive feasibility study and help source funding for its Cyclone zircon project in Western Australia's Eucla Basin.

Nuheara launches new earbuds

Local tech company Nuheara has partnered with multinational manufacturer ams AG to launch its new noise-cancelling earbud product, LiveIQ.

Board Moves January 9, 2018

Kalia has appointed Peter Batten, a geologist with 35 years of experience, as technical director.

Eden gains US approval

Perth-based Eden Innovations’ concrete admixture has been approved by the Oregon Department of Transportation, with EdenCrete now permitted for use in 11 US states.

Volt secures $4.7m

Perth-based Volt Resources has raised $4.7 million through a strongly supported exercise of listed options, with the proceeds to be used to develop the company’s Tanzanian graphite project.

Valmec in $5m raising

Engineering and construction group Valmec has tapped investors for $5.1 million through a strongly supported share placement that will strengthen the company’s balance sheet.

Board Moves January 8, 2018

Kin Chan has resigned as non-executive director of Mount Gibson Iron due to increased business commitments.  

Quintis opposes requisition

Troubled sandalwood producer Quintis says its board intends to advise shareholders to vote against a series of resolutions to spill the board, while also announcing a one week extension on its forbearance agreement.

Mustang in $24m funding deals

Mustang Resources has secured a $19.9 million funding package from US institutional investor Arena Investors LP through a multi-tranche convertible note facility, while also announcing plans to raise up to $4 million via an entitlement offer.

Local business at Yagan Square

The state government has announced six more local businesses that will operate at the new $75 million Yagan Square development, set to be opened next month.

Board Moves January 5, 2018

International Goldfields has appointed Kenneth Keogh and Nicholas Sage as non-executive directors, following the resignations of Ray Shorrocks and Steve Brockhurst from the board.

Aussies in control on day 2 of Ashes

Australia is in a commanding position after the second day of the final Ashes test, sitting at 2-193 with Steve Smith unbeaten on 44 and Usman Khawaja on 91.



$120m in new work for Monadelphous

Perth-based Monadelphous Group has received a number of contracts with multiple clients including Fortescue Metals Group, BHP Billiton and Chevron, with the work worth a combined $120 million.

FMG appoints Gaines as CEO

Fortescue Metals Group has announced major changes to its leadership, with a new chief executive taking the reins and its directors taking a hands-on role to support an updated strategy that focuses on producing more higher-grade iron ore.

Perth CBD office vacancy hits 25-year peak

Downsizing in the resources sector is outstripping emerging demand from technology, medical and education businesses for CBD office space according to a new report by independent property research firm Y Research.

Gow questions builder's financial status

The building commissioner has put out a public warning against a local building company, saying its financial status warrants questioning.

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EPA rejects MinRes, Sinosteel iron ore mines

The environmental watchdog has recommended rejection of two proposals to mine iron ore in Western Australia because they would cause irreversible damage to the land.

Taxi plate buy-back part of transport shake-up

Perth taxi and Uber users may see a 10 per cent fare hike for the next four years to fund taxi plate buy-backs as the state government revamps on-demand transport.

Site found for WA's first open-range zoo

The state government has locked in a location for Western Australia’s first open-range zoo, which is expected to cost up to $100 million to develop.

Senate orders Roe 8 inquiry

UPDATE: A snap inquiry into alleged breaches of environmental conditions at the Roe Highway extension project will be held next week, after a motion introduced to Parliament by Greens Senator Scott Ludlam was today backed by the Senate.