Breaking news and analysis of major corporate events

Deutsche sells Nakheels's stake in Mirvac It's understood Deutsche Bank sold Nakheel's entire stake in Mirvac this morning

• Aug 21, 2009
• Edited by Sarah Thompson

Fortescue rally runs out of steam

Fortescue Metals (FMG) Fortescue shares have ended their recent run after spiking 28 per cent in three sessions

• May 12, 2009
• David Ciampa

Iron ore junior secures offtake agreement

BC Iron (BCI) The emerging West Australian miner's shares jumped 8

• Feb 11, 2009
• David Ciampa

Admiralty clings to hope of asset sale

Junior resources player Admiralty continues to cling to a faint hope of staving off receivership and surprised shareholders at its annual general meeting by announcing it still believed an apparently collapsed asset sale might proceed.

• Nov 26, 2008
• Paul Garvey

Rock-solid reasoning missing in action

Some junior miners dole out packages that incorporate inadvisedly sweet options deals.

• Nov 11, 2008
• LUKE FORRESTAL

Admiralty Resources (ADY)

The value of iron ore miner and mineral explorer Admiralty Resources has steadily declined since the unfolding of the Opes Prime saga, after it emerged that Admiralty was heavily linked to the fund.

• Nov 4, 2008
• Ayesha de Kretser

Briefs

Toro seeks $26m

• Oct 2, 2008
• Luke Forrestal; Carrie LaFrenz; Neil Shoebridge; Michael Smith; Vesna Poljak;

Opes Prime receiver sues Laurie Emini for $2.1m

Deloitte, the receiver of Opes Prime, has sued co-founder Lirim "Laurie" Emini to recover $2.1 million in funds allegedly siphoned out of a company associated with the collapsed stockbroker.

• Sep 29, 2008
• Patrick Durkin

Opes chases Admiralty

Diversified minerals group Admiralty Resources is fighting off legal action from the receivers of Opes Prime, who are seeking the immediate repayment of a $10.8 million loan they claim Opes director Anthony Blumberg agreed to delay just a month before the stockbroker collapsed.

• Sep 15, 2008
• Patrick Durkin

Nickel miner raises $US50m to start production

Poseidon Nickel (POS) Poseidon Nickel has raised $US50 million ($52 million) to help progress to the mining stage at its Windarra project near Laverton in Western Australia. The nickel sulphide deposit should start producing 20,000 tonnes of nickel a year by the end of 2008. The deposit was bought from BHP Billiton in 2006 and Poseidon, which is chaired by Andrew Forrest, has been busy revamping an existing mine since. Harbinger Capital Partners, which also owns a stake in Forrest's Fortescue Metals Group, has agreed to subscribe to an issue of convertible notes priced at a premium of 25 per cent to the company's June 25 close. Its shares were among the Australian Securities Exchange's most improved, climbing by 17¢, or 23 per cent, to finish Thursday at 91¢. Admiralty Resources (ADY) The developer of the Santa Barbara iron ore mine in Chile, Admiralty Resources, told the ASX on Thursday that it would issue more than 24 million shares as a result of a conversion of loan funds of $US4 million by Ya Global Investments. Admiralty said the conversion took its total amount to $US13 million, leaving a balance owing of $US7 million. The Melbourne-based company was also due to begin a drilling program at its zinc and lead exploration target at Bulman in the Northern Territory on June 25. Its shares closed down 2.5¢, or 9.6 per cent, at 23.5¢ on Thursday. Crossland Uranium Mines (CUX) Shares in Sydney-based Crossland Uranium Mines were unchanged for the second consecutive day after the company announced earlier in the week that it had signed a joint venture agreement to explore for uranium at the Oursi Project in Burkina Faso. Crossland Uranium signed the agreement through its 50 per cent-held Canadian company, Crosscontinental Uranium, which will manage the project and have the opportunity to earn up to an initial 35 per cent interest in the tenements by expending $US150,000. It can boost this stake to 50 per cent with a further $US350,000 over three years. Crossland shares were unchanged at 13.5¢ on Thursday.

• Jun 26, 2008
• Ayesha de Kretser

• Opinion

Rear Window

Share predator baits another line

• Jun 13, 2008
• Edited by Jason Clout (rearwindow@afr.com.au)

How the Opes money-go-round veered out of control

In its glory days, everyone in Opes Prime was making money - but suddenly it all went sour, as Matthew Drummond, Andrew White and Neil Chenoweth report in the second part of the AFR's special investigation.

• Jun 13, 2008
• Matthew Drummond, Andrew White and Neil Chenoweth with Ingrid Mansell and Katrina Nicholas andrew.white@afr.com.au, mdrummond@afr.com.au, nchenoweth@afr.com.au

How the Opes money-go-round veered out of control

It's just days after the collapse of Opes Prime and the day-trader chat rooms are a wall of pain. The 1200 Opes clients have lost $550 million and the bottom end of the stockmarket has been devastated.

• Jun 13, 2008
• Matthew Drummond, Andrew White and Neil Chenoweth With Ingrid Mansell and Katrina Nicholas andrew.white@afr.com.au, mdrummond@afr.com.au, nchenoweth@afr.com.au

Admiralty director sues ANZ for 'stopped' shares

Admiralty Resources director Phillip Thomas has launched a legal action on behalf of Panopus, a Malaysian-based company of which he is also a director, alleging that Australia and New Zealand Banking Group or ANZ Nominees stopped 23.25 million Admiralty shares being returned to Panopus in the days before Opes Prime collapsed. The claim was filed in the Supreme Court of Victoria on Wednesday and lists Opes Prime, ANZ Banking Group and ANZ Nominees as defendants.

• Apr 28, 2008
• James Eyers

• Market Wrap

Opes Prime exposure halts junior miners

A string of trading halts sent a shudder through the small companies universe yesterday with investors braced for news of more casualties from the forced sell-down of Opes Prime's $1.3 billion share portfolio.

• Apr 1, 2008
• Emily Parkinson