• Opinion

Sandfire’s neighbour Alchemy raises $5m

Alchemy Resources is understood to have completed a $5 million share placement for its copper and gold project in WA.

• Updated Apr 14, 2010
• Edited by Jamie Freed and Sarah Thompson

Sandfire and others test Bryah Basin

A defining period is approaching for mineral exploration companies in Western Australia’s Bryah Basin, the location of Sandfire Resources’ attention-grabbing DeGrussa copper discovery.

• Updated Mar 29, 2010
• Luke Forrestal

• Market Wrap

Alchemy Resources (ALY)

Small gold explorer Alchemy Resources’ shares were back on the move up this week after the company said it had struck three new mineralised gold prospects at its Hermes project in Western Australia.

• Dec 23, 2009
• David Ciampa

Brief: Alchemy Resources

Corporate news snapshot for Alchemy Resources

• Dec 10, 2009

• Pharmaceuticals

Briefs

BlueScope raises $340m

• Jul 3, 2008
• Simon Evans; Michael Vaughan; Vesna Poljak; Nabila Ahmed;

Metals explorer soars on Indonesian purchase

Australia Oriental Minerals (AOM) Shares in the metals explorer rocketed 90 per cent on Wednesday after the company said it had agreed to buy a 30 per cent interest in an Indonesian coal operation for $US6.8 million ($7.1 million). AOM entered into the agreement with its major shareholder, Malaysian Smelting Corporation Berhad, where each company bought an equal stake in Asiatic Coal. Asiatic Coal has rights in a mining concession in the Central Kalimantan Province, which AOM said was "located in an area of well-known Indonesian coal basins". Based on preliminary drilling results, production is expected to begin in the last quarter of this year. Resolute Mining (RSG) The miner said on Wednesday that it had commenced negotiations for a $20 million standby facility to ensure adequate funding for the completion of its Syama gold project in Mali, Africa. The Perth-based company said volatility in operating costs, largely a result of the weak US dollar, led to the decision to try to secure access to additional funding. Resolute also said it had completed a hedging program in conjunction with Barclays to protect the company against downside gold price risk. Despite the project running late and over budget, Resolute chief executive Peter Sullivan said he was not surprised given the tough conditions and described overall progress as "very satisfying". Resolute shares closed up 7.5¢, or 3.9 per cent, at $2.00 on Wednesday. Alchemy Resources (ALY) Minerals explorer Alchemy Resources said on Wednesday that it had bought the Boorara Gold and Nimbus Silver projects based near Kalgoorlie in Western Australia. Alchemy said it had entered into an agreement to acquire 100 per cent of Polymetals Group, which is the owner of the two projects, for a consideration of $3.6 million in cash and shares. "The acquisition of Polymetals will enable Alchemy to achieve its objective of becoming a low-risk gold producer," said Alchemy managing director Michael Hannington. The deal is subject to due diligence and shareholder approval. Alchemy's shares gained 2.5¢, or 25 per cent, to 12.5¢ on Wednesday. Oilex (OEX) Shares in oil and gas producer Oilex leapt 25 per cent on Wednesday, after the company advised of preliminary results from the first drillstem test in its Cambay appraisal well. The company said it was "very pleased" with the initial results of the first oil flow from the Cambay Field, which is based in the Indian province of Gujarat. Gujarat State Petroleum Corporation has a 55 per cent participating interest in the project. The stock gained 26¢, or 31 per cent, to $1.10 by market close on Wednesday.

• Jul 2, 2008
• Patrick Commins