• Regulation

Cobalt miner hit with $450,000 fine for disclosure law breaches

Federal Court Justice Craig Colvin slammed Australian Mines’ conduct as ‘serious’ but agreed to a modest penalty because the company had sought to make amends.

• Jan 15, 2023
• Hannah Wootton

Afternoon resources round-up

Mermaid Marine, NuCoal Resources, Australian Pacific Coal, Stanmore Coal, Australian Mines, Alacer Gold Corp, Paramount Mining Corp, Venturex Resources, Metallica Minerals, Straits Resources, Entek, Tangiers Petroleum, Golden Cross Resources, Augur Resources, Crusader Resources, AED Oil

• Updated Aug 4, 2011

Brief: Australian Mines

Australian Mines has received “very encouraging” results from drilling its first six resource definition diamond holes below current workings at Mt Martin in WA.

• Apr 6, 2010

Miners revive $16bn shelved projects

More than $16 billion of mining projects shelved during the global financial crisis are back on the agenda as sentiment improves in the sector due to higher commodity prices and easier access to finance.

• Updated Nov 11, 2009
• Jo Clarke

Price slump takes toll on nickel player

Nickel mining minnow Australian Mines is the latest resources company to be crunched by falling commodity prices and all but frozen capital markets.

• Oct 7, 2008
• Paul Garvey

Avoca dips as gold price falls

The lack of trading on the London Metals Exchange over the Easter weekend meant the only metal market lead that investors could use was gold, which has not had the best of times of late. A positive finish on Wall Street - a rarity of late - provided the foundation for a strong day's trading at the top end of town, led by BHP Billiton and Rio Tinto. Key movers included: Avoca Resources (AVO) Avoca, like most of the gold sector, has been battered and bruised by the recent fall in the gold price which, after hitting $US1000 an ounce, dropped to $US921.10 as of Tuesday. The stock closed down 13¢ at $2.03. Perth-based Avoca is developing the Higginsville gold project in Western Australia. In June the company will begin commissioning the project, which will produce 170,000 ounces of gold in fiscal 2009, rising to 190,000 ounces a year further along. The company is unhedged and production has forecast cash costs of $369 an ounce. In the current consolidation rush, the company's open share register has to make it a target for corporate activity with gold producers trying to secure long-term sources of production. Australian Mines (AUZ) The small-time nickel producer released some very encouraging exploration results on Tuesday, pushing the stock up 0.9¢, or 19.6 per cent, to 5.5¢. Two drilling intersections of 11.8 metres grading 4.1 per cent nickel and 5.4 metres grading 3.3 per cent nickel from its Blair nickel mine. The hits were made as extensions at depth to the current workings which produced 578 tonnes of nickel last year at fairly high cash costs. Grades averaged less than 3 per cent so the latest results will give the $25 million company plenty of encouragement. Santos (STO) The oil gas group's longstanding chief executive, John Ellice-Flint, stepped down on Tuesday after eight years at the helm. The company said the timing was related to bringing in new leadership to oversee a new phase of growth built on the Gladstone LNG project in Queensland. Santos's executive vice-president, David Knox, will take over while an international search for a replacement gets under way. The timing of the changeover has surprised some, given the company's shareholder cap protection expires in a couple of months, leaving it vulnerable to a takeover. The stock closed up 7¢ at $13.10. Atlas Iron (AGO) The Perth-based iron ore dynamo unveiled a major exploration target for its Pilbara iron ore projects in Western Australia of between 120 million and 180 million tonnes. The company's managing director, David Flanagan, made the bold statement that the new target, if met, could make Atlas the country's fourth-largest iron ore exporter. This may seem pretty ambitious but highlights the momentum and belief in the company that listed as a small gold explorer just three years ago. It also underscores its high valuation. By September, the company expects to produce its first iron ore at a rate of 1 million tonnes a year, rising to 3 million tonnes a couple of years later. The stock closed up 7¢ at $1.87.

• Mar 25, 2008
• Michael Vaughan