Australia Top Stories

ASX slams door on Moly Mines, leaves 4,000 shareholders in limbo

Exchange rules the firm was not allowed to resume trading…

Lucapa granted new five-year exploration licence for iconic Angola mine

The miner said the decision applies to the entire 3,000…

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Big Australian search for major new iron ore deposits

Australian prospectors are scouring remote outback locations for new sources of iron ore to rival the big western lodes dominated by Rio Tinto and BHP Billiton , spurred on by China's swelling appetite. Analysts expect most of Australia's iron ore to keep coming from Western Australia's Pilbara region, the world's single largest deposit, which is seen producing about 400 million tonnes this year.

Crescent Gold Limited: Maiden gold reserve of 54,000oz near surface at New Apollo deposit in Laverton

Crescent Gold Limited is pleased to announce a maiden probable gold reserve of 54,000 ounces near surface at its newly acquired Apollo Deposit in Laverton, Western Australia. Mining operations have been fast tracked and are scheduled to commence in the third quarter of this year. New drilling results and resource modelling had confirmed the probable gold reserve of 770,000 tonnes and at average grade of 2.2 grams per tonne Au (g/t gold) at the company's newly acquired Apollo deposit, less than 10 kilometres southwest of Laverton. Crescent Gold acquired the project last year from the former owners, Barrick Gold and Carbon Energy.

New Gindalbie chief steps in as magnetite project costs balloon to $2.7bn

The Australian reports Tim Netscher the new chief executive of Gindalbie Metals took over after the miner in March announced a second cost blowout at its West Australian Karara joint venture. At the time, Netscher, 60, was working for Newmont Mining and thinking about swapping executive roles for non-executive positions, but the Gindalbie offer was too good to refuse. The multilingual Netscher, who speaks Afrikaans, Indonesian, German, Spanish and English, knows that Gindalbie's Karara magnetite project is at a crucial stage of development, but the mining industry veteran is not shy about a challenge.

Australia’s proposed carbon tax could raise sovereign risk, ruin coal industry – miners

Mining giants warned Australia on Wednesday that its planned carbon-reduction scheme could cost the industry as much as $25 billion through 2020, cut coal production by a third and send investment in that sector tumbling 13 percent. "Australia is walking the plank," Seamus French, who runs the coal division of miner Anglo-American Plc , told a conference, a day after the Australian government's climate-change adviser suggested how carbon emissions should be taxed.

Azumah strengthens Australian links in Ghana

Azumah Resources Ltd (ASX: AZM) said today it has secured an 11% stake in Castle Minerals Ltd (ASX: CDT) through a holding of 11.081 million shares. Azumah's managing director Stephen Stone said the company viewed the holding as a strategic investment that would increase Azumah's options should any of the growing market-based speculation about consolidation in the West African gold sector unfold.

Australia warns resources firms to be vigilant for cyber attack

Australia's government urged companies on Monday to tighten vigilance over cyber attacks launched offshore against some of the world's biggest resource firms and other businesses, warning high-tech threats were intensifying. Lockheed Martin Corp , the U.S. government's top information technology provider, raised concern about cyber hacking at the weekend, complaining of a pattern of frequent attacks on it from around the world.

Fortescue drops $1 billion term loan raising

Australia's Fortescue Metals said on Thursday that due to weak credit market conditions it had dropped plans to proceed with a previously announced $1 billion unsecured term loan facility. The loan was launched in the United States on Monday by JP Morgan , according to Loan Pricing Corp, a Reuters news service. It was syndicated in the range of 375-400 basis point over London Interbank Offered Rates (Libor), it said.

New merged mid-tier gold company aims for 800,000 oz by 2015

Chief operating officer of Alacer Gold Corporation Louw Smith told the Resources and Energy Symposium in the Australian mining city of Broken Hill that there were growth developments at both the company's operations in Western Australia and in Turkey.