Mirabela Nickel has launched a $120 million capital raising, to boost the company’s coffers after its stocks plunged to a near all-time lows due to tough conditions in the nickel market.
BHP Billiton has pledged its support for its aluminium and nickel businesses, after announcing plans to consolidate its Stainless Steel Materials and Aluminium business units into a single unit that will be based in Perth.
Mirabela Nickel has confirmed that it is considering launching a capital raising after its shares were halted from trade, following a 30 per cent plunge in value to a near all-time low.
Base metals miner Kagara is believed to have sold its Lounge Lizard nickel mine to Western Areas for as much as $80 million.
The project lies among Western Areas' existing nickel mines in the Forrestania region near Kambalda and is being mined for Kagara by the fellow Perth-based firm.
Nickel miner Mincor has capped a busy six months by nudging back into the black, reporting a $350,000 profit for the six months to December 31.
The rebound from the previous half year's $2.14 million loss came despite a drop in sales revenue to $62.44 million, from $80.38 million.
Nickel miner Western Areas says a recent rebound in nickel prices could boost its financial performance in the second half of the 2012 financial year.
Western Areas reported a 64-per-cent drop in first-half net profit, primarily due to lower commodity prices, it said.
Perth-based nickel explorer Corazon Mining has announced a $4.3 million capital raising to fund drilling programs at its Lynn Lake nickel sulphide project in Canada.
Western Areas managing director and co-founder Julian Hanna will step down at the end of January, capping off 12 years at the helm of the nickel miner.
Perth-based miner Kagara has begun talks with potential buyers of its nickel assets after its mining partner Western Areas indicated it was not interested in a purchase.
Western Areas last week rejected speculation it would buy Kagara's Lounge Lizard nickel mine in Western Australia.
Nickel miner Mincor says it is entering a new era of acquisitions and opportunities outside its home base of Kambalda after entering a $30 million joint venture covering a group of highly prospective gold and copper tenements in Papua New Guinea.
Mincor Resources says it may have to close its Otter Juan nickel mine in Kambalda a year before schedule after it was forced to reduce production due to a sudden deterioration in ground conditions in the lower-most levels of the mine.
Nickel miner Mincor Resources has posted it's second ever period in the red, with a $2.1 million first half net loss on the back of unexpected operational issues at its Kambalda mines.
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