Latest news with #WesternAustralian
West Australian
2 days ago
- Business
- West Australian
Aurumin gives nod to Brightstar merger for Sandstone gold consolidation
A compelling link-up between Aurumin Limited and Brightstar Resources will see the consolidation of their respective Sandstone gold assets into a major gold resource, about 520 kilometres northeast of Perth in Western Australia's Goldfields region. Both companies announced today that they have entered a scheme implementation deed, under which Aurumin will propose a scheme of arrangement between the company and its shareholders. The scheme will pave the way for a scrip-based deal enabling Brightstar to acquire Aurumin via one Brightstar share for every four Aurumin shares. The scheme consideration implies a value of 12 cents per Aurumin share, based on a 48c price per Brightstar share. The 48c share price is based on binding commitments Brightstar has received to raise $50 million before costs from a placement priced at the 48c level to fast-track the company's growth plans across its impressive gold portfolio. Notably, the placement is not conditional on completion of the share scheme. A value of 12c per Aurumin share represents a 21 per cent premium to its 9.9c closing price last Friday, July 17, and a 20 per cent premium to the company's share price of 10c on June 27, when the initial joint announcement revealed merger discussions between the two firms. Additionally, the 12c share price is a 27 per cent jump above Aurumin's 30-day volume-weighted average price of 9.4c. The scheme consideration also implies an equity value of $60 million for Aurumin and an enterprise value of $62 per gold ounce, based on the company's mineral resource of 950,000 ounces grading 1.5 grams per tonne (g/t) gold. Aurumin's board hold 16 per cent of Aurumin's issued shares and has unanimously recommended the share scheme. All the company directors intend to vote in favour of the scheme, in the absence of a superior proposal and subject to an independent expert concluding the share scheme is in the best interest of Aurumin shareholders. Brightstar Resources managing director Alex Rovira said: 'This is a compelling transaction for all stakeholders, and we believe that combining Aurumin and Brightstar represents a unique opportunity to build a Western Australian gold business of genuine scale with demonstrable upside that also de-risks future development activities and operations at Sandstone.' Bringing the two companies' adjacent tenement portfolios under one roof would eliminate the ownership fragmentation that has long frustrated development in the Sandstone district. The result would provide for a single gold development opportunity on granted mining leases with scale, grade and location, enabling the project to fast-track into production. Brightstar would deliver gold-rich assets such as its Lord Nelson and Lord Henry deposits, and the Vanguard and Indomitable Camps, to the merger. The company's global resource sits within 13 deposits and totals 1.553 million ounces running at 1.5g/t gold. Aurumin would contribute its Two Mile Hill underground resource and its 570,000 ounces, in addition to a suite of shallow open pit opportunities, including Shillington and Plum Pudding. Aurumin also holds an important asset with its dormant 500,000 tonne-per-annum carbon-in-leach plant. While it hasn't been fired up for a few years, the facility is fully licensed and has permitted tailings storage, a water bore field and an on-site camp. Even better, it sits on freehold land, 12km from the Sandstone township. Notably, nearly all the resources from both companies sit on granted mining leases, providing a solid foundation for mine planning and permitting. If the scheme proceeds to completion, Brightstar will move up the ranks of WA's current crop of developers and producers. It will hold an impressive, combined mineral resource of 2.4M ounces of gold at 1.5g/t from the combined Sandstone assets and a hefty mineral resource of 3.9M gold ounces across its Sandstone, Laverton and Menzies projects. Upon receiving the placement proceeds of $50 million, Brightstar will be sitting on a $63 million mountain of cash. It will control a strategic 1600 square kilometre patch of ground in Sandstone, enabling the company to establish a district-scale open pit development opportunity. It plans to unveil a preliminary feasibility study on the consolidated asset base in the first half of next year. After completion of the scheme, Brightstar shareholders will comprise about 82 per cent of the merged entity, with Aurumin shareholders accounting for the remaining 18 per cent. Aurumin shareholders are expected to benefit from more exposure to Brightstar's WA gold projects, share ownership in a larger WA-based gold company that may offer enhanced trading liquidity and a possible positive market re-rating, along with a potentially shorter timeframe to develop its Central Sandstone project. The Sandstone region has always been considered highly prospective for a major gold mining operation - this time that expectation might be realised. Is your ASX-listed company doing something interesting? Contact:
Time of India
3 days ago
- Business
- Time of India
Retreat not an option: Entire town may collapse as erosion devours Western Australia coast
The coastal community of Lancelin, which was once a thriving fishing village and tourism hotspot 125 kilometers north of Perth but is now staring down a catastrophic environmental collapse. Aggressive coastal erosion has stripped more than 25 metres of land in just 12 months, leaving homes, businesses, and critical infrastructure hanging by a thread. Explore courses from Top Institutes in Select a Course Category Locals say over 10 metres of shoreline has disappeared since May alone, and a popular beachfront lookout is now set to be demolished within days due to imminent safety risks. The crisis has left residents reeling and demanding immediate intervention from the Western Australian Government , as the erosion threatens to wipe the town off the map. 'Without immediate intervention, the safety of the foreshore and the integrity of essential coastal infrastructure remain at serious risk,' said Glen Trebilcock, owner of the Lancelin Sands Hotel and the face of a growing grassroots campaign to save the town. Trevilcock has launched a petition now signed by over 900 residents, urging the state to deliver emergency funding and deploy technical experts to help shore up what's left of the crumbling coastline. Live Events 'Retreat is not an option' Residents have made one thing clear that relocation is off the table. 'We strongly believe that a retreat is not a viable solution,' Trebilcock told CNN. 'We've lost our beach. We're losing our economy. Now we're losing our town.' The petition has been submitted to the WA Legislative Council, citing the limited capacity of the Shire of Gingin , which governs Lancelin. With just 6,000 ratepayers and a vast stretch of coastline to protect, the small regional government says it is powerless without state support. 'We're not asking for millions of dollars,' said Shire President Linda Balcombe. 'We're just asking for a little bit of financial assistance to address this emergency before it's too late.' Balcombe says she's personally reached out to Deputy Premier Rita Saffioti, but weeks later, the shire has yet to receive a formal response. The erosion has had a crippling economic ripple effect. Tourism, a lifeline for many small businesses, is drying up. According to Trebilcock, six daily tour groups have ceased visiting, and several visitors have canceled bookings citing safety concerns. 'The lookout is about to collapse. That was one of our main attractions,' Trebilcock said. 'Now it's being demolished. The message that send? Stay away.' Government response In a statement to 7News, the WA Government said it is 'aware of the issues and is actively looking at options to assist.' However, locals say words are not enough. They want action, funding, and an immediate deployment of engineers to evaluate and secure the coastline before the damage becomes irreversible. 'This is not a slow-moving issue,' Balcombe warned. 'It's happening now, every week, every storm, we lose more land.' FAQs Where is Lancelin? Lancelin is a coastal town located 125km north of Perth, Western Australia. What's happening? The town is experiencing unprecedented coastal erosion, and over 25 metres of shoreline have been lost in one year. What are the risks? Homes, roads, and key infrastructure are now dangerously close to collapse. A seaside lookout is scheduled for demolition. Is the government responding? The WA Government says it's exploring options, but residents and local officials are demanding urgent action.
7NEWS
3 days ago
- 7NEWS
Perth man Michael Shane Caola found dead in Thailand apartment hours after Swedish man dies in same building
A Western Australian man has been found dead in a Thailand apartment, just two hours after a Swedish man died in the same building. Michael Shane Caola, a 54-year-old from Perth, was found face-down in a pool of blood in a seventh-floor room at the Grand Shivalay apartment in Pattaya about 4pm on Thursday. Upon arrival, police found broken glass and scattered pill bottles across the room, while the rubbish bin was filled with discarded medication containers and a scalp vein set box. Caola had a cut on his left elbow from the broken glass, but police said there were no immediate signs of a struggle, local media reported. The alarm was raised by Caola's relatives, who contacted the apartment manager, Thanchanok Prajit, after being unable to reach him by phone for two days. When Prajit checked the room, she found it locked from the inside, with a foul odour coming from within. She then unlocked the door and called the police. Prajit said Caola is a frequent customer and was often seen exercising. According to Caola's social media, he was a regular visitor to Thailand, often travelling with a woman believed to be his wife, Phatsaya Caola, who is thought to be Thai. The most recent post showing the pair in Pattaya was shared in January. An earlier post from December 15 showed Caola writing, 'Pattaya here we come again,' alongside a photo with Phatsaya. The couple have appeared in photos taken in Thailand dating back nearly a decade. Phatsaya posted a photo of the two on Facebook on Friday, writing: 'R.I.P Michael Shane,' accompanied by crying emojis. Police said the cause of Caola's death is still unknown, pending the autopsy results. A spokesperson for the Department of Foreign Affairs and Trade said the department is providing consular assistance to the family of the Australian who died in Thailand. 'We send our deepest condolences to the family at this difficult time,' the spokesperson said. 'Owing to our privacy obligations we are unable to provide further comment.' Two hours before Caola's death was discovered, a Swedish national was found dead in a room two floors below in the same building. Mika Huotari, 38, was found naked in a bathtub with a head wound after a woman was seen leaving the room with a bag. Police Lieutenant Colonel Saijai Kamjulla of the Pattaya City Police Station acknowledged the coincidence of the two deaths but said there was 'no established link' between them. 'Since they occurred in the same building within a short time frame, we're not ruling out any possibilities and will continue to investigate,' he said. Pattaya is a Thai coastal city long popular with tourists for its beaches and nightlife, including its adult entertainment scene.
Perth Now
5 days ago
- Entertainment
- Perth Now
Celebrate the thrill of the Avon Descent
Each year, the Lotterywest Avon Descent Festival brings the banks of the rivers to life with a series of vibrant, family-friendly events. These community celebrations shine a spotlight on local culture, creativity, and the simple joy of being outdoors with friends, family, and neighbours. The Avon and Swan Rivers come alive with the energy and excitement of the Avon Descent — Western Australia's iconic white-water race that brings together participants from across the country. Spanning two action-packed days, the race sees kayakers, surf skiers and powerboats take on the winding waterways in a true test of skill, endurance and grit. But it's not just about the race. Held in partnership with the Shire of Northam, City of Swan, City of Bayswater, Eastern Metropolitan Regional Council (EMRC) and Lotterywest, the festivals offer something for everyone — whether you're there to support a competitor, soak up the atmosphere, or simply enjoy a great day out. To celebrate the race and provide opportunities for local engagement, each of the participating local governments hosts a festival in their respective region. These events are designed to bring communities together and highlight local culture, businesses and recreation. The festivals will include features such as: Live music and entertainment Food trucks and market stalls Children's activities and family-friendly areas Displays showcasing local arts, crafts and culture Browse handmade goods by WA artisans, experience the Winter Wonderland at the City of Swan Avon Descent Festival, and enjoy roving performances at the City of Bayswater Finish Line Festival, and dive into rich cultural diversity at the Northam Bilya Festival alongside all things Carnival. The events aim to encourage outdoor participation, support small businesses and foster a thriving community in the areas. Each festival is free to attend and welcomes both residents and visitors. These festivals are supported by Lotterywest, which provides funding to assist local governments in delivering accessible, inclusive community events. Northam Bilya Festival Friday, 8 August | 4:00 pm – 9:00 pm Bernard Park, Minson Avenue, Northam City of Swan Avon Descent Festival Sunday, 10 August | 10:00 am – 3:00 pm Lilac Hill Park, Caversham City of Bayswater Finish Line Festival Sunday, 10 August | 11:00 am – 5:00 pm Riverside Gardens, Milne Street, Bayswater Lotterywest celebrated record-breaking returns to the Western Australian community in 2023-24, with more than $1 billion provided in grants and lottery prizes. As the only State Government owned and operated lottery in Australia where all the profits are returned to the community, Lotterywest is committed to supporting Western Australian community groups. For more details and updates, visit the website.
Perth Now
6 days ago
- Entertainment
- Perth Now
Billy Brownless shares cheeky naked snap from Broome
AFL legend Billy Brownless is clearly enjoying his Western Australian anniversary trip, with his latest Instagram post showing a whole new side to the star. The Geelong alum, 58, and his partner Crystle Fleur, 52, are currently celebrating their one-year anniversary at Cable Beach Club Resort and Spa in Broome. The duo has been regularly sharing pictures of their time together, however Brownless' last post showed off a little more than just the tourist sights – the photo showed him completely naked inside a pool. If you'd like to view this content, please adjust your . To find out more about how we use cookies, please see our Cookie Guide. Billy wasn't afraid to poke some fun at his risqué share in the post's caption. 'Some call it 'skinny dipping', I like to call it 'fat dipping''. Friends and family of the I'm a Celebrity contestant were quick to comment on the out-of-character post. 'It was nice seeing you yesterday, I'm glad you had some clothes on,' AFL WAG Bec Judd joked. 'The reverse angle is a Nirvana cover,' former AFL star Dale Thomas quipped, referring to the band's 1991 album Nevermind. Even Brownless' daughter Ruby hopped into the comments to playfully roast her dad's overshare. 'Wow it gets worse,' she said about her dad's nude share. Some commenters tagged Brownless' partner Crystle encouraging her to curtail his posts, but she quickly replied that 'he's out of control'. The pair made headlines earlier in the month after marking their first anniversary, with an Instagram post being flooded by trolls sharing their opinions on the couple.
