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Northern Star continues acquisition spree with new buy

NORTHERN Star Resources has announced it will buy the Jundee underground gold mine in Western Australia from Newmont Mining for $A82.5 million cash.

Attempts to revive the mine worker underground failed after he was found collapsed.

The company said the latest acquisition would propel it from the fifth-largest gold producer on the Australian Securities Exchange in the 2015 financial year to the second-biggest behind market leader Newcrest Mining.

Today's acquisition follows the $25 million purchase of the Plutonic mine and the $75 million deal to buy the Kanowna Belle and Kundana mines, all from Barrick Gold.

Jundee, 570km north of Kalgoorlie, will be the largest producer in Northern Star's portfolio, delivering 279,000 ounces of gold in 2013 at an all-in sustaining cost of around $930 an ounce.

"Jundee is a tier-one asset in the Australian gold mining industry by any measure," Northern Star managing director Bill Beament said.

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BHP announces Nickel West review

BHP Billiton has announced a formal review of the long-term future of the Nickel West business, which was already rumoured to be up for sale..

In a brief statement, the company said it was reviewing all options, including the potential sale of all or parts of the business.

It comes after operations in the sub-level cave at the Perseverance underground mine were suspended in December due to safety concerns.

"Nickel West is one of the world's leading nickel producers," Nickel West asset president Paul Harvey said.

"Our reputation is proudly built on the commitment and calibre of our people and the support of our communities and stakeholders.

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Boganaire back with $150M acquisition

MINING magnate Nathan Tinkler is hoping his ability to pick up coal assets from major companies at the bottom of the cycle will re-establish him in the Australian coal industry - after buying the Wilkie Creek thermal coal mine from Peabody Energy in a $US150 million ($A159 million) deal.

His Singapore-based Bentley Resources has picked up the Surat Basin mine for approximately $70 million in cash, and the assumption of rail-port obligations and other liabilities.

The mine, which was closed by Peabody and put off 200 workers, is a clean slate for Tinkler to squeeze as many tonnes out of the operation using a keen local workforce and then waiting for the coal price to lift from the doldrums and an expected depreciation of the Australian dollar.

On top of the $70 million cash, Tinkler will have to be responsible for other charges, including $34.5 million for potential port and rail contractual liabilities, $21.1 million for the acceleration in the timing of asset retirement obligations and $4.8 million for other charges.

Tinkler reportedly told the Financial Times: "I think we are at the bottom of the cycle, but whether we are at the bottom or not I'm certain this is the ‘value' part of the cycle.

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Portfolio simplification a priority: Mackenzie

A DEMERGER is still on the cards for BHP Billiton, CEO Andrew Mackenzie has signalled in a speech overnight.

A media report last month suggested BHP was considering a spin-off of its non-core assets, with the company confirming it was looking at "simplification", which included "structural options"

"The case for continued simplification of our portfolio is compelling, and this remains a priority," Mackenzie told the Bank of America Merrill Lynch Metals, Mining & Steel Conference in Miami overnight.

"In the last two years we have completed $US6.5 billion of divestments at attractive valuations.

"We continue to study the next phase of simplification, including structural options, but no decisions have been made.

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Budget aims to support mining

THE federal budget unveiled last night has reaffirmed the government's commitment to end the carbon and mining taxes while making major program cuts.

Treasurer Joe Hockey said that on the back of five budget deficits, the move into surplus over time would start with the abolishment of $A845 million in industry assistance programs.

"We will refocus our effort on innovation and self-reliance," he said.

"Business should stand or fall on their ability to produce the goods and services that people actually want.

"To improve business opportunities, we are cutting company tax by 1.5 percentage points for around 800,000 businesses.

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