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‘Oakajee' back on the table

PADBURY Mining has pulled off a coup by securing the $US6.47 billion ($A6.9 billion) it needs to revive the Oakajee port and rail project, sending its shares up by as much as 160%.

The Australian investors backing the project in Western Australia's Mid West region were unnamed.

The "private Australian equity investors" will take a 64% stake in Padbury's subsidiary Midwest Infrastructure (MWI), owner of the intellectual property of Yilgarn Infrastructure, which bid to build the project in 2008.

Padbury will retain 36% of the company and can claw back to 49% once the private investment has been returned.

The first tranche of $470 million will pay for the update of the prefeasibility study, the completion of design and construct specifications and the beginning of early civil works over the next nine months.

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Kin picks up Navigator project

MARKET newcomer Kin Mining has signed a deal with the administrators of Navigator Resources to acquire the 745,000-ounce Leonora gold project.

Under the agreement, Kin will acquire a Navigator subsidiary for $A2.7 million in cash, including a $200,000 deposit on completion of due diligence.

Conditions of the deal include the completion of due diligence within 21 days, Kin raising at least $5 million and obtaining shareholder approval, and the signing of a formal share purchase agreement.

Kin's current projects are in the Leonora area and it said the acquisition complemented its existing ground.

The Leonora gold project comprises the Mertondale, Cardinia, Raeside and Gambier Lass deposits, which have combined resources of 745,000 ounces at 1.9 grams per tonne gold, using a 0.7gpt cut-off.

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CFMEU agrees to WA pay slash

THE Construction, Forestry, Mining and Energy Union has agreed to cut its Western Australian members' wage by 20% to reflect current market conditions.

The pay cut was signed off as part of the CFMEU's new draft enterprise bargaining agreement obtained by The Australian Financial Review.

According to the paper, the EBA would offer employers reduced wage rates and cuts to redundancy, union training levy and income protection contributions.

Master Builders Association of WA industrial spokesman Kim Richardson reportedly said the draft EBA recognised the "reality" of the market conditions.

"It's an unusual position for the CFMEU to make a concession," Richardson told the paper.

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St Barbara confirms Gold Ridge closure

ST BARBARA has emerged from a trading halt with shares down as much as 10% on news the miner is suspending operations at its Gold Ridge operation in the Solomon Islands.

The company did not specify the duration of the closure, which follows a precautionary decision announced on Thursday involving the closure of the open pits and stoppage of processing.

St Barbara said security risks had escalated rapidly to an unacceptable level over the weekend, with 100mm of rain having fallen in the four days to April 4.

The extreme rainfall last week developed into Tropical Cyclone Ita and was reported to have accounted for 500mm of rain in one 24-hour period.

"The ensuing flooding caused significant damage to main roads, including the only access road to the mine and one key bridge," St Barbara said in a statement today.

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Synthetic drug use rife in Australian mines

MINE workers across Australia are being caught with synthetic drugs in their system, with a detection firm finding they were three times more likely to test positive than any other sector.

Oil and gas and coal miners have been the biggest culprits, according to the Drug Detection Agency.

The increasing popularity of synthetic drugs, particularly cannabis, has prompted Crime Stoppers Queensland to launch its Synthetic Drugs: Real Damage campaign.

The DDA recorded at least 420 "non-negative" results as it tested 12,760 workers last year.

The resource industry's random and compulsory drug testing is believed to have deterred many from taking the substance.

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