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‘Playboy' CEO accused of embezzling funds

AN AUSTRALIAN mining company CEO has been accused of embezzling more than $US7 million ($A7.6 million) from the iron ore explorer he founded in London.

According to the New York Post, Aaron Thomas took millions from British company Oakmont Resources over three years from 2010, citing a lawsuit filed in the Manhattan Supreme Court on Monday.

Oakmont owns iron ore properties in Brazil and coincidently shares its name with, but has no connection to Oakmont Stratton, the infamous firm portrayed in the film, The Wolf of Wall Street.

"While Thomas has made some disclosures as to the whereabouts of the misappropriated funds, a sum of around [$2.5 million] remains unaccounted for," the suit stated.

The report said Thomas used the money to fund a lavish lifestyle, including private jets, a luxury yacht and a $171,000 Tiffany engagement ring for fiance Thaiana Rodrigues.

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Cassini surges on BHP buy

SHARES in Mike Young-chaired Cassini Resources more than quadrupled this morning after acquiring BHP Billiton's world-class Nebo-Babel nickel deposit in the Musgrave region of Western Australia.

The company's shares jumped 444% to a high of A26c.

Speaking to MiningNews.net this morning, Cassini managing director Richard Bevan was obviously pleased with the reaction to what he described as a company-making transaction.

"We've been working on the deal for a while and we thought it was a great deal - it's nice that the market thinks that as well," he said.

The company entered into an agreement with BHP to acquire 100% of its West Musgrave project, comprising the Nebo-Babel nickel-copper sulphide deposit and Succoth copper prospect.

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BHP still likely to divest assets: Macquarie

BHP Billiton will have to sell off some of its assets before forming a spin-off company, according to Macquarie Private Wealth.

Yesterday, in response to speculation, BHP said it was looking at structural options relating to the ongoing simplification of its portfolio, indicating that a demerger was a possibility.

"For a company that chooses its language carefully, this strengthening terminology appears to support the idea of growing momentum and growing determination behind a potential spin-off," Macquarie said in a research note.

CEO Andrew Mackenzie has pushed his message of the "four pillars" - being iron ore, copper, coal and petroleum - since taking over last May.

Potash has been earmarked as a potential fifth pillar but it leaves the aluminium, manganese and nickel assets out in the cold.

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Davis officially on the hunt

MICK Davis's X2 Resources has secured up to $US3.75 billion ($A4 billion) from five investors to create a new mid-tier diversified mining and metals group.

X2 secured $2.5 billion of committed equity capital funding and up to a further $1.25 billion of conditional equity capital funding from a group referred to as the "Club Investors"

The Club Investors, which have contributed in equal amounts, comprise Singapore's Noble Group, private firm TPG Capital sovereign wealth and pension fund investors.

Noble and TPG first confirmed an investment in X2 last year.

The committed equity capital is available for immediate drawdown and will be used to finance the creation of a new mid-tier diversified mining and metals group.

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Barminco bolsters management

UNDERGROUND mining contractor Barminco has made three senior appointments.

Former Breakaway Resources managing director and mining engineer Victor Rajasooriar has been appointed as chief operating officer.

Louis Mostert has joined Barminco as general counsel and company secretary.

He was most recently general counsel for London-listed AMEC and previously with GRD until its takeover by AMEC.

Former Seven West Media general manager of finance Michael Ellis has been appointed as financial controller.

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