Biz News

Alcoa ends 50-year Adbri contract

Adbri subsidiary Cockburn Cement is expected to cut up to 50 jobs after Alcoa of Australia did not renew its contract to purchase about $70 million of lime each year.

South Australia-based Adbri said it was too early to assess the full financial impact of the loss of the contract, which was due to expire on June 30 next year.

However, between 40 and 50 Cockburn Cement jobs including contractors are likely to be affected.

Adbri chief executive Nick Miller said the group had supplied lime product to Alcoa for almost 50 years.

“We are disappointed with Alcoa’s decision to displace locally manufacture product with imports from multiple sources,” Mr Miller said in an ASX announcement.

“We will work quickly to mitigate the impact on local jobs supporting our lime business and we remain committed to supplying our WA resources sector customers.”

Adbri, formerly known as Adelaide Brighton, recently

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Ora Banda to raise $55m for Davyhurst gold

Gold developer Ora Banda Mining has launched a $55 million equity raising following the completion of a definitive feasibility study (DFS) at its flagship Davyhurst project in Western Australia’s Eastern Goldfields. 

The raising comprises of a two-tranche placement of up to 174 million new shares equating to about $40m, as well as the issue of about 66 million new shares in a 1-for-9 underwritten entitlement offer for a further $15m. 

All new shares under the offer will be issued at a price of 23 cents per share, representing a 9.8 per cent discount to the last traded price of 25.5 cents on 2 July this year. 

The Perth-based company said the proceeds of the capital raise would be utilised for the final-phase development and recommencement of the mine; including the kick-start of the previously shuttered 1.2 million tonnes per annum (mtpa) processing plant, associated site infrastructure and accommodation, as well

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