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 as future exploration within the 112 tenement, 1,336sqkm project area.

Davyhurst, which includes Mt Ida, contains a total mineral resource of 23.7 million tonnes at 2.8 grams per tonne for 2.1 million ounces of contained gold.

Ora Banda managing director David Quinlivan said the capital raising was a significant step

Govt approves Rs 574 crore annual plan for national highway works in J&K


The central government has approved an annual plan worth Rs 574.16 crore for works in for 2020-21, an official spokesperson said on Saturday.

The major works incorporated in the approved annual plan included construction of 3.23 km three fly-overs in Srinagar on NH-44 (Jammu-Srinagar highway) at Bemina, Sanatnagar and Nowgam with Rs 220.68 crore, the spokesman said.

Quoting a communication from the Centre, he said the Union Ministry of Road Transport and Highways has asked for preparation of estimates for the proposed works in the approved annual plan, incorporating the technical parameters and designs as per IRC codal provisions or latest circulars of the ministry, and submission to it for consideration.

The other works incorporated in the approved annual plan included expressway, four laning, construction of 6 km 3rd bypass on NH-444 Shopian bypass with Rs 120 crore, and construction of 13.60 km bypasses in Pulwama and Kulgam with Rs 62.98 crore, the spokesperson said.

NLC India boiler explosion: Director Power asked to go on leave immediately


The government on Saturday said NLC India’s Director, has been asked to immediately proceed on leave till the finalisation of the enquiry into the of the boiler at thermal plant.

A boiler exploded at NLC India’s thermal plant in killing six people and leaving 17 others injured on Wednesday and it has been shut for safety audit.

“Director (Power), NLCIL has been asked to proceed on leave immediately till the finalisation of the enquiry,” the coal ministry said in a statement.

“Subsequent to a boiler in the Unit V of thermal station-II (TPS) of NLCIL on July 1, which resulted in loss of lives, a high level enquiry headed by P K Mohapatra, Retired Director (Technical), NTPC has been ordered to look into the cause of the accident,” the statement said.

An internal enquiry committee headed by a director level officer has also been constituted to inquire into it.

The unit head of TPS-II has been placed under suspension and all the other four units of 210 MW each of thermal power station-II Stage -II have been shut

Polish President Speaks Out Against Same-sex Couple Adoptions


Poland’s President Andrzej Duda, who is running for re-election in the conservative, Catholic EU member, on Saturday said he wanted the constitution to explicitly forbid the adoption of children by same-sex couples.

He said he planned to propose a constitutional amendment on Monday.

The announcement marked the head of state’s latest reference to gay rights in the electoral campaign, after he stoked controversy by likening “LGBT ideology” to communism before the first round of the vote last month.

“In Poland’s constitution, it should be explicitly stated that anyone in a same-sex relationship is forbidden from adopting a child,” Duda said at a campaign event in the southern town of Szczawno-Zdroj.

“To ensure the safety of the child and a proper upbringing, for the Polish state to safeguard the rights of children… I believe such an entry should exist,” he added.

Duda, who is from the governing nationalist Law and Justice (PiS) party, said he would sign a presidential draft amendment to the constitution on the matter on Monday and submit it to parliament.

The incumbent and his rival in the run-off next weekend, centrist Warsaw mayor Rafal Trzaskowski, are currently polling neck to neck, with opinion surveys divided as to

Aust market finishes week up 2.6pc


Australian shares have finished higher for a fourth straight day, in a mostly quiet session that served as a break from recent extreme volatility.

The benchmark S&P/ASX200 index finished Friday up 25.2 points, or 0.42 per cent, at 6,057.9 points, while the All Ordinaries index gained 21.4 points, or 0.35 per cent, at 6,163.7.

“A little uneventful, a relatively quiet day,” said CommSec market analyst James Tao.

“Of course there is the US public holiday, the Fourth of July, which takes a little bit out of our market today,” Mr Tao said.

Wall Street, where the S&P 500 rose 0.4 per cent overnight, won’t resume trading until Monday.

For the week the ASX200 closed up 153.8 points, or 2.6 per cent, with Monday’s losses followed by four days of gains.

The index has only had four losing sessions in the past three weeks.

Energy, industrials and property collectively declined, while health care and telecom shares led gainers, both collectively rising over two per cent. 

CSL rose 2.7 per cent to $297.46 and Cochlear advanced 5.9 per cent to a three-month high of $204 after announcing the US Food and Drug Administration had approved four new hearing implant products for US

Covid-19 impact: Direct tax refunds down 16% to Rs 64,428 crore in Q1


refunds fell 16 per cent in the first quarter of the current fiscal year (Q1FY21), despite the government having fast-tracked the process. Refunds, or cash outflow from the income tax department, stood at Rs 64,428 crore at the end of June 2020, compared to Rs 76,575 crore at end-June 2019.

Tax officials have attributed the decline to slim attendance (caused by the lockdown), which, according to them, led to a delay in clearance of large refunds that require officers’ approval. To fight the economic fallout of Covid, the government had expedited refunds of up to Rs 5 lakh. The Central Board of Direct Taxes (CBDT), in a statement on Friday, said tax refunds had been issued at a speed of 76 cases per minute between April 8 and June 30. “During this period, the CBDT issued refunds amounting to more than Rs 62,361 crore.”

refunds stood at Rs 40,482 crore, while income tax refunds stood at Rs 23,828 crore in Q1FY21.

“Taxpayers are experiencing this facet of the I-T department, which is not just taxpayer-friendly but also one of a facilitator providing liquidity in such

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