Stocks of the Hour: Castillo Copper, TechGen Metals, Rincon Resources
A snapshot of the stocks on the move, featuring Castillo Copper (ASX:CCZ), TechGen Metals (ASX:TG1) and Rincon Resources (ASX:RCR).
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Rincon has interests in three highly prospective copper and gold projects in Western Australia, South Telfer, Laverton and Kiwirrkurra.
Each project has been subject to historical exploration which has identified major mineralised systems which Rincon intends on exploring in order to delineate copper and gold resources.
A snapshot of the stocks on the move, featuring Castillo Copper (ASX:CCZ), TechGen Metals (ASX:TG1) and Rincon Resources (ASX:RCR).
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A snapshot of the stocks on the move, featuring Rincon Resources (ASX:RCR), Battery Minerals (ASX:BAT) and St George Mining (ASX: SGQ).
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While many listed companies have rolled out charts showing a mountain of work available, the infrastructure boom may not be the gift to Australian contractors the market is assuming.
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Sydney-based engineering company RCR Tomlinson has collapsed after failing to find extra funding on top of the $100 million raised in August in the wake of a third solar power plant debacle.
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More problems ahead for troubled engineering group, RCR Tomlinson with the company winning an extension of the trading halt in its shares until next Tuesday.
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More problems in the engineering and contracting sector yesterday - RCR Tomlinson shares were suspended yesterday on fears about its earnings, while shareholders again sold off Lendlease shares for a second day.
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Now for the big test for RCR Tomlinson’s survival attempt – big shareholders have ponied up $70 million, which is enough to keep it alive, but retail shareholders are going to be asked to contribute another $30 million to the $100 million issue at $1 a share.
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RCR Tomlinson is seeking to raise $100 million in a deeply discounted offer to shareholders as it seeks to steady its finances after being forced to take $57 million in write downs and other costs on a Queensland solar energy project.
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RCR Tomlinson must be in a bad way as it battles to sought a problem contract that could cause material financial pain.
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Something nasty is about to befall engineering contractor and services group, RCR Tomlinson. The company’s shares were suspended at its own request this week until August 8 to allow it to do detailed work on an unidentified project that has gone bad.
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