Diggers & Dealers: Who’s making the big reveals on Day 1 of Australia’s biggest mining show?
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Ahoy, punters! Today the annual Diggers and Dealers mining forum kicks off and Deloitte has released the ‘Deloitte WA Index: Special Edition’ to mark the occasion.
The value of WA-based listed companies has been on a tear, Deloitte says, with the WA Index remaining above $190bn ($190.9bn) for only the second time since May 2011.
It comes off the back of two years of spectacular growth — 13.5 per cent and 26.8 per cent in 2017 and 2018, respectively.
And even adjusting for the impact of the $17bn demerger of Coles from the Wesfarmers group in November 2018, WA Index growth outstripped the All Ordinaries, 7.5 per cent to 6.5 per cent.
At Diggers, Deloitte will also recognise the top three movers in the WA Index top 20, in terms of market cap growth, for the year ended 30 June 2019. They are:
But in terms of market cap growth over the same period, these three small cap explorers are the ones to beat, says Deloitte.
High grade explorer Bellevue Gold (ASX:BGL) was up 417 per cent, from $68m to $351m;
Lithium darling Liontown Resources (ASX:LTR) jumped 396 per cent, from $31m to $153m;
And advanced graphite play Walkabout Resources (ASX:WKT) soared 234 per cent, from $40m to $135m.
Unfortunately for Barrick, Bellevue has now defined 1.8moz grading 11.1 grams per tonne (g/t) gold in less than 18 months — making it one of the fastest and highest-grade gold discoveries in the world.
The ‘for sale’ sign is now officially gone. It’s not at all coincidental that nickel has major part to play in lithium-ion battery markets going forward. Perhaps we’ll hear more about that today.