Kalgoorlie Braces For Influx Of The Flush
Sydney Morning Herald
Monday August 6, 2007
BOOM times will be celebrated once again by a record number of delegates at the annual Diggers and Dealers mining conference in Kalgoorlie this week.
"The WA mining boom is unprecedented," Deloitte Perth office managing partner Keith Jones said. "The [share price] growth in the last 12 months has eclipsed the year before." The value of WA mining companies increased 133 per cent in the year ended June 30, compared to a 90 per cent growth rate the year before, according to a Deloitte index published today to coincide with the start of the mining conference. "I can't see any decline evident in the demand for products," Mr Jones said.This morning gold "bull" Pierre Lasonde, the vice-chairman of Newmont Mining, will officially open the conference in front of 1700 delegates. In its early days Diggers focused primarily on gold, but it has since broadened to other metals, even including iron ore. Top draws this year will include presentations from famous mining entrepreneurs like Ivanhoe Mines chairman Robert Friedland and Fortescue Metals chief executive Andrew Forrest. The industry's biggest global players, such as BHP Billiton, Rio Tinto and Xstrata, won't be making presentations at the conference. But delegates are looking to hear more about some exciting Australian finds owned by international miners Teck Cominco and AngloGold Ashanti. Teck owns the Carrapateena project in South Australia, which this year reported a spectacular drill intersection of 905 metres at a grade of 2.1 per cent copper and 1 gram per tonne of gold.AngloGold and its joint venture partner, Perth nickel miner Independence Group, own the Tropicana gold project in WA, which is believed to be one of the top Australian gold discoveries in recent years. Both will make presentations and hopefully provide more details ahead of the release of a resource statement. Mining industry veteran Michael Kiernan has been awarded a prized speaking slot for his gold company, Monarch Gold. But he is likely to make more waves in his role as chairman of Territory Resources, which is expected to unveil an improved cash-and-scrip offer for his old employer, Consolidated Minerals, during the conference. ConsMin's current managing director, Rod Baxter, has also been granted a speaking slot. And while many will give presentations discussing their digging activities, others will use the conference as an opportunity to cut deals, in between drinks at Kalgoorlie's historic hotels.
© 2007 Sydney Morning Herald
