10/08/2004 - 22:00

Agincourt achieves 10-fold growth

10/08/2004 - 22:00


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Agincourt achieves 10-fold growth

In little more than six months, Agincourt Resources has increased its share price almost 10 fold. 

Since listing at an issue price of 20 cents in December 2003, Agincourt’s share price has climbed steadily to $1.97.

Its price was sitting about $1.90 as WA Business News went to press.

Agincourt was one of the most talked about stocks at last month’s international mining forum Diggers and Dealers in Kalgoorlie.

Its strong management team and its ability to grow reserves at its Wiluna goldmine, which it bought from Newmont Australia, are being touted as the reasons behind its dramatic share price increase.

Agincourt director Tim Sugden acknowledged the company’s market recognition, saying successful exploration had been the key to growing shareholder wealth.

“The overall impact is we doubled our reserves since December and we are probably going to be adding significantly more reserves in the next six months,” he said.

Mr Sugden said retaining the skills of the previous Newmont Australia mine had been a determinant factor.

“It’s not just the discovery and the addition to reserves we are managing to make,” Mr Sugden said.

“It’s putting those new ore sources into a business plan that optimises the profitability and margins that you can generate from the Wiluna operation in a way that probably hasn’t happened at Wiluna for many years.”

Mr Sugden said while other commodities, including nickel and copper, as well as synergies with other companies were ways to add share holder value, maintaining the company’s focus on Wiluna and the adjacent tenements would take up a large percentage of the business effort.

“We have fantastic opportunities on our own doorstep,” Mr Sugden said,

“We have robust explorations budgets that allow us to explore excellent targets both in and around the mine, so right now we are certain the best way to generate shareholder value is to explore excellent prospects that are on our own ground.”


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