Best of the resources sector awarded

RESOURCESTOCKS magazine has named its best performers in the Australian resources sector for 2008 in its Best of the Best Awards.

Best IPO of the Year went to Bathurst Resources, which listed just before Christmas 2007 with a 20 per cent stake in a base metals project at Mount Clifford, northwest of Leonora, and a right to increase their shareholding to 75 percent.

In July 2008 the West Perth-based company acquired C & R Holding of East Kentucky, in the US, giving Bathurst two operating thermal coal mines.

From an issue price of 20 cents, Bathurst has managed to keep itself in positive territory while many have struggled.

A total of 25 IPOs had been completed by the end of September this year, including six in the month of September as compared to 73 at the same time in 2007.

Best Explorer of the Year went to Integra Mining which has continued to enhance its operation at its Aldiss-Randalls Gold project near Kalgoorlie in the face of a volatile gold market.

The company's discovery of a gold deposit at Salt Creek has raised the prospect of an even more extensive gold trend.

Exploration is the key to success for many junior Australian companies and the future of the resource sector, however in the current economic environment, exploration expenditure can be a heavy financial burden for many small companies.

Best Producer of the Year was Queensland Gas Company as Australia's leading coal seam gas producer thanks to its Surat Basin reserves which are expected to supply about 20% of Queensland's domestic gas market in 2009.

The company's production almost doubled in the 2007-08 financial year and profit from operating activities before costs increased 543% from $4.9 million to $31.5 million and total revenue for the company increased by 135% to $81.1 million in only its second full year as a producer.

Fortescue Metals Group took out third place in the Best Producer of the Year category as it became the third major iron ore producer in the North West when it shipped its first ore this year, just five years after the company was formed.

Atlas Iron Limited managing director, David Flanagan took out the Best Executive of the Year and the Best Identity of the Year was fiercely contested between Cape Lambert Iron Ore's executive chairman, Tony Sage and FMG's chief executive officer, Andrew "Twiggy" Forrest.

Mr Sage just pipped Twiggy at the post and took the honours thanks to a strong display on a number of fronts.