Fresh from announcing plans to develop the Iron Valley mine in the Pilbara, Mineral Resources has become the eleventh Western Australian company in the S&P/ASX 100 Index.
S&P Dow Jones Indices announced MinRes’ elevation today, at the expense of Fairfax Media.
MinRes announced yesterday its plan to develop the Iron Valley mine to production in six months, in a mine gate sale agreement with the mine's owner, Iron Ore Holdings.
While Paladin Energy fell out of the top index in 2012 after its stock performed poorly.
Fellow WA firm Perseus Mining is expected to follow Paladin out of the indices following a big fall in market value.