01/03/2013 - 11:17

MinRes moves into top 100 companies

01/03/2013 - 11:17

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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.

MinRes joins representatives from WA that include heavyweight energy companies Woodside Petroleum, Fortescue Metals Group and Atlas Iron as well as the expansive Wesfarmers and Seven West Media.

WA-based Aurora Oil and Gas and gold miner Regis Resources both entered the premier Australian indices in 2012 joining Iluka Resources and engineering group Monadelphous.

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.  

In other changes to the indices, Gindalbie Metals and Saracen Minerals Holdings fell out of the ASX200, as did Gryphon Minerals.

A host of WA-based companies were elevated into the S&P/ASX300, including Automotive Holdings Group, Amcom Telecommunications, Sirius Resources, Clough, BC Iron and Central Petroleum.

Aquarius Platinum, Noble Mineral Resources, Tanami Gold, Samson Oil and Gas and South Boulder mines were all dropped from the top 300 companies.

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