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Deloitte: Gold shines in Q3
October 26, 2012
By Rob Starr, Content Manager, Big4.com
Australia’s top 25 ASX-listed mining companies experienced an increase in their collective value of $4.4 billion in the September quarter, increasing to approximately $367 billion up from $362 billion at the end of June.
Deloitte’s National Mining Leader, Stephen Reid commented:
“Given how heavily weighted the industry is towards iron ore production, it’s not surprising that the recent impact of uncertainty surrounding China’s future demand on the value of Australia’s iron ore producers has had such a significant impact on the overall value of top 25,” he said. “If pure iron ore producers were removed from the top 25, the collective value of the remaining companies increased by around $9 billion.”
Reid went on to say that gold producer St Barbara was the best performer during this period, moving up 15 places to join the top 25 by the end of September, while Newcrest’s market capitalisation grew by as much as Fortescue’s fell during the quarter. Investors’ appetite for gold was seen in the other new entrants to the top 25, West and East African-based Resolute Mining and the Philippines-based Medusa Mining.