Mining fuels 5.9% growth in Index

The rebound in Western Australia's mining sector has continued in June, helping to drive a 5.9% rise in the Deloitte WA Index.

The rebound in Western Australia’s mining sector has continued in June, helping to drive a 5.9% rise in the Deloitte WA Index.

The result continues the strong gains in the Index since February, including five consecutive months of growth to date in the market capitalisation of WA’s top 100 ASX-listed companies.

Deloitte Perth Managing Partner Keith Jones said the Index rose by $6.7 billion in June.

“This means the WA Index has climbed from a low of $72.4 billion in November 2008 to $118.6 billion at 30 June 2009,” Jones said.

According to Jones, the growth in the WA Index has again been primarily driven by the rebound in the mining sector, which increased by $4.6 billion in June.

Fortescue Metals Group and Mantra Resources made big strides in June, with the market capitalisation of each increasing by 44.7% and 41.5% respectively.

Fortescue Metals Group increased its market capitalisation by $3.6 billion in June following the announcement of a joint venture agreement with BC Iron to develop the Nullagine iron-ore project in WA.

Top mining performers in Deloitte WA Index (market capitalisation as at 30 June 2009)

Fortescue Metals Group (11,708.91)

Paladin Energy (3,073.83)

Equinox Minerals (2,084.10)

Aquarius Platinum (2,016.97)

Centamin Egypt (1,774.43)

To keep up to date with Australian Mining, subscribe to our free email newsletters delivered straight to your inbox. Click here.