WA resources bounce back

The latest Deloitte WA Index has found WA resource companies have rebounded strongly after a difficult 12 months.

Western Australian (WA) resource companies have rebounded strongly after a difficult 12 months, according to the latest Deloitte WA Index.

Deloitte today released a special edition of the WA Index at the opening of the Diggers and Dealers conference in Kalgoorlie, revealing a record quarterly growth in the past three months.

“The rebound in the value of the Deloitte WA Index has led to a 30% increase in market capitalisation of WA companies in the June 2009 quarter, the largest quarterly increase in the past ten years,” Deloitte WA managing partner Keith Jones said.

“This has been driven by improved availability of capital, improved commodity prices and sustained demand for most bulk commodities.”

According to the Deloitte WA Index, that company that most significantly increased its market capitalisation during the financial year was Catalpa Resources.

The gold miner increased market capitalisation by 621.9% from $16 million to $117 million as it moved forward with the development and funding of its Edna May Gold project in WA’s eastern Wheatbelt.

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