FROM THE EDITOR

Who will win Diggers awards?

MNN looks at which companies are likely to take out the coveted gongs at Diggers & Dealers gala d...

Kristie Batten
Who will win Diggers awards?

Digger: Our pick is Fortescue Metals Group.

The iron ore price slumped by 40.6% over FY15 and FY16, putting the indebted company under pressure. But FMG slashed its C1 costs by 35% over FY16 and yesterday boasted costs of just $US13.10 per wet metric tonne for the month of June – which could make it Australia’s lowest-cost iron ore producer. Despite the weaker iron ore price, FMG managed to repay $2.9 billion of debt over FY15. CEO Nev Power’s Diggers Wednesday afternoon speaking slot may be a hint that he’ll be sticking around for the WesTrac Gala Dinner later that night.

Honourable mentions: Gold miners Saracen Mineral Holdings and Doray Minerals both started their second mines, doubling their respective production rates. The most high-profile new mine was Roy Hill, with the $A10 billion iron ore operation starting production late last year.

Last year’s winner: OceanaGold Corporation.

Dealer: Our pick is Evolution Mining.

Aside from being one of the bigger deals completed during the past 12 months, Evolution’s $US550 million acquisition of Barrick Gold’s Cowal mine was also one of the most immediately value-accretive deals. It made Evolution Australia’s second-largest listed producer both by both production and market cap and gave the company the scale it had been seeking since its inception. Its shares nearly doubled over the year.

Honourable mentions: OceanaGold for its various deals, though it’s an unlikely winner given it took Digger last year. Independence for its Sirius takeover, though the real value of that deal won’t flow through until Nova starts production in December.

Last year’s winner: Tony Poli.

GJ Stokes Memorial Award: Our pick is Jim Askew.

In a year where gold ruled the mining space, a nod for Askew would be timely given his role in two of the sector’s biggest success stories. He’s been the long-time chairman of OceanaGold and is a director of Evolution. More recently, he joined up-and-coming graphite producer Syrah Resources as chairman.

Honourable mentions: A possibility is Gina Rinehart after she achieved her dream of building a mine. Prospector Mark Creasy could be singled out for his contribution to the sector.

Last year’s winner: Mark Cutifani.

Emerging Company will be between MacPhersons Resources, Capricorn Metals, Breaker Resources, TNG, Antipa Minerals, Energia Minerals, Pantoro and Boss Resources. The award is decided based on the presentations.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

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