Several mining companies have been propelled into the higher S&P/ASX Indices from Monday 23 September, following increases in market value.
No changes have been made to the S&P/ASX 20 and 50 Index’s, however Sandfire Resources (ASX:SFR) will be included in the S&P/ASX 100 Index.
Sandfire, which has a market capitalisation of $3.79 billion, is a copper-focused miner that has operations in Australia, Botswana, Spain, and the US.
The S&P/ASX 100 is designed to measure the 100 largest index-eligible stocks listed on the ASX by flat-adjusted market capitalisation. It comprises large and mid-cap sized components of the S&P/ASX index universe.
Meanwhile, Westgold Resources (ASX:WGX) and Yancoal Australia (ASX:YAL) will be included in the S&P/ASX 200, which measured the performance of the 200 largest index-eligible stocks listed on the ASX.
Westgold Resources, which has a market capitalisation of $2.71 billion, is a Western Australian gold producer that operates in the Murchison and Southern Goldfields regions.
CEO Wayne Bramwell says the company’s admission to the S&P/ASX 200 index is a result of the efforts of its people delivering safe and profitable ounces.
“Our focus now pivots to organic growth and we start financial year 2025 as an unhedged, more than 400,000 ounce per annum, dual-listed gold producer with strategic footprints in two of Western Australia’s most productive goldfields,” Bramwell says.
“Our expanded portfolio of operating, development, and exploration assets provides an Australian growth platform that can be optimised for scale, then leveraged for profitability that delivers enhanced returns.”
In conjunction with its S&P/ASX 200 Index inclusion, Yancoal Australia will also be added to the S&P/ASX 300 indices.
Yancoal, which has a market capitalisation of $6.99 billion, says the inclusion follows its addition to the Hang Seng Composite, and inclusion in the lists of stocks eligible for trading under the Stock Connect program with the mainland Chinese stock market in March 2023.
CEO David Moult says this inclusion is a welcome event for the company’s 20th anniversary, and 12 years since the company listed on the ASX.
“We were encouraged to see the notable increase in the company’s market evaluation, average daily turnover, and shareholder base during recent years as we recovered from extended rain disruptions and our free float increased,” Moult says.
“In the 12 months to 30 June 2024, Yancoal operations produced over 62 million tonnes of run-of-mine coal and 36 million tonnes of attributable saleable coal.
“Our anticipated production rate over the remainder of 2024 puts us on track to be the second largest coal producer in Australia.”
Further, Capstone Copper (ASX:CSC), IperionX (ASX:IPX), Metals Acquisition (ASX:MAC), Spartan Resources (ASX:SPR), and WA1 Resources (ASX:WA1) have all been included in the S&P/ASX 300 Index.
Capstone Copper, which has a market capitalisation of $8.16 billion, is an Americas-focused copper mining company headquartered in Vancouver, Canada. The company began trading on the ASX on 2 February 2024.
CEO John MacKenzie says being included in this index recognises the “success” of the company’s secondary listing in Australia, highlighted by its growing CHESS depositary interests, market capitalisation and robust trading liquidity.
“We look forward to continuing to engage with investment analysts, institutional fund managers, and, more broadly, investors in the Asia-Pacific region,” MacKenzie says.
IperionX, which has a market capitalisation of $725.5 million, is focused on becoming an American titanium metal and critical materials company.
The company uses patented metal technologies to produce high-performance titanium alloys, from titanium minerals or scrap titanium, at lower energy, cost and carbon emissions.
Metals Acquisition, which has a market capitalisation of $1.12 billion, is focused on its CSA Copper Mine in the Cobar region of New South Wales.
CEO Mick McMullen says inclusion in leading indices is considered invaluable to provide broader market access, raising the company’s global visibility and enhancing its liquidity.
“This is a noteworthy milestone for MAC and reflects that over a short period of time we have proven to the market and investors the quality of our foundational asset the CSA Copper Mine, a world-class asset that makes the company one of the few pure play copper opportunities globally and on the ASX,” McMullen says.
Gold-focused Spartan Resources wholly owns the Dalgaranga Gold Project in the Murchison region of Western Australia.
The $1.41 billion market capitalised company is also focused on the Never Never gold discovery and the Yalgoo Gold Project, which both lie in Western Australia.
WA1 Resources is the final mining company to be included in the S&P/ASX Indices, as a result of the September rebalance.
The $1 billion market capitalisation company is a Western Australian-based minerals company that wholly owns three projects. WA1 Resources’ flagship West Arunta Project lies 400km south of Halls Creek.
On the other hand, mining companies that will be removed from the S&P/ASX Indices, prior to the open of trading on 23 September, include Arcadium Lithium (ASX:LTM), Core Lithium (ASX:CXO), Grange Resources (ASX:GRR), Renascor Resources, (ASX:RNU), TerraCom (ASX:TER).
Write to Aaliyah Rogan at Mining.com.au
Images: Stock, Westgold Resources, Capstone Copper
