Westgold and Yancoal to join ASX 200 index
Westgold Resources and Yancoal are set to be included in the S&P/ASX 200 index, taking effect prior to the open of trading on September 23.
Recognised as the institutional investable benchmark in Australia, the S&P/ASX 200 is designed to measure the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalisation.
“Westgold’s admission to the prestigious S&P/ASX 200 index is a direct result of the efforts of our people delivering safe and profitable ounces for our shareholders,” Westgold managing director and chief executive officer (CEO) Wayne Bramwell said.
“This strategy has seen Westgold’s market capitalisation grow to (approximately) $2.7 billion at market close on September 6.”
The admission follows Westgold finalising its $1.2 billion acquisition of Karora Resources, a Canadian precious metals company in July, which cemented its place as a top five Australian gold producer.
“Our focus now pivots to organic growth and we start FY25 (the 2024–25 financial year) as an unhedged, +400,000-ounce-per-annum, dual-listed gold producer with strategic operating footprints in two of Western Australia’s most productive goldfields,” Bramwell said.
“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 for our shareholders.”
Westgold recently commenced mining at the South Junction lode of its Bluebird-South Junction mining complex, part of the Meekatharra gold mine in Western Australia, with drilling to ramp up to a targeted 100,000-tonnes-per-month by mid-next year.
Yancoal is also set to join the S&P/ASX 200 index, which coincides with the company’s 20th anniversary.
“We were encouraged to see the notable increase in the company’s market valuation, average daily turnover and shareholder base during recent years as we recovered from extended rain disruptions and our free float increased,” Yancoal CEO David Moult said.
“Yancoal provides investors with direct exposure to international coal markets. In the 12 months to June 30 2024, Yancoal operations produced over 62 million tonnes of ROM (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.”
“We see the company’s inclusion in the S&P ASX indices providing a further opportunity to expand our investor base and bolster the trading liquidity of our shares.”