Felix Resources: growth story of the year

COAL producer Felix Resources has been touted as the “growth story of the year” at Australian national mining awards held in Sydney this week.
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Stock piling at Ashton.

Vivienne Ryan

The much talked about coal miner received the accolade at the Excellence in Mining and Exploration conference which attracted hard and soft rock miners and explorers.

In an indication of how well coal is faring in the current turbulent financial climate, Felix topped the two other award finalists, Gloucester Coal and Aquila Resources, both coal companies, in the category.

Felix posted a 300% growth in earnings for the 2008 financial year, which it labelled as its “best year by far” in its end-of-year report.

Felix operates open cut and underground coal mines in the New South Wales Hunter Valley and Queensland’s Bowen Basin and has interests in the Newcastle Port, clean coal technologies and coal exploration.

But it has not been all smooth sailing for Felix this year.

A recent decision by the NSW Court of Appeal puts the mining leases for its Moolarben coal project under question.

Gloucester was also buoyant despite supply chain constraints posting a net profit after tax of $23.4 million for the financial year.

Aquila Resources is also on the up with its joint venture partner, Brazilian mining giant Vale, recently announcing a potential new longwall mine in Queensland after a positive prefeasibility study on their Eagle Downs coal project.

Queensland coal producer New Hope Coal was a finalist in the Deal of the Year category, which was won by Western Australian iron ore hopeful Gindalbie Metals.

The National Mining Awards were held in conjunction with the Sydney Mining Club and the full list of winners is as follows:

  • The Producer of the Year: Fortescue Metals Group
  • The Discovery of the Year: Newexco
  • The Growth Story of the Year: Felix Resources
  • Deal of the Year: Gindalbie Metals
  • The Frontier Explorer of the Year: Citadel Resources
  • Manager of the Year: WorleyParsons for its management of FMG’s Pilbara project
  • Applied Technology of the Year: Austpac Resources