Kar­ratha 3.0 is Artemis gold

The West Australian - - WESTBUSINE­SS -

Artemis Re­sources ex­ec­u­tive di­rec­tor Ed Mead was a sur­prise pre­sen­ter at yes­ter­day’s an­nual Pil­bara Eco­nomic De­vel­op­ment Con­fer­ence at the Hy­att Re­gency.

The ge­ol­o­gist wowed del­e­gates with the story of how the com­pany be­lieved it had dis­cov­ered a con­glom­er­ate gold de­posit on its land­hold­ing south of Kar­ratha, which could be ge­o­log­i­cally linked to the world-fa­mous Wit­wa­ter­srand gold basin in South Africa, from which 40 per cent of the world’s gold has been ex­tracted.

Artemis’ mar­ket cap­i­tal­i­sa­tion has surged since late last year from $3 mil­lion to a high of $75 mil­lion on buzz around the dis­cov­ery of wa­ter­melon seed-shaped flat gold nuggets in shal­low rock at the com­pany’s Purdy’s Re­ward project in the mid­dle of last year.

The story grew legs with the ad­di­tion of a Cana­dian farm-in part­ner in Novo Re­sources and the ap­point­ment of Monaco-liv­ing, Lon­don-based spruiker David Leni­gas as ex­ec­u­tive chair­man.

How­ever, Mr Mead ad­mits it’s been a strug­gle con­vinc­ing his rock-kick­ing col­leagues of the mer­its of the find.

“Peo­ple thought it was a pump and dump,” he told the Bull af­ter yes­ter­day’s pre­sen­ta­tion. “But with Novo, we have put cred­i­bil­ity into the story.”

Mr Mead said drilling would start in the next few months ahead of an ex­pected maiden re­source before the end of the year.

“I think of it as Kar­ratha 3.0,” he said. “Kar­ratha 1.0 was iron ore, 2.0 was oil and gas and 3.0 will be gold.” print­ing by the na­tion’s big four. BHP’s mar­ket cap­i­tal­i­sa­tion hit $135 bil­lion this week while CBA’s money laun­der­ing woes sent its mar­ket value down 11.5 per cent to $129 bil­lion over the past three weeks.

The mighty miner’s cash flow has re­bounded strongly along with the iron ore price over the past months, while the se­ri­ally naughty lender has re­ally irked the reg­u­la­tors this time and faces se­ri­ous rep­u­ta­tional risk an­a­lysts be­lieve could take years to re­cover from.

Af­ter a lean time last year when no short-term bonuses were paid,

Austal’s ex­ec­u­tives have done much bet­ter this time around.

Ac­cord­ing to the ship­builder’s an­nual re­port, chief ex­ec­u­tive David Sin­gle­ton was on the re­ceiv­ing end of a $841,000 short-term in­cen­tive pay­ment.

The bonus helped push Sin­gle­ton’s to­tal re­mu­ner­a­tion to $2.1 mil­lion.

Austal USA boss Craig Per­ci­avalle could ar­gue his $205,000 bonus sold him a bit short given the Mo­bile, Alabama-based busi­ness did most of the heavy lift­ing profit-wise. But we know he wouldn’t.

Per­ci­avalle’s to­tal pay added up to $1.1 mil­lion, while chief bean counter

Greg Ja­son earned a $199,000 bonus for a to­tal of $725,000. home. Word has reached the Bull that he is say­ing va­mos to be­ing gen­eral man­ager of the Mex­i­can food chain he helped es­tab­lish.

Bain grew the brand from two stores to 37 stores in WA and Tas­ma­nia over the past four years.

Well done to Cassini Re­sources for be­ing named “WA’s Smartest Com­pany” at the re­cent Red­kite Cor­po­rate Quiz.

Ex­ec­u­tive di­rec­tor Greg Miles told the Bull the new piece of sil­ver­ware went straight to the Cassini pool room.

“Not only did we stick it to the big end of town, we raised some money for the sick kids at PMH too. Bonus!” he said.

The next test for the Mike Young-chaired Cassini is a lit­tle more chal­leng­ing — work­ing out how to get the 50,000 tonnes of nickel and 1.8 mil­lion tonnes of cop­per out of the ground at the West Mus­grave Project. With Gareth Costa, Stu­art McKin­non and Peter Wil­liams

Pic­ture: Mo­gens Jo­hansen

Artemis Re­sources ex­ec­u­tive di­rec­tor Ed Mead yes­ter­day.

The Cassini quiz­mas­ters.

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