Eyeing shareholder value, WMC hikes Olympic's resources 30%

Nov 24, 2004 | 11:07 AM |

Australia's WMC Resources Ltd. has announced a 30-percent increase in mineral resources at its flagship Olympic Dam copper-uranium mine in South Australia.

The upgrade, which takes the total copper resource to 42.7 million tonnes and uranium to 1.4 million tonnes, is likely to be the first in a series of announcements from WMC aimed at increasing the value of the company in the eyes of investors.

"Based on these new estimates, Olympic Dam now contains the world's fourth-largest remaining copper and gold resources, up from seventh position," Andrew Michelmore, WMC's chief executive officer, said. "Already the largest known uranium resource, Olympic Dam now contains 38 percent of the total global economic uranium resource base, up from 33 percent."....

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