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gold is the talk of the town

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    Gold is the talk of the town

    AAP, The West Australian
    August 9, 2012, 12:25 pm

    If drinking and talking shop were an Olympic sport, Kalgoorlie's Diggers and Dealers conference would be a gold medal event.

    To many stockbrokers, mining bosses and investors, the 20-year-old institution already is.

    Despite the subdued global economic outlook and weaker metals prices, a record 2400 mining delegates streamed into the historic gold rush town this week to network and talk up local and international resources projects.

    Amid a backdrop of clear winter desert skies, limitless food and alcohol and Olympic Games commentary from London, gold was the talk of the town.

    Interest in the precious metal remains strong just as investment in iron ore and coal goes off the boil.

    While worldwide demand for gold is still reasonable, some Australian companies with operations as far afield as Africa, Asia and South America, had a ball selling their wares in the goldfields heartland.

    In true Diggers style, the outgoing boss of one of two gold mining companies announced a multi-million dollar takeover deal, apologising to delegates for being a bit "tired" after brokering an agreement at 3am on the final day of the conference.

    Endeavour Mining boss Mark Connelly stitched up the deal on Wednesday night while many delegates were letting their hair down, far away from their bases in the financial hubs of Sydney, Perth and Melbourne.

    Curiously, many of the old timers and locals say Diggers isn't nearly as sleazy as it once was.

    In recent years many attendees have swapped their middy of Emu Bitter at a skimpy bar for a Margaret River shiraz at the gala dinner.

    Still, nothing stopped some of the male dominated crowd from frequenting Kalgoorlie's colonial pubs where the bar staff leave little to the imagination.

    The event requires stamina and training and by the look of some of the hangovers at Kalgoorlie airport departures lounge today, there were a few people severely out of condition.

    Sure, Diggers is more of a corporate forum now, but long-time attendees reckon the feel of the conference hasn't changed much since a group of junior miners first got together over a few beers in 1992.

    http://au.news.yahoo.com/thewest/business/a/-/national/14508446/gold-is-the-talk-of-the-town/
 
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