JOHANNESBURG (miningweekly.com) - Professional services firm Deloitte’s latest Mining League Table has shown that Australia’s top five mining companies ended the last quarter of 2012 with their highest market capitalisation in over a year.

Deloitte mining leader Stephen Reid said the firm increase in the market capitalisation at the top of the table was largely owing to mining giants BHP Billiton and Rio Tinto adding about A$45-billion in value by the end of the year.

“Iron-ore prices rallied at the end of the year, prompting the value of all six iron-ore miners in the top 25 to follow that upward trend.

“The resurgence in Chinese demand that is continuing to drive ore prices up is owing to an extremely cold winter that limited China’s domestic supply and that, no doubt, contributed to a strong finish to the year. However, it is difficult to predict how long this upward trend in prices will continue, with 2012 expected to show China’s slowest growth in a decade and no consensus as yet on what 2013 will bring,” he added.

Despite an overall strong end to the year and the top Australian miners recording a combined growth of 11.4% in market capitalisation, there were also some disappointments.

Gold miners suffered with the third-quarter’s biggest upward mover, St Barbara, dropping almost A$350-million in the fourth quarter to finish the year with a market capitalisation of about A$700-million.

The world’s biggest gold miner Newcrest, also dropped in value during the fourth quarter, down almost 24% to A$17-billion.

“Copper and coal prices have also suffered [during the] quarter. Benchmark coking coal prices, in particular, decreased by almost 25% to $170/t, consistent with soft steel demand and metallurgical coal oversupply,” Reid said.

Three companies moved into the top 25 during the fourth quarter. Arrium moved into the number 18 spot, up from 37; Sundance Resources rose to 21, up from 27; and Independence Group came in at 23, up from 28.

The companies replaced Perseus Mining, which fell to 27 from 19, Medusa Mining, which moved down to 26 from 23 and St Barbara, which weakened its position to 39 from 25 – the biggest downward move.