echonews echo news
Free Weekly 9-10 March 2013
A Pilbara icon is bussed back into the spotlight By Ben Leahy Karratha residents Darren Pheagan and Katherine Galvin are big fans of the film Red Dog. For Darren, the film is a great “yarn” even if it does stretch the truth about the real Red Dog and his life wandering the Pilbara in the 1970s. In fact, Darren’s ideas about fact and fiction regarding the Red Dog film have begun to become increasingly blurred over the past few years. It
he and his partner Katherine bought their own red kelpie, called Finley, in Victoria not long after the movie was released. A short time later, they decided it would be a good idea to buy the retro 1978 Ansair bus that featured in the film. The old bus had ferried Hamersley Iron miners around the Pilbara both in the film and in real life in the 1970s, yet had been left languishing in a paddock in Karratha’s Light Industrial Area once it was no longer required on the Red
Dog set. It took ten months of arduous mechanical repairs, but Darren was finally able to register the bus last November, and he knew exactly where to take it. “We’ve been out to the Mermaid Bar a few times,” Darren said. “The big thing with the bus is that whether people like the movie or think I’m an idiot for driving it, everyone waves.” “It puts a smile on everyone’s face.” And red kelpie Finley isn’t missing out on the fun either.
Financial Markets By Brenton Reynolds Any readers who have been taking heed of the “Stock Tip of the Week” would have noticed the jump in Sirius Resources (SIR) over the last couple of weeks. My SIR tip was published in the January 25 edition of the Echo and since then the stock has increased in value by 90 per cent, meaning a $10,000 investment would now be worth $19,000. You can see why it’s been such a great tip by reading the “Stock Tip of the Week” below. Moving on from Sirius Resources, the Australian markets
on the whole performed quite well for the week ending March 1 with the ASX200 closing up 64 points or 1.28 per cent, due largely to an upswing in global markets and more solid local earnings reports.
The Project forms part of Rio’s Pilbara infrastructure plan to increase its iron ore capacity to 360 million tonnes per annum by 2015.
Atlas Iron Ltd (AGO) – Buy
The new discovery has been named Bollinger. The discovery has been made from drill-testing a large gravity anomaly, with the first hole into the edge of this feature intersecting 138 metres of sulphide mineralisation.
“There is no end to the corniness.” Organisers of the upcoming Red Dog Festival have also taken notice. The festival will be held for the first time this year from May 31 to June 2 and be centred around a stage race in which teams compete over paddle, mountain bike, 4WD and other legs. The festival hopes to use Darren’s bus during its bus relay stage – a social leg of the event giving participants the chance to mingle. But they might have to put that plan temporarily on ice, as Darren said he is
looking to sell the bus. He said the repairs had drained his savings as when the bus came to him it had oil leaks everywhere that had been plugged with baby nappies. “We haven’t advertised yet – this is the first time we are telling people we plan to move it on,” Darren said He hopes to sell to a local because he believes there are few objects as symbolic of “what those blokes went through” in the early days of Pilbara mining as his old Hamersley Iron bus. “Especially in the summer – [imagine sitting in] those hot bus seats with all those miners in it?” Darren said with a laugh.
Expressions of Interest are called from anyone who would like to purchase the ORIGINAL BEDFORD BUS as used in the movie “Red Dog”. Bus is road worthy and registered after 7 months at the mechanics. Owner is keen to keep the Bus local if possible.
“It would have been terrible.”
Send Darren an email to
Monadelphous (MND) announced it has received a notice of award, potentially worth $260 million dollars for constructing Rio Tinto’s Western Turner Brockman Project in the Pilbara.
Stock Tip of the Week Sirius Resources has discovered a new thick zone of nickel-copper sulphide mineralisation, 200 metres east of Nova, part of the Fraser Range project (SIR owns 70 per cent).
“Bloody oath we get him sitting on the seat [directly behind the driver as Red Dog did in the movie],” Darren said.
With more assays pending, additional targets to systematically test and the maiden resource estimate for Nova due late March, we continue to recommend Sirius as a Speculative Buy with a sum of parts Valuation of $4.11 per share and 12-month Price Target of $4.83 per share.
Dampier Dampier Highway
Karratha Airport Karratha
Gap Ridge Industrial
Port Hedland 250km
Given the recent drilling success at Bollinger we expect our valuation and price target to increase significantly from here. Watch this space.
Brenton Reynolds is a representative of Hartleys Limited ABN 33 104 195 057, AFSL No 230052. Information in this column is for general interest only. Always seek professional advice before making any financial decision. Hartleys, as Principal, its directors and/or employees and their associates may hold securities in companies mentioned in the above column from time to time. Hartleys is a Western Australian based financial services company which specialises in Corporate Finance, Stockbroking, Wealth Management, Institutional Sales and Research services.