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Miners lose out in S&P rebalance

The quarterly rebalance of S&P Dow Jones indices on the Australian sharemarket has highlighted the sagging fortunes of mining companies in a low commodity price environment.

Among the high-profile casualties, both mineral sands miner Iluka Resources and mining contractor WorleyParsons will lose their place on the S&P/ASX 50 Index, while iron ore miner and mining contractor Mineral Resources and engineering contractor Monadelphous will be removed from the S&P/ASX 100 Index.

A swag of mid-cap WA-based mining companies will be dropped from the S&P/ASX200 Index including Atlas Iron, Mount Gibson Iron, BC Iron, Beadell Resources, Lynas Corporation and Horizon Oil.

Some of the companies removed from the S&P/ASX 300 index include Emeco, Imdex, Sundance Resources, Troy Resources, Cooper Energy, Mineral Deposits and Intrepid Mines.

WorleyParsons also lost its spot on the S&P/ASX All Australian 50 Index. On the S&P/ASX All Australian 200 Index, the casualties included Atlas Iron, BC Iron, Mount Gibson Iron, Lynas Corporation, Resolute Mining and Horizon Oil.

The changes to the indices will take effect from the close on Friday, March 20.