CAPITAL MARKETS

Gains for big and small miners

The world’s biggest miner by market capitalisation BHP (ASX:BHP) was up around 2.5% in afternoon trade, having announced it was on track to achieve 6% volume growth in FY18 as it released its nine-month operational review.

Staff reporter
 Goldex said its JV partners’ discovery attracted 1,000 artisanal miners

Goldex said its JV partners’ discovery attracted 1,000 artisanal miners

However its iron ore production guidance was reduced, due to car dumper issues, and its Olympic Dam guidance was also reduced after a slower than planned ramp-up following major smelter maintenance.

Its full year guidance for petroleum and coal were unchanged and its copper-equivalent production was expected to rise 6%.

On the other side of the world and at the smaller end of town, junior Goldex Resources (TSXV:GDX) has burst back onto the market to be one of yesterday's biggest risers in Toronto, up 25% to C$1.10.

Its shares had been halted by the regulator on March 20, with the company responding by saying it was "not aware of who or what is behind the recent significant fluctuations in the trading price of the company's shares," which had shot up to $2.56.

The company appointed a new CFO and resumed trading yesterday, when it appointed process engineers to analyse samples from its Korokoro gold joint venture in Mali, established in February.

Prior to the spike, its share price had hovered around the 70c mark for months.

Meanwhile, aluminium and nickel hit multi-year highs yesterday on more concerns of US sanctions.

Melbourne-based Alumina (ASX:AWC) was the top riser among larger-capitalised mining stocks in late Australian trade, up more than 7% as it said its joint venture was "well placed" to take advantage of the surging alumina prices.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

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