CAPITAL MARKETS

Mixed results for mining equities

The London Stock Exchange will suspend trading in Russian aluminium and hydropower producer En+ Group’s global depositary receipts after close of reporting today due to US sanctions.

Staff reporter
 En+ GDRs to be suspended

En+ GDRs to be suspended

The GDRs last traded at less than half of their value prior to the US's April 6 announcement of sanctions against Russian companies, entities and oligarchs.

The LSE issued advance notice yesterday and said it would continue to monitor the situation and was in communication with UK authorities.

Meanwhile the US Treasury Department has extended the deadline until June 6 for Russian billionaire Oleg Deripaska to divest from En+ and related entities, Bloomberg reported.

In Australia today, mining services provider and miner Mineral Resources (ASX:MIN) was one of the top gainers among larger capitalised stocks, up more than 7.7% in late afternoon trade.

The company presented to the Macquarie Australia conference today, after yesterday announcing it was looking to sell up to 49% of its Wodgina lithium mine in Western Australia.

In Toronto on Tuesday, Detour Gold (TSX:DGC) clawed back some of its recent losses, closing up 9.48% to C$10.16.

The company had plunged to a 52-week low on Monday on forecasts of higher costs at its Detour Lake operation in Ontario.

Also in Toronto, Ivanhoe Mines (TSX:IVN) closed down 2.26% despite telling the market on Monday it was not connected to any recent legal action against mining companies in the Democratic Republic of Congo.

It said it was not aware of any company-specific reason that might be contributing to its recent share price volatility, and added negotiations over the DRC's mining code were continuing and mining industry participants were hopeful the issues could be resolved.

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