CAPITAL MARKETS

Positive start for mining stocks

Mining stocks enjoyed a positive start to the week in Australia on the benchmark S&P/ASX200 following improved sentiment overseas on Friday as the first half of the year nears an end.

Staff reporter
 Gold stocks improve

Gold stocks improve

Simmering geopolitical issues could heat up this week, including China-US trade tensions, although the gold price has moved lower to around US$1,264 an ounce.

In Toronto, the S&P/TSX Composite Index's metals and mining sector had closed up 1.24% overall.

Gold miner Detour Gold (TSX: DGC) rose 5.58% on Friday. Its board has reportedly been urged to consider a sale of the company by Paulson & Co, partly prompted by a low stock price compared with its peers.

Also on the rise in Toronto, Canada Cobalt Works (TSXV: CCW) reached a 52-week high intraday of C65c on Friday and closed up 26% to 63c on no news.

The company, which changed name from Castle Silver Resources earlier this year, had reported assays of 5.2% cobalt from underground sampling earlier this month, ahead of its first underground drill programme at the historic Castle mine in northern Ontario.

In London, miners had a better Friday than the previous week, with Glencore (LSE: GLEN) up 4.18% and Anglo American (LSE: AAL) up 2.71%.

In Australian trade, BHP (ASX: BHP) was up more than 1.4% in afternoon trade and gold miner Northern Star Resources (ASX: NST) was 5.3% higher, having achieved its production rate target of 600,000 ounces per annum last week.

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