CAPITAL MARKETS

Miners, metals mixed

The gold price has lifted a little today but copper dipped on Friday as the prospect of strikes at major Chilean mines disappeared.

Staff reporter
 KAZ Minerals drops

KAZ Minerals drops

The spot gold price has risen slightly to just over US$1,185 an ounce, having last week plunged from above $1,200/oz to its lowest point since early 2017.

Copper closed down 0.2% in London on Friday as pay deals were reached at the BHP-controlled Escondida and Japanese-owned Caserones mines.

In London, KAZ Minerals (LSE: KAZ) closed down more than 14.5% on Friday, as the market continued to react negatively to its recent plans to acquire the Baimskaya undeveloped copper project in Russia for US$900 million in cash and shares. 

Metals and mining stocks managed a gain of 0.96% in Toronto on Friday.

In Australian trade mid-afternoon, miners were two of the top five risers on the benchmark S&P/ASX200.0

Gold producer Resolute Mining (ASX: RSG) was up more than 4.3% at the time of writing. It had last week announced substantial increases to its global reserves and resources.

Finally, mining and services company Mineral Resources (ASX: MIN) was up about 3.9% after releasing its FY18 results presentation today, spelling out a 9% increase in EBITDA and an A65c dividend for the year.

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