Currently viewing Global edition

Shenhua trumps majors

China Shenhua (HK:1088) was the only major to record a gain in this week’s list of top global mining stocks by market capitalisation.
Shenhua trumps majors Shenhua trumps majors Shenhua trumps majors Shenhua trumps majors Shenhua trumps majors

Shenhua up following US MOU during US president Donald Trump’s visit to China

Staff reporter

Shares in the company rose 2.2% for the week in the wake of reports its parent company had signed a memorandum of understanding for a US$83 billion, 20-year deal to develop shale gas projects in West Virginia, US.

Reuters said the deal was the biggest among those signed during US president Donald Trump's state visit to Beijing last week.

It said the deal was the first overseas investment for the newly-founded China Energy, the merger of China Shenhua Group and China Guodian Corp.

Copper, nickel and gold prices softened at the end of last week and majors BHP (AU:BHP) and Rio Tinto (LN:RIO) also eased after last week's big gains.

BHP was down 1.7% and Rio 0.6%, according to data compiled by Mining Journal.

Glencore (LN:GLEN) recorded one of the biggest falls of 3.4% following its appearance in the Paradise Papers and scrutiny of its overseas dealings and tax strategies.

Relative newcomer to the table, Hindustan Zinc (IN:HZ), managed to remain in the list despite a 3.6% drop.

The share price of the company, controlled by Anil Agarwal's Vedanta Group, has moved relatively in step with zinc prices which remain near a 10-year high.