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Mining majors up

Mining majors closed higher around the globe in the past 24 hours, with the likes of Anglo American (LN:AAL), Rio Tinto (LN:RIO), Freeport-McMoRan (US:FCX), Kinross Gold (CN:K) and BHP (AU:BHP) all rising.
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MinRes up on mixed news

Staff reporter

Benchmark indices were mixed as the much-anticipated US tax reforms are all but set for approval while commodity prices are on the rise.

Nickel was around the US$12,000 per tonne mark on the London Metal Exchange, copper was close to $7,000/t and the spot gold price was also a little higher, above $1,265 an ounce earlier today.

Among the larger-capitalised Australian resource stocks, Mineral Resources (AU:MIN) and nickel miner Western Areas (AU:WSA) both gained more than 4%.

MinRes had a newsy day that included being told by the Western Australian government it could not mine at its low-grade J5 and Bungalbin East iron ore projects; and striking a binding agreement to acquire Perth-based oil and gas producer AWE Ltd (AU:AWE) in a cash and scrip deal.

MinRes said the government decision would "not have a material impact" on its business due to the declining demand for low-grade iron ore, and separately said it had a "strong desire" to develop AWE's tier one gas asset as a key pillar of its business.

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