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Some miners regain ground

American and Asian markets and miners recovered some ground since this time yesterday but London-based majors closed lower.
Some miners regain ground Some miners regain ground Some miners regain ground Some miners regain ground Some miners regain ground

Rio declares record dividend

Staff reporter

Signs of a rebound encouraged a flurry of calls to "buy the dip", Bloomberg reported.

The S&P/ASX200's metals and mining sector closed 1.88% higher today, helped by lithium miner Galaxy Resources (AU:GXY) gain of 11.46% and Mineral Resources' 8.43%.

In the US, the S&P500's metals and mining sector was up 2.69% yesterday, due in large part to Freeport-McMoRan's rise of 6.18%.

Toronto's metals and mining sector closed 1.24% lower though, weighed down by a drop in the gold sector including Torex Gold Resources' (CN:TXG) fall of 8.11%.

And in London, Rio Tinto (LN:RIO), Anglo American (LN:AAL) and Glencore (LN:GLEN) also closed lower.

Rio shareholders will no doubt be happy to hear the company's announcement today of a record full year dividend of US$5.2 billion and an additional $1 billion share buy-back, which CEO J-S Jacques said brought total cash returns to shareholders to $9.7 billion declared for 2017.

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