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Arizona on the rise

Shares in takeover target Arizona Mining (TSX: AZ) leapt more than 48% yesterday in the wake of South32’s US$1.3 billion cash offer to buy the remaining 83% of the company.
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Preparatory work for shaft construction at Arizona’s Taylor project

Staff reporter

Arizona's shares hit an all-time high of C$6.14, just shy of the $6.20 offer price agreed with South32.

Around the globe miners had a better start to the week after Friday's circa-4% slump by many diversified majors, as trade war fears haven't worsened. 

In London, Rio Tinto (LSE: RIO) and Anglo American (LSE: AAL) both enjoyed a slight gain yesterday of 0.91%.

In Australian trade though, BHP (ASX: BHP) was about 1% lower this afternoon, while its three-year-old spin-out South32 (ASX: S32) was down about 2.8%.

Back in Toronto, the S&P/TSX Composite Index metals and mining sector had closed up 0.24% and Lucara Diamond Corp (TSX: LUC) was up more than 6% higher on no news.

Junior Cornerstone Metals (TSXV: CCC) rose 25% to fresh 52-week high of C$1.15, having last week referred to the new US legislation designed to streamline permitting for strategic minerals projects, which it has said could help fast-track its Carlin vanadium project in Nevada.

Finally, the gold price is up slightly compared with this time yesterday and was trading at just over US$1,281 an ounce on the spot market.