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Base metals lower

Base metals bar aluminium were lower on the London Metal Exchange yesterday as Chinese economic data weighed on markets.
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Attention turns to Escondida

Staff reporter

However copper was down less than 1% as attention focuses on Escondida in Chile where the main union, which has rejected BHP's wage offer, is set to meet with the company later today.
 
In other copper news, the pollution control board will next month hear a petition to renew the licence for Vedanta's copper plant in India, Marex Spectron noted.

Among the majors, BHP (ASX: BHP) was 1.4% lower in Australian trade this afternoon and Rio Tinto (LSE: RIO) had closed 0.88% lower in London yesterday.

The gold price is a couple of dollars lower than this time yesterday, trading at just over US$1,240 an ounce on the spot market.

Canada's metals and mining stocks were down just over 0.9% yesterday in a mixed day for gold equities.

Guyana Goldfields (TSX: GUY) lost C$1.05 or almost 22% on reducing its 2018 guidance and increasing its cost outlook with the release of its second quarter results.

It cut its forecast production from 190,000-210,000 ounces of gold to 175,000-185,000oz, and upped AISC guidance from $830-$880/oz to $945-$995/oz, due to the later than expected arrival of equipment and contractors at its Aurora gold mine in Guyana.

It also appointed Brennan Lang as Aurora's new general manager to replace Tom Henderson from the end of this month.

Finally, Midland Exploration (TSXV: MD) rose more than 17% to C95c yesterday. It had told the market earlier this month it had defined the Vortex gold-bearing system over a 700m strike length at the Casault property in Quebec.