CAPITAL MARKETS

Miners, metals mixed

KAZ Minerals drops

Staff reporter

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The spot gold price has risen slightly to just over US$1,185 an ounce, having last week plunged from above $1,200/oz to its lowest point since early 2017.

Copper closed down 0.2% in London on Friday as pay deals were reached at the BHP-controlled Escondida and Japanese-owned Caserones mines.

In London, KAZ Minerals (LSE: KAZ) closed down more than 14.5% on Friday, as the market continued to react negatively to its recent plans to acquire the Baimskaya undeveloped copper project in Russia for US$900 million in cash and shares. 

Metals and mining stocks managed a gain of 0.96% in Toronto on Friday.

In Australian trade mid-afternoon, miners were two of the top five risers on the benchmark S&P/ASX200.0

Gold producer Resolute Mining (ASX: RSG) was up more than 4.3% at the time of writing. It had last week announced substantial increases to its global reserves and resources.

Finally, mining and services company Mineral Resources (ASX: MIN) was up about 3.9% after releasing its FY18 results presentation today, spelling out a 9% increase in EBITDA and an A65c dividend for the year.

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