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Rio rises in tepid markets

Rio Tinto (LSE: RIO) was one of the bright spots among global mining majors with a rise of 0.89% in London yesterday, while disappointing manufacturing data out of China dampened market sentiment in Asia today.
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Oyu Tolgoi. Image: Rio Tinto

Staff reporter

Rio yesterday announced a record US$13.5 billion in returns to shareholders in its 2018 results, and finally confirmed its much-speculated Winu copper find in Western Australia's north.

Among the acquisitive gold majors, Newmont Mining (NYSE: NEM) closed lower again in New York yesterday, down 2.66%.

The company is in the sights of big game player Mark Bristow's Barrick Gold (TSX: ABX), which lost another 0.96% yesterday in Toronto.

And the third player in the potential merger mix, Goldcorp (TSX: G), finished 1.83% lower.

BHP (ASX: BHP) was down about 0.5% in afternoon Australian trade.

And Vale (BZ: VALE3) closed 0.78% lower in Brazil yesterday as its credit rating was reportedly cut to Ba1 with a negative outlook by Moody's Investors Service.

Toronto and London market futures were looking up but US futures were pointing lower at the time of writing.

Base metals futures bar copper were lower in Asian trade, after spot copper closed higher again on the London Metal Exchange yesterday at US$6,546 per tonne.

Gold has fallen about $10 an ounce lower compared with this time yesterday, to around $1,319/oz on the spot market.

Metals and mining stocks were down 1.87% in Toronto yesterday, where Oyu Tolgoi co-owner Turquoise Hill Resources (TSX: TRQ) shed last week's gains to close 13.67% lower, and mining equities were off 0.58% in afternoon trade in Australia.