CAPITAL MARKETS

Copper higher on Chinese growth

Copper, the economic bellwether, closed up 1% yesterday on the London Metal Exchange as China reported its economy grew 6.4% year-on-year in the March quarter.

Staff reporter
Sandfire’s DeGrussa copper-gold mine in Western Australia

Sandfire’s DeGrussa copper-gold mine in Western Australia

Australia-based copper miner Sandfire Resources (ASX: SFR) was one of the market risers on the benchmark S&P/ASX200 in afternoon trade.

It was up more than 3% as it strengthened its full-year copper and gold guidance and said its feasibility study for the Black Butte copper project in the US was progressing well.

Headed in the opposite direction, Galaxy Resources (ASX: GXY) was hammered ahead of the Easter break.

Its shares were down 11.5% at the time of writing as investors digested news of a cancelled sale process for its Sal de Vida brine project in Argentina, issues at its Mt Cattlin mine in Western Australia and delayed shipments.

Among the majors, Glencore (LSE: GLEN) closed 1.89% higher in London yesterday but Rio Tinto (LSE: RIO) lost 2.69% as markets reacted to Vale's news yesterday of restarting its key Brucutu iron ore mine.

Metals and mining stocks closed 0.73% higher in Toronto yesterday.

Lundin Mining (TSX: LUN) gained 6.15%, continuing its rise this week since Monday's announced acquisition of Yamana Gold's Chapada copper-gold mine in Brazil for more than US$1 billion.
 
Finally, the gold price is a little softer, at US$1,272 an ounce on the spot market today, a slight dampener for the newly merged Newmont Goldcorp.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.