CAPITAL MARKETS

Markets looking positive

Markets were on the improve amid no further negative developments in the US-China trade spat.

Staff reporter
 Norsk Hydro was on the rise as Alunorte in Brazil returns “towards normal production”

Norsk Hydro was on the rise as Alunorte in Brazil returns “towards normal production”

Most North American and European market indices were set for upbeat starts today and Australia's S&P/ASX200 was up at the time of writing.

Copper miners gained yesterday, with Freeport-McMoRan (NYSE: FCX) up about 1.5% in New York and Antofagasta (LSE: ANTO) rising more than 2% in London.

Base metal futures were mixed in Asian trade and the gold price remains about US$1,274 an ounce.

Alumunium producer Norsk Hydro (OS: NHY) jumped 5.6% after announcing Brazil's federal court had lifted a production embargo, saying it would ramp up the Alunorte refinery "towards normal production after running at half capacity for more than a year".

The 50% production cut was imposed last year over concerns of a spill after heavy rains.

An embargo remains on using its new waste facility called DRS2 and Norsk said last week its DRS1 had an estimated remaining lifetime of 8-18 months.

Lynas Corp (ASX: LYC) was up 7.7% in afternoon Australian trade - a gain of more than 53% so far this year.

The integrated rare earths producer recently brushed off a takeover proposal from conglomerate Wesfarmers and this week outlined a A$500 million (US$344 million) plan to expand "to meet forecast demand growth".

Finally, Hudbay Minerals (TSX: HBM) continued its recent slide, down 2.5%, following a Bloomberg report it was planning to sell a 30% stake in its Rosemont copper development project in Arizona.

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.