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Eldorado, Rio on the rise

Gold miner Eldorado Gold (TSX: ELD) was a standout in Toronto yesterday while diversified major Rio Tinto enjoyed an early run in Australian trade.
Eldorado, Rio on the rise Eldorado, Rio on the rise Eldorado, Rio on the rise Eldorado, Rio on the rise Eldorado, Rio on the rise

Eldorado’s Skouries project in Greece is on care and maintenance due to permitting delays

Staff reporter

Eldorado closed up more than 12%, thanks to optimism surrounding a possible business-friendly outcome from a snap election called in Greece, where the company has faced long-running permitting delays.

Rio Tinto's ASX-listed shares hit their highest point in almost 11 years in morning trade, following a buy call from Goldman Sachs and news Vale's Brucutu iron ore mine is unlikely to return to full capacity "any time soon".

The miner's London-listed shares had peaked in mid-April.

The MySteel Australian fines 62% iron ore price is at a five-year high of US$107.50 per tonne due to supply concerns in the wake of Vale's fatal Brumadinho tailings dam failure in January and cyclone-related production setbacks earlier this year in the Pilbara.

Meanwhile, the Saudi Arabian Mining Company, known as Maaden, closed down 9.5% yesterday amid reports it was considering a raising of up to $5 billion through a rights offering.

The offering would be the largest since Bayer AG raised $7 billion last June, according to Bloomberg.

US and UK market futures are indicating a positive start today after both were closed for holidays yesterday.