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Lindian leaps in subdued market

Stronger than expected US jobs data on Friday helped the S&P500 finish higher but dampened the gold price along with hopes of rate cut later this month by the US Federal Reserve.
Lindian leaps in subdued market Lindian leaps in subdued market Lindian leaps in subdued market Lindian leaps in subdued market Lindian leaps in subdued market

Lindian leaps on announcing a conglomerate bauxite discovery in Guinea

Staff reporter

Gold was a little below US$1,400 an ounce on the spot market at the time of writing, about $1,398/oz, having risen above $1,430/oz last week.

Market futures for key global indices were pointing lower and the S&P/ASX200 was down 1% in afternoon trade.

However junior Lindian Resources (ASX: LIN) leapt more than 54% after announcing a significant discovery at the Gaoual bauxite project in Guinea.

It said the conglomerate bauxite mineralisation was "highly analogous" to the country's high-grade Sengaredi deposit. It has an exclusive option to acquire an initial 51% of the project by spending $1 million over two years.

Among the majors, BHP (ASX: BHP) was down 1.4% at the time of writing, while Rio Tinto (LSE: RIO) lost 3.8% on Friday in London but copper major Freeport-McMoRan was little changed in New York.

Barrick Gold (TSX: ABX) closed down 2% in Toronto. The miner is looking to find a buyer for its Massawa gold project in Senegal, Bloomberg reported on Friday, saying the asset could fetch up to $500 million according to people familiar with the matter.

Metals and mining stocks closed down similarly about 2% in Toronto.