CAPITAL MARKETS

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.

Staff reporter
 Lindian leaps on announcing a conglomerate bauxite discovery in Guinea

Lindian leaps on announcing a conglomerate bauxite discovery in Guinea

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.

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