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Markets, nickel and RTG rise

Market futures were positive across the globe following new closing highs by the S&P 500 and Nasdaq in the US.
Markets, nickel and RTG rise Markets, nickel and RTG rise Markets, nickel and RTG rise Markets, nickel and RTG rise Markets, nickel and RTG rise

Northern Dynasty Minerals’ Pebble project in Alaska

Staff reporter

The lift was said to be fuelled by optimism surrounding various COVID-19 treatments and hopes the virus wouldn't hamper growth.

The big moves made by mining equities in Toronto yesterday were book-ended by Northern Dynasty Minerals' slump and RTG Mining's spike.

Northern Dynasty (TSX: NDM), the company behind the proposed Pebble mine in Alaska, closed down more than 37% yesterday in the wake of what it described as "one-sided" media reports indicating the Trump administration was considering blocking the project.

The project is in the political spotlight ahead of the upcoming November US presidential elections.

Dual-listed RTG Mining (TSX: RTG) was headed in the opposite direction, touching a 52-week high before closing up 81.8% on news of an international arbitration win over its former joint venture partner.

It said the news meant its Mt Labo Exploration and Development Corporation would gain 100% of the Mabilo copper-gold-magnetite project in the Philippines, which had been granted a mining licence in May.

In Australia, iron ore producer Fortescue Metals Group (ASX: FMG) is trading near an all-time high after unveiling a record profit result yesterday, allowing it to declare a higher than expected dividend.

Its shares, at A$18.68 at the time of writing, had hit $18.92 earlier this month.

Among commodities, the gold price is back around US$1,928 an ounce on the spot market.

Finally, nickel reached fresh year-to-date highs on the London Metal Exchange yesterday amid reports of declining stocks at Chinese ports, Marex Spectron's Alastair Munro said.