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'American Jobs Plan' lifts markets

US markets and commodity prices were higher as US president Joe Biden outlined a US$2.25 trillion infrastructure plan.
'American Jobs Plan' lifts markets 'American Jobs Plan' lifts markets 'American Jobs Plan' lifts markets 'American Jobs Plan' lifts markets 'American Jobs Plan' lifts markets

Telson Mining is set to restart construction at its Tahuehueto gold project in Mexico

Staff reporter

The "American Jobs Plan" also included a $174 billion investment "to win the EV market".

Base metals closed higher, except aluminium, on the London Metal Exchange, where copper was up 0.2% to $8,787.75 per tonne.

Market futures were mixed.

Gold has risen back above $1,700 an ounce and was worth $1,709/oz at the time of writing.

Telson Mining (TSXV: TSN) shot up in Toronto as it eyes near-term gold production at its 60%-complete Tahuehueto gold project in Mexico.

The company this week closed a placement as part of a $25 million funding package, which president and CEO Ralph Shearing said allowed it to "immediately reinitiate" construction, targeting initial gold near the end of 2021. 

Its shares hit a one-year high of C62c, before closing up almost 43% to 60c.

Mining majors were down slightly in London, where Anglo American and Glencore eased about 0.6%.

It was the reverse in New York, where Newmont and Freeport-McMoran both rose about 0.7%.

Barrick Gold gained more than 1% in Toronto.