The polarising Peru election is currently too close to call.

No doubt Rio Tinto will be keeping a close eye on Mongolia where the presidential election is on today.

The Rio-controlled Oyu Tolgoi has been facing challenges from the government and is still awaiting approvals for the undercut, critical to avoid delays to the over-budget underground expansion. 

"Populist victories and the negative effect that might have on production is supportive at the margins although in the here and now, would think various labour disputes and China power issues are more pertinent," Marex's Alastair Munro said.

Among the majors, Rio closed up 0.8% in London, Newmont lost 2.2% in New York and Barrick Gold was down about 1% in Toronto.

Anglo American's coal spin-out, newly-listed Thungela Resources, staged a recovery yesterday, closing up 29.7% after tumbling on debut.

At the smaller end of town, Headwater Gold (CSE: HWG) cropped up yesterday on the Canadian Securities Exchange but closed unchanged at C48c.

The explorer is focused on the western US and is planning drilling this year at its projects in Nevada, Oregon and Idaho.