CAPITAL MARKETS

'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.

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

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

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.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.