CAPITAL MARKETS

Markets up as Peru, Mongolia go to the polls

Key markets and base metals closed higher yesterday, while investors await election results in both copper-producing Peru and Mongolia, host of the giant Oyu Tolgoi copper-gold mine.

Staff reporter
 Rio Tinto will be watching Mongolia

Rio Tinto will be watching Mongolia

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.

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.