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Mixed moves for miners

Posted by: Admin | Posted on: March 8th, 2018 | 0 Comments

Thomas, one of the company’s founders and its newly-appointed CEO, spoke with Mining Journal at PDAC this week, saying a significant supply shortage was looming in the industry. 

Overall, Toronto’s metals and mining sector closed down 1.73% yesterday, weighed down by the gold sector’s drop of 2.25% with Eldorado Gold (CN:ELD) down more than 5.4%.

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In the US, copper major Freeport-McMoRan (US:FCX) closed down 3.1% despite telling a copper conference in Madrid that the conditions were right for the red metal to rally in the coming years due to electric vehicle and renewable energy demands, coinciding with a shortfall in new mine supply, Bloomberg reported.

In London, the metals and mining sector closed down 0.54%, with Rio Tinto (LN:RIO) down 0.2%.

However in the steel sub-sector, iron ore and coal miner and steel manufacturer Evraz PLC (LN:EVR) hit a one-year high intraday and closed up 3.5%, shrugging off any concerns over proposed US steel and aluminium tariffs.

BHP (AU:BHP) lost more than 2% in Australian trade today while junior gold miner Blackham Resources (AU:BLK) rose almost 53% on record production in February as it continues its turnaround efforts.

Article source: http://www.mining-journal.com/capital-markets/news/1316240/mixed-moves-for-miners

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