CAPITAL MARKETS

Strong results boost miners, gold gains

FMG at record high

Staff reporter
 A shiploader at Fortescue Metals Group’s Herb Elliott port in WA

A shiploader at Fortescue Metals Group’s Herb Elliott port in WA

The Fed moved closer to tapering stimulus but said there was "some ground to cover to get there", Bloomberg reported.

Rates were kept near zero.

Gold was back above US$1,800 an ounce and around $1,816/oz on the spot market at the time of writing.

Australia-based iron ore producer Fortescue Metals Group shares were at an all-time high of A$26.58 in morning trade, taking the company's market capitalisation over $80.5 billion, as the company reported record iron ore shipments.

BHP also reached an all-time high intraday of A$54.10.

Miners gained in London yesterday, where precious metal producer Fresnillo shot up 6.95% on better than expected quarterly results.

Anglo American was up 1.7% and Rio Tinto rose 1.4%.

In the US, Newmont and Antofagasta both gained 0.9%.

Finally, it was a positive day across the board for miners in Toronto, where Fortuna Silver Mines was up 4.6%.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

Mining Journal Intelligence World Risk Report 2024 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 117 jurisdictions globally, assessed across six risk categories and an industrywide survey.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

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.