CAPITAL MARKETS

Gold down, lithium stocks gain

Pilbara rises on POSCO deal

Staff reporter
Pilbara rises on POSCO deal

Pilbara rises on POSCO deal

Gold, which was yesterday above US$1,330 an ounce on the spot market, was earlier trading around $1,318.

The metals and mining sectors were lower on key indices since this time yesterday, down about 1.8% on both the S&P500 and S&P/TSX Composite Index, 0.8% lower in London yesterday and down 1.4% in Australia today.

In the US, Freeport-McMoRan (US:FCX) and Newmont Mining (US:NEM) both lost about 2.2%.

In Toronto, the bulk of gold stocks closed lower, bar Kirkland Lake Gold (CN:KL) and Yamana Gold (CN:YRI), up about 1% and 0.5% respectively.

Randgold Resources (LN:RRS) reversed the previous day's gains in London, closing down 2.3%.

Lithium companies were the key gainers in Australian trade today.

Developer Pilbara Minerals (AU:PLS) was up almost 14% in morning trade after striking a landmark deal with South Korean conglomerate POSCO covering offtake, an immediate near-A$80 million (US$62 million) direct equity investment and participation in a proposed downstream lithium chemicals facility.

Pilbara had released a positive prefeasibility study earlier this month outlining a compelling case to expand its 2Mtpa project, which is nearing commissioning, to 5Mtpa.

Lithium producer Galaxy Resources (AU:GXY) was the second biggest gainer on the benchmark S&P/ASX200, closing up 6.4% on no news.

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