CAPITAL MARKETS

S&P500 hits another high, Centerra slides

US interest rates cut again

Staff reporter
 Centerra Gold warns reserves at its Mount Milligan mine in BC may be “materially reduced”

Centerra Gold warns reserves at its Mount Milligan mine in BC may be “materially reduced”

Key global market indices closed higher but futures were mixed today.

Gold major Newmont Goldcorp (NYSE: NEM) closed up 0.5% in New York.

The gold price has edged back up towards US$1,500 an ounce and was worth $1,498/oz on the spot market earlier.

In terms of other commodities, nickel closed 0.3% lower on the London Metal Exchange as uncertainty lingers over the situation in Indonesia.

Reuters has reported the country may resume exports after an investigation into the violation of export rules.

Copper was down a similar amount despite news Chile had cancelled the APEC and COP25 summits following weeks of street protests, Marex Spectron's Dee Perera said.

In Toronto, metals and mining stocks closed about 0.9% higher, led by the gold sector's gains.

Alacer Gold (TSX: ASR) was one of the biggest risers, up more than 10% after positive September quarter results. 

However Centerra Gold (TSX: CG) was on the slide, down 16%, as it reported a net loss and said it expected reserves at its Mount Milligan mine to be "materially reduced" in a review.

In Australian trade, BHP (ASX: BHP) was down about 1.3% at lunchtime while gold equities were higher.

Gold Road Resources (ASX: GOR), which recently started up its Gruyere joint venture gold mine in Western Australia, was up 2.7% representing a gain of almost 74% year-to-date.

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

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.

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.