Mining majors positive

By Staff reporter / May 03, 2018 / www.mining-journal.com / Article Link

Glencore (LSE:GLEN) was close behind, up 3.16%, and Rio Tinto (LSE:RIO) gained 2.93% following the release of positive manufacturing data out of China.

Still in the UK, the LSE yesterday said it had postponed the suspension of En+ Group's global depositary receipts after the US extended the deadline for compliance with sanctions.

En+ chairman Lord Barker of Battle welcomed the extension and said he was working to put in place details of Oleg Deripaska's agreement to relinquish control of the board and reduce his shareholding below 50%.

Metals and mining stocks also had a positive day across the pond with the S&P500's sector up 0.66% and the S&P/TSX Composite Index's gaining 0.79%.

Eldorado Gold (TSX:ELD) was the top riser, up 7.5%, as it continued to move off its 52-week low reached in March.

At the smaller end of town, Gunpoint Exploration (TSXV:GUN) shot up 43.48% to a 4.5 year high of C33c.

The company regained 100% of its Talapoosa gold-silver project in Nevada in March and yesterday granted incentive stock options to key directors, staff and consultants at an exercise price of 25c per share.

Meanwhile in Australia, BHP had notched up a solid gain of almost 1% in late trade to A$31.50, to be within 66c of its 52-week high reached earlier this year.

Finally, the US Federal Reserve left rates unchanged and the gold price remains similar to yesterday around US$1,309 an ounce.

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