Junior miner, iron ore producers gain
A junior precious metals miner and iron ore producers were among those to gain on global equities markets.
Staff reporter
Junior miner, iron ore producers gain
15 MARCH 201815/03/2018commentsshareJunior North American miner Klondex Mines (CN:KDX) was the big mover on the S&P/TSX Composite Index's gold sector, up 6.49%, as it promised to learn from its 2017 challenges and move forward.
President and CEO Paul Huet said the company had produced more ounces and generated more revenue than before but did not deliver on its stated objectives "and we understand that is not acceptable".
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The company's gold-equivalent production rose 17% from 2016 results to 222,233oz but it reported a net loss of US$23.7 million, due in part to the impact of tax law changes.
The gold price was similar to this point yesterday at US$1,326 an ounce on the spot market as trade war talk had investors worried.
The Metal Bulletin 62% iron ore spot price rose 2.7% yesterday to US$71.64 a tonne and iron ore miners rose also.
In Brazil, Vale SA (BZ:VALE3) shares were up 1.12% helping the index's metals and mining sector to a 0.74% gain.
BHP (AU:BHP) was up more than 0.7% in Australian trade and Rio Tinto (LN:RIO) closed slightly higher in London yesterday.
Fellow London-listed Anglo American (LN:AAL) was up 3.34% yesterday, ahead of Bloomberg reporting today that Brazil state prosecutors had filed a US$3 million law suit in financial damages caused by the March 12 spill of 300 tonnes of iron ore slurry from a ruptured pipeline at its Minas-Rio operations.