The Australian sharemarket opened lower today (1 October), with sentiment hit by news reports that China has imposed an immediate ban on BHP’s (ASX:BHP) iron ore shipments amid a pricing dispute.
Investor sentiment was also impacted by concerns over a possible US Government shutdown.
At 10.30am AEST, the Australian Securities Exchange (ASX) was down 12.9 points, or 0.15%, at 8,835.80 points.
Among the top performers, Droneshield (ASX:DRO) rose after securing a European order for its drone-destroying laser system, while Westgold Resources (ASX:WGX) gained on the release of a three-year outlook welcomed by investors.
Westgold outlined plans to lift gold output to 470,000 ounces by fiscal 2028 while cutting costs, which it described as providing the “baseline for a larger, more profitable producer”.
The ABC is reporting Rio Tinto‘s (ASX:RIO) Gladstone coal-fired power station will close six years ahead of its previously scheduled target of 2035, which could be as soon as 2029.
The Gladstone Power Station is operated by NRG Gladstone Operating Service, of which Rio Tinto has a 42.15% stake.
Rio Tinto says in a statement “no final decision has been made to retire” the Gladstone Power Station, which is almost 50 years old.
“Between now and March 2029, the JV participants will engage with stakeholders on the energy market and on options for the future use of the site, which will inform the timeline and strategy for retirement of the facility,” the company says.
Reuters reported the US faces a potential shutdown at midnight, with the Federal Aviation Administration warning more than 11,000 employees could be furloughed.
In commodities, gold traded at US$3,843 ($5,820) an ounce, up 0.3%. Brent crude slipped 1% to US$69.42 a barrel, West Texas Intermediate was at US$65.33, and iron ore was at US$105.44 a tonne.
Write to Dan Petrie at Mining.com.au
Images: iStock
