Media reporting has presented a busy week of mining news to close the trading week, with companies such as Iluka (ASX:ILU), Contemporary Amperex Technology (SZSE:300750), and Barrick Mining (TSX:ABX) featuring for market changing news.
The Australian newspaper is reporting Iluka is “mothballing” its Cataby mine following a weak global demand for pigment minerals used in painting and industry coatings.
Comprised of several Chinese state-backed funds as shareholders, Contemporary Amperex Technology (CATL) has announced it has resumed production at its Jianxiawo lithium mine in Jiangxi.
The company is one of the world’s largest battery producers and accounts for more than 6% of lithium output globally according to Battery Technology Online.
In Canada, Reuters has reported that Barrick Mining is selling its Helmo mine in Canada for cash and equity.
The Australian Securities Exchange (ASX) is up 75.70 points today (12 September), to 8,880.70 points as at 11.10am AEST.
Nine sectors are performing higher this morning, including materials, which has seen a 0.98% increase this morning.
Asian markets are expected to open higher today.
The Dow Jones rose 1.4% to finish the trading day up 617 points to close at 46,108 points.
Earlier, markets in Europe had a strong session as London’s FTSE rose and Germany’s DAX stronger.
The Australian dollar is up, buying at US$0.66.
Gold is trading at US$3,642 ($5,464) per ounce with copper trading at US$4.60 per pound.
WTI Crude oil is selling for US$62.08 per barrel while Brent oil is higher at US$66.08 per barrel.
Iron ore is still on the decrease, valued at US$105.18.
The S&P/ASX200 is Australia’s leading share market index and contains the top 200 ASX-listed companies in terms of market capitalisation, and accounts for about 80% of the country’s equity market.
The index is designed to measure the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalisation.
It is recognised as the institutional investable benchmark in the country.
Write to Maddison Elliott at Mining.com.au
Images: Wikimedia Commons
