At the close of trade the S&P/ASX 200 index gained 15.7 points to 4837.9, while the broader All Ordinaries closed 15.9 points higher at 4928.6.

Mining giants BHP Billiton and Rio Tinto traded well on the ASX, BHP gained A95c to $46.56, while Rio closed 47c higher at $84.75.

BHP today approved a $US554 million ($A535 million) investment at its Escondida copper mine in Chile to tap into higher grade ore to support higher production volumes from 2013.

In other mining news, Equinox Minerals doubts claims made by its takeover target Lundin Mining that alternative bidders will emerge.

Shares in Equinox finished A2c higher at $5.62.

Gold-miner Newcrest Mining has suspended operations at its Bonikro gold mine in the Ivory Coast, as the United Nations Security Council called for an end to the violence which has rocked the country since elections in December.

Newcrest fell 11c to close at $39.82.



The world’s largest zircon producer Iluka Resources was slapped with a speeding ticket over a spike in its share price.

The ASX queried Iluka’s share price hike from $11.15 on March 29 to an intraday high of $13.17 in today’s trade as well as a slight increase in the volume of shares traded.

In its response, Iluka advised it was aware of a recent research report that reflected mineral sands industry consultant commentary relating to forecasts for zircon and titanium ore prices.

Iluka closed the session at $13.30, up $1.07 or 8.75%.

Base metals on the London Metal Exchange were mixed in today’s trade in Singapore.

The three month delivery for copper gained 0.47% to $US9424.75 per tonne, zinc fell 0.13% to $2335/t, while nickel lost 5% to finish at $26,025/t in afternoon trade.

Spot gold was trading at $1426.50 an ounce at 4pm (AEDT).

Finally, the Australian dollar is trading at $US1.033 at 4pm AEDT, after hitting yet another post-float high at $US1.0347.