CAPITAL MARKETS

Miners so-so in weak session

Market, miners close slightly lower

Staff reporter

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Miners had been stronger this morning, but disappointing Chinese data put pressure on base metals in Asian trade.

Exactly half of the 28 stocks that make up the Metals & Mining sub-sector of the ASX 200 closed higher.

Nine of the 11 gold stocks were up, with Gold Road Resources and Perseus Mining unchanged.

All the action today (not that there was much) was at the junior end.

Globe Metals & Mining was the biggest mover, up 258% after reporting the Malawi government had recommended the grant of a mining license for the long-mooted Kanyika niobium project.

Cradle Resources, which is about the only other ASX miner trying to develop a niobium project, was up 20%.

Variscan Mines got a price query after its shares nearly doubled over the past few sessions on high volume. The company said it had no explanation for the interest.

Sayona Mining rose about 15% after saying it was launching a A$2 million gold exploration push in Western Australia. The company's main game has been lithium in Canada.

Updated: 07-06-2021

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