Performance of base metals and precious metal miners
On Tuesday, November 22, the stocks related to base metals and precious metal miners were higher. The PowerShares DB Base Metals (DBB) and the SPDR S&P Metals & Mining ETF (XME) rose 1.5% and 5.1%, respectively. The SPDR Gold Shares (GLD) fell 0.03%.
Rio Tinto to cut more of its iron ore division jobs
The second largest miner in the world, Rio Tinto (RIO), announced job cuts in its iron ore division of Western Australia. Rio Tinto didn’t announce the number of job cuts, but analysts estimated 4% of its workforce, or 500 jobs, would be cut. According to the company, the layoffs are because of the challenging market outlook, and Rio Tinto is taking measures to improve productivity and reduce costs to stay competitive in the market. Since the beginning of 2016, Rio Tinto has risen 2.4% and at 12:10 PM EST, Rio Tinto was trading at $38.43, a gain of ~2.5%.