uploads///GOLD STOCKS

How Did Companies in the Metals and Mining Sector Perform?

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Nov. 24 2016, Updated 8:05 a.m. ET

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%.

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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%.

Top five performers in gold industry

Below are the top five companies in the gold industry on Tuesday, November 22:

  • International Tower Hill Mines (THM) rose ~9.4%.
  • Golden Star Resources (GSS) rose ~4.0%.
  • Seabridge Gold (SA) rose ~3.5%.
  • Timmins Gold (TGD) rose ~0.51%.
  • Harmony Gold Mining (HMY) fell ~1.7%.

Bottom five performers in gold industry

Below are the bottom five companies in the gold industry on Tuesday, November 22:

  • Comstock Mining (LODE) fell ~1.8%.
  • Anglogold Ashanti (AU) fell ~1.8%.
  • Gold Fields Limited (GFI) fell ~2.2%.
  • Sibanye Gold Limited (SBGL) fell ~3.3%.
  • Minco Gold (MGH) fell ~9.1%.
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