05/01/2021 - 16:00

WA miners share in price gains

05/01/2021 - 16:00

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Shares in WA’s gold and iron ore miners have shot up as the value of both commodities rose to impressive highs overnight.

WA miners share in price gains
Photo: Fortescue Metals Group

Shares in Western Australia's gold and iron ore miners have shot up as the value of both commodities rose to impressive highs overnight.

Gold rose to about $US1,943 per ounce, up from $US1,886/oz yesterday, while the iron ore price once again reached record levels, up $US50 per tonne to about $US164/t.

Iron ore major Fortescue Metals Group closed up 1.6 per cent to trade at $25.19 – slightly less than its recent record share price of $25.24.

The Andrew Forrest-owned business is WA's largest public resources company by revenue, according to Business News Data & Insights, having achieved about $US12.9 billion in the year to June 2020.

Meanwhile, shares in fellow iron ore miner Mineral Resources rose by 1.5 per cent to $39.05.

Pilbara Minerals experienced strong gains, closing up 8 per cent to trade at 94 cents – its highest share price in 18 months – while Mount Gibson Iron rose 2 per cent to close at 95 cents.

Goldminers and Kalgoorlie Super Pit owners Northern Star Resources and Saracen Mineral Holdings closed up by about 3 per cent each to trade at $13.74 and $5.19, respectively.

Both companies are due to merge their businesses next month. The combined group will have a market value of about $16 billion and three production centres – two in WA and one in North America.

Silver Lake Resources also experienced strong gains, closing up 6.8 per cent to trade at $2.04, while Westgold Resources rose 3.7 per cent to $2.80.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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