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