RAMSEY CROOKALL & CO
26 APRIL 2011 Morning Report
Trading got off to a quiet start after the Easter break, though
the mining sector is suffering from falling metals prices.
However, it is news of a strike at its main mine that is hurting Hochschild
Mining. The Argentine Mining Labour Association initiated the action at
the San Jose silver and gold mine in Argentina due to a dispute over pay
increases for contract workers, Hochschild said.
Other precious metal producers, including Fresnillo and African Barrick,
are also feeling the pressure.
Mining titan Rio Tinto has come to an agreement with the government of
Guinea, paving the way for work to begin on a major iron ore project in
the southern part of the country. Rio's subsidiary, Simfer, is to pay $700m
following the granting of Simfer's mining concession and the approval of the
proposed joint venture set up by state-owned Chinese almuminium company Chalco
and Rio Tinto.
THE FTSE 100 AT 9.30 IS Up 18 @ 6036
THE DOW JONES CLOSED Down 26 @ 12479
THE NASDAQ COMP CLOSED Up 5 @ 2825
Exchange Rates
GBP – USD 1.6500
GBP - EURO 1.1320
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