Mining companies should chase more M&As – JPMorgan

"While a large number of countries around the world continue to talk about securing raw material supply, China is actually doing something about it."

Gold has hit successive records this year and is set to close 2024 more than 25% higher.

At Monday's close, Russia's largest gold producer was the most expensive of all blue-chip stocks on the Moscow Exchange.

"Winter restocking of iron ore among steel mills is still underway, so we believe ore prices will find some support in the near term," analyst says.