Hunan Gold shares surge after large deposit found in China
The Geological Bureau of Hunan Province said on Thursday that it had detected more than 40 gold veins containing an estimated 300 tons of the precious metal.
Surging coal prices have been a surprise blessing for mining companies this year. Few of them seem to believe it will last.
The rally has been driven by Chinese policy changes that curbed production rather than any pickup in demand. That means producers who sought to survive a downturn by shuttering mines aren’t yet ready to buy into it.
Miners such as BHP Billiton and Teck Resources remain cautious on how long the rally will last. While Glencore last week said it plans to restart a small mine, exports will be unchanged.
