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Highlights
- Mining stock prices are declining due to a broad downturn in commodity prices and investors' concern over the state of the economy.
- Reinstituted COVID-19 limitations in China caused a decline in iron ore prices.
- ASX mining giant Fortescue closed the day in green territory today while Newcrest and Rio Tinto shares ended in red.
The Australian share market closed in green today (12 July 2022) with S&P/ASX 200 Index gaining 0.23% to end the day at 6,621.60 points.
The ASX 200 Materials Index finished the day at 14,571.60 points, down 81.30 points or 0.55%. Notably, materials was one of the poorest performing sectors today.
Due to a broad downturn in commodity prices and investors' concern over the state of the economy, mining stock prices are declining.
Reinstituted COVID-19 limitations in China, the world's largest steel producer, also caused a fall in iron ore prices. Metals including gold (-0.06), steel (-0.76%), and iron ore (-4.44%) were down at 4.36 PM AEST today.
Besides, US inflation numbers for June and domestic jobs data are set to release today (13 July 2022) and Thursday (14 July 2022), respectively. That also added anxiety to the investors as they eagerly await these numbers.
In this article, we will discuss about three ASX mining stocks - Fortescue Metals, Rio Tinto and Newcrest Mining.
Fortescue Metals Group
Australia-based Fortescue Metals Group Ltd (ASX:FMG) works on building infrastructure and mining assets and extracting iron ore. The top priorities of the ASX-listed company include iron ore development, exploration, production, processing, and marketing.
On 15 June 2022, Fortescue had announced a partnership with Liebherr, multinational equipment manufacturer, to develop and supply green mining haul trucks. This advances the ability to commercialise zero-emission power system innovations in heavy industry applications and represents a significant step toward converting Fortescue's diesel mining fleet to a green mining fleet by 2030.
Shares of Fortescue closed trading at AU$16.99 apiece today, up 0.59% on ASX. The company has recorded a loss of around over 11% on a YTD basis.
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Rio Tinto Limited
Australia-based mining and metals company Rio Tinto Limited (ASX:RIO) operates through four segments - iron ore, aluminium, copper and minerals.
On 15 June 2022, Rio Tinto announced that it had delivered the first ore from the Gudai-Darri iron ore mine. Gudai-Darri will support the company's Pilbara Blend product in its future manufacturing.
Rio Tinto's shares ended the day at AU$94.10 apiece, down 1.37% on ASX. The shares have fallen around 6% on a YTD basis.
Newcrest Mining Limited
Newcrest Mining (ASX:NCM), an ASX-listed company, is one of the largest gold miners globally. It specialises in gold and copper concentrate development, mine operations, and sales.
The company owns brownfield and greenfield exploration projects. Its properties include Cadia, Telfer, Lihir, Havieron, Red Chris, and Wafi-Golpu.
Newcrest Mining shares last exchanged hands at AU$18.99 each, down 1.196% on ASX. The shares have declined over 22% YTD.
