BUZZ-Aussie miners snap 8-year rally as falling commodity prices weigh

Reuters
2024-12-27

** Australian miners are set to end 2024 18.4% lower, on track to snap an eight-year streak of consecutive gains

** , however, lags behind a yearly gain on the ASX bechmark index , which has risen 8.3% so far this year

** Iron-ore prices have declined on low demand from top consumer China as the country's property market grapples with a prolonged downturn since 2021

** Domestic miners have also been affected due to its exposure to China, Australia's top trading partner, as U.S. President-elect Trump's threat of tariffs on Chinese goods looms

** Mining behemoth BHP Group has slumped 21% so far this year, on track to log its worst year since 2015

** BHP walked away from its $49 bln plan to take over rival Anglo American this year

** Fortescue tanks 36% while Rio Tinto sheds 14.4%

** Lithium miners set to record yet another year of losses as the market reels from rapid supply growth that has outpaced strong projections for demand, with IGO to end 46.7% lower, its worst year since 2011

** Rio agreed to buy U.S.-based Arcadium Lithium in a $6.7 bln deal that would make the Australian miner the third-largest lithium producer

** Gold miners set to gain 14.8% this year as bullion prices surge on a softer dollar

** Northern Star Resources has gained 12.7% so far this year, on track for its third consecutive year of gains

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(Reporting by Nikita Maria Jino and Rajasik Mukherjee in Bengaluru)

((Nikita.Jino@thomsonreuters.com))

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