The materials sector rose 1.5% at midday Wednesday, as gold prices hovered near $3,400 per ounce.
Iluka Resources (ASX:ILU) signed a 15-year agreement with Lindian Resources (ASX:LIN), whose shares soared above 38%, for the supply of 6,000 tonnes per annum of rare earth concentrate from the Kangankunde mine in Malawi. The concentrate will supply around 10% of the capacity at Iluka's Eneabba rare earths refinery in Western Australia, which is due for commissioning in 2027
Meanwhile, the utilities sector inched down 0.4%.
Mercury NZ (ASX:MCY, NZE:MCY) said that power generation of 8.8 terawatt-hours is the firm's new baseline and that it was lowering operating costs to maintain costs of NZ$370 million from fiscal 2026 to fiscal 2028. It plans to deliver 3.5 terawatt-hours of new generation by 2030.
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